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Gold Consumption
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

Gold consumption in the U.S. has been nonmonetary since 1933, when Executive Order 6102 of April 5, 1933, prohibited the manufacture of gold coins, the hoarding of gold, and the use of gold in any form (bullion, coin, or gold certificates) as money.  The GOLD RESERVE ACT OF 1934, enacted January 30, 1934, declared the coinage of gold to be at an end and provided for the nation's monetary gold to be held in bullion form.

In recent years, nonmonetary consumption of gold in the U.S. has compared as shown in the appended table.

Public Law 93-373, enacted August 14, 1974, provided for an end to all government restrictions on the purchase, sale, or ownership of gold on December 31, 1974.  Persons subject to the jurisdiction of the U.S. may now freely import, export, and trade in gold and gold coins within the U.S. and abroad.  An earlier policy of the U.S. Treasury providing for sales of gold for industrial use and purchases from the private market was terminated on March 18, 1968.  Subsequent policy of the U.S. Treasury, begun with the enactment of P.L. 93-373, called for resumption of sales in January, 1975, to the private market from the Treasury's holdings, which amounted to approximately 276 million ounces, with an initial offering of 2 million ounces and additional sales in amounts and on dates to be determined.

Private market sources in the U.S. for gold include Engelhard Industries and Handy & Harman.


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