The Gold Reserve Act of 1934 devalued the dollar by 59 percent and increased the price of gold from $20.67 to $35 per ounce. This act followed President Franklin D. Roosevelt’s April 5, 1933 Executive Order, which mandated US households and firms to sell gold to the government at $20.67 per ounce; his April 17, 1933 Executive Order, which prohibited the export of gold; and his June 5, 1933 Executive Order abrogating contracts in which the creditor could demand payment in gold.
Glossary Term