On April 5, 1933, President Franklin Delano Roosevelt signed executive order 6102 forbidding Americans from hoarding gold.
All persons were directed to turn in their gold to a Federal Reserve Bank, branch or member bank of the Federal Reserve on it before May 1, 1933 with the following exceptions:
A. Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.
B. Gold coin and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.
C. Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.
D. Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on the Applications for export license.
After April 28, 1933 people had three days after they received gold to deliver it to a Federal Reserve Bank or member branch.
The people that turned their gold in ended up receiving about $20 per ounce, then the government set the price of gold at $35 per ounce and tied it to the dollar!
Could this happen again? You bet it could!
(This is why many people pay cash and buy physical gold and silver in amounts under $10k… so the purchase isn’t reported to the government and can’t be tracked)