The Great Bank Heist of 1933.

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In this report, I cover the early market action from London on Wednesday, December 5th, 2018. I look briefly at the precious metals, the stock market, the dollar, the bond market, and the oil price.

Today I look at the events surrounding the National Emergency Banking Act, Executive order 6102 and the Gold Reserve Act of 1934. I explain how President Franklin Roosevelt used World War One legislation to basically steal a big part of the public's wealth.

The U.S. banking system was close to collapse when FDR was inaugurated in March of 1933 so with the help of lawmakers and the Federal Reserve System he banned the ownership of gold, confiscated the public's gold and then revalued the price of gold by 70% about a year later in 1934. So the public got $20.67 for every ounce they had to hand into the FEd in 1933 and then in January of 1934, the U.S. Treasury and the Fed revalued the gold to $35.

My conclusion is that what happened in 1933 was the greatest bank heist in American history and if not the world. I do not think gold confiscation will happen again today though as gold is not widely held by the public.

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