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The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury.〔(【引用サイトリンク】title= White House Statement on Proclamation 2072 - Franklin D. Roosevelt )〕〔http://www2.econ.iastate.edu/classes/econ355/choi/1934jan30.html〕 The Gold Reserve Act outlawed most private possession of gold, forcing individuals to sell it to the Treasury, after which it was stored in United States Bullion Depository at Fort Knox and other locations. The act also changed the nominal price of gold from $20.67 per troy ounce to $35. This price change incentivized foreign investors to export their gold to the United States, while simultaneously devaluing the U.S. dollar in an attempt to spark inflation. The increase in gold reserves due to the price change as well as the confiscation clause resulted in a large accumulation of gold in the Federal Reserve and U.S. Treasury. The increase in the money supply lowered real interest rates which increased investment in durable goods. A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins. These prohibitions were relaxed starting in 1964 – gold certificates were again allowed for private investors on April 24, 1964, although the obligation to pay the certificate holder on demand in gold specie would not be honored. By 1975 Americans could again freely own and trade gold. The Gold Reserve Act authorized the Exchange Stabilization Fund to use such assets as were not needed for exchange market stabilization to deal in government securities. ==U.S. economic historical narrative== The United States was still suffering the negative effects of the 1929 stock market crash in 1934 when the Gold Reserve Act was enacted. President Roosevelt was challenged with decreasing unemployment, raising wages and increasing the money supply, but was restricted by United States’ strict adherence to the gold standard.〔http://famguardian.org/Subjects/MoneyBanking/FederalReserve/CentralBankGoldReserves.pdf Central Bank Gold Reserves〕 The Gold Reserve Act, which banned the export of gold, restricted the ownership of gold and halted the convertibility of gold into paper money helped him overcome this obstacle.〔 This act ratified the previous Executive Order 6102 which required almost all gold to be exchanged for paper currency. The Gold Reserve Act also revalued the price of gold to $35 per troy ounce. As a result, the Gold Reserve Act, an act of monetary policy, drastically increased the growth rate of the Gross National Product (GNP) from 1933 to 1941. Between 1933 and 1937 the GNP in the United States grew at an average rate of over 8 percent.〔http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=4155464&fileId=S002205070001189X What ended the great depression?〕 This growth in real output is due primarily to a growth in the money supply M1, which grew at an average rate of 10 percent per year between 1933 and 1937.〔 Previous held beliefs about the recovery from the Great Depression held that the growth was due to fiscal policy and the United States’ participation in World War II. "Friedman and Schwartz stated that the ‘rapid rate (growth of the money stock ) in three successive years from June 1933 to June 1936… was a consequence of the gold inflow produced by the revaluation of gold plus the flight of capital to the United States’".〔 Treasury holdings of gold in the US tripled from 6,358 in 1930 to 8,998 in 1935 (after the Act) then to 19,543 metric tonnes of fine gold by 1940.〔 The revaluation of gold referenced was an active policy decision made by the Roosevelt administration in order to devalue the dollar.〔 The largest inflow of gold during this period was in direct response to the revaluation of gold.〔 An increase in M1, which is a result of an inflow of gold, would also lower real interest rates, thus stimulating the purchases of durable consumer goods by reducing the opportunity cost of spending.〔 If the Gold Reserve Act had not been enacted, and money supply would have followed its historical trend, then real GNP would have been approximately 25 percent lower in 1937 and 50 percent lower in 1942.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Gold Reserve Act」の詳細全文を読む スポンサード リンク
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