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Quote of the Day
“I think gold is a great thing to sew in to your garments if you’re a Jewish family in Vienna in 1939 but I think civilized people don’t buy gold.”
-Charlie Munger. On this day in 1933, ownership of gold in the U.S. was made illegal by executive order 6102.
April 5th – This Day in Stock Market History
April 5th , 1933 – FDR signs Executive order 6102, outlawing the ownership of gold. U.S. Citizens would have until May 1st to exchange their gold for $20.67 per ounce in cash.
New York Times coverage of law banning ownership of gold
The executive order required those holding more than $100 (About $2,000 in today’s dollars adjusted for inflation) in gold bullion or gold certificates turn in their gold or face a $10,000 (nearly $200,000 in today’s dollars after inflation!) fine or imprisonment.
Source: Panic, Prosperity, and Progress: Five Centuries of History and the Markets
April 5th, 1968 – The New York Stock Exchange pauses at 11am for a 1 minute moment of silence for Martin Luther King Jr., who was assassinated the day before. The New York Stock Exchange would close for his funeral on April 9th.
Best April 5th in Dow Jones Industrial Average History
2001 – Up 4.23%, 402.63 points.
Worst April 5th in Dow Jones Industrial Average History
1932 – Down 4.38%, 3.12 points.
Read of the Day
Investments in gold usually brings out very strong options. Regardless of your, or Charlie Munger’s, opinion its history is fascinating. Here is a fun read from The Telegraph on this history of gold:
The History of Gold – By The Telegraph
564 BC – First international gold currency created
King Croesus develops improved gold refining techniques, permitting him to mint the world’s first standardised gold currency. Their uniform gold content allows ‘Croesids’ to become universally recognised and traded with confidence.
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