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April 5, 1933 during the great depression, President Franklin Roosevelt issued a decree on the confiscation of the people and organizations of gold in ingots and coins. All persons in the United States, individuals and legal entities, with rare exceptions, have been ' May 1, 1933 year to redeem paper money for gold at a price of $ 20 per ounce in any bank in the United States.
The gold went to the national repository of gold Fort Knox (Kentucky) of the Federal Reserve system, which was completed by the end of 1936 year.
After the end of the official price of gold collection was abruptly bumped to $ 35 per ounce.
Purpose of Roosevelt relief of the critical situation of the banking industry, as well as preventing the panic withdrawal of gold abroad.
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