Information
> Financial
Terms > This page
Gold Consumption
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
Gold consumption
in the U.S. has been nonmonetary since 1933, when Executive Order 6102
of April 5, 1933, prohibited the manufacture of gold coins, the hoarding
of gold, and the use of gold in any form (bullion, coin, or gold certificates)
as money. The GOLD RESERVE
ACT OF 1934, enacted January 30, 1934, declared the coinage of gold to
be at an end and provided for the nation's monetary gold to be held in
bullion form.
In
recent years, nonmonetary consumption of gold in the U.S. has compared
as shown in the appended table.
Public
Law 93-373, enacted August 14, 1974, provided for an end to all government
restrictions on the purchase, sale, or ownership of gold on December 31,
1974. Persons subject to
the jurisdiction of the U.S. may now freely import, export, and trade
in gold and gold coins within the U.S. and abroad.
An earlier policy of the U.S. Treasury providing for sales of gold
for industrial use and purchases from the private market was terminated
on March 18, 1968. Subsequent
policy of the U.S. Treasury, begun with the enactment of P.L. 93-373,
called for resumption of sales in January, 1975, to the private market
from the Treasury's holdings, which amounted to approximately 276 million
ounces, with an initial offering of 2 million ounces and additional sales
in amounts and on dates to be determined.
Private
market sources in the U.S. for gold include Engelhard Industries and Handy
& Harman.
See
GOLD PRODUCTION
Back
to Information
|
