Betcha y’all didn’t know 73

[953 nut 64,337]

March 14, 1900 US currency goes on the gold standard after Congress passes the Currency Act, on April 20, 1933 the gold standard ended. Gold was valued at $ 20.67 an ounce in 1900 and remained at that price until the gold standard was revalued. In 1934 it went to $39.00 and stayed there until 1971 when the gold standard ended.

Edited yesterday at 12:19 PM by 953 nut

[SylvanLakeWH 30,653]

Golden Pi Day... 

[Ed Kennell 45,045]

As of March 12, 2026, the gold price is $5,181 per ounce.

[Beap52 2,062]

It seems like that I read  in 1933 the federal  government made it illegal for individuals to own gold.  The price was  something like $25 an ounce.  Once the gold was in federal hands it raised the value to $35 dollars per ounce effectively devaluing the dollar.  

[lynnmor 8,647]

11 hours ago, Ed Kennell said:

As of March 12, 2026, the gold price is $5,181 per ounce.

 

As crazy as that price is, the S&P 500 roughly paralleled it over those same years.

[wallfish 19,397]

Gold price over 100 years

 

 

 

S&P 500 over 100 years

 

 

 

 

 

 

[953 nut 64,337]

 

Based on available historical records and the legal context of the time, there is no documented, specific tally of how many members of the United States Congress owned gold in 1971.

• Legal Restrictions: Private ownership of gold bullion and coins (other than collector's coins) was largely illegal for U.S. citizens, including members of Congress, from 1933 until December 31, 1974.
• The 1971 Context: While President Nixon "closed the gold window" on August 15, 1971, ending the direct convertibility of the dollar to gold, this act did not immediately legalize private gold ownership for citizens.
• Congressional Action: Representative Phil Crane worked to reverse the prohibition, and it was not until late 1974 that Congress passed, and President Ford signed, legislation that allowed Americans to own gold again.
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