My Favorite Spot Gold

As gold coins become more scarce, quite naturally, investors covet the yellow shiny metal at an ever increasing rate. In 1933 Franklin Roosevelt issued an executive order which required U.S. citizens to turn in all gold bullion coins produced by the U.S. mint, as well as any gold coins and bars produced by foreign governments. Our country, in that period was in the peak of a crisis: the dollar was in trouble, smart investors were getting out of stocks and bonds, and unemployment was on the rise. This period was the great depression.

The consequence of not turning in your gold bullion coins or gold bullion bars was a huge fine and jail. If you buy gold bullion coins today, like the American Eagle, the U.S. mint prints a denomination on the back of the coin. Why? Because if the government were to confiscate gold bullion coins like they did in the 1930′s, you would only receive the denomination value, despite the current price of gold in the market, whether that price be 0, 00, or even 00. The chance of such Federal government confiscation is universally deemed as unlikely.

The system held up until 1971 Nixon Shock, when the US stopped the direct convertibility of the United States dollar to gold. Since 1968 the usual benchmark for the price of gold is known as the London Gold Fixing, a twice-daily (telephone) meeting of representatives from five bullion-trading firms. Furthermore, there is active gold trading based on the intra-day spot price derived from gold-trading markets around the world as they open and close throughout the day.

Throughout history gold has often been used as money and, instead of quoting the gold price , all other commodities were measured in gold. After World War II a gold standard was established following the 1946 Bretton Woods conference, fixing the gold price at $35 per troy ounce.

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