Executive Order 6102

Amar Pandit , CFA , CFP

August 6, 2021 | 2 Minute Read

I had meant to write this on April 5th ,2021 but somehow missed doing it.

Why April 5th you may ask. What is so significant about this?

It’s significant because an event that people thought was never possible happened on that day. Hint: We experienced a similar event on November 8th, 2016.

Executive Order 6102 is an executive order signed by US President Franklin D. Roosevelt forbidding the hoarding of gold coin, gold bullion and gold certificates in the United States.

As you can see in the image above “All persons are hereby required to deliver on or before May 1, 1933…to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them…. Whoever wilfully violates any provision of the executive order…may be fined not more than $10,000 or …imprisoned for not more than 10 years, or both…”

Well, you could own $100 worth of gold, but anything more than this amount would be a crime.

Do you think this is possible today with any other asset?

I would love to hear your answers.

 

P.S. Check out the post “The Digital Gold of the Future is Not Gold”.