Gold Jewelry Under Executive Order 6102
As the US government confiscated gold, some people were pleased their gold jewelry seemed exempt.
Indeed, I wonder how many people changed their gold bullion into jewelry before the May 1, 1933 deadline?
Perhaps a few smart ones did just this.
When President Roosevelt called in all gold coin, gold bullion, and gold certificates, all persons were required to deliver their gold to a Federal Reserve Bank, branch or agency, or to any member bank of the Federal Reserve System.
They faced criminal penalties for violation of the executive order of $10,000 fine or 10 years imprisonment, or both, as provided in Section 9 of the order.
No partnerships, associations and corporations could own gold coin, gold bullion and gold certificates.
Jewelry, however, was exempt.
Here is the list of the exemptions:
(a) Such amount of gold as may be required for legitimate and customary use in industry, profression 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.
What many goldbugs don’t understand is that gold jewelry, silver jewelry, as well as platinum jewelry, are close cousins of the bullion market. It’s a form of diversification to own them, and owning gold jewelry might come in handy one day.
Plus, you’ll look good hedging along the way.
Peter Kevorkian, owner of United Coin and Precious Metals located in La Jolla, California, is a life-long numismatist with more than 30 years of experience. With United Coin & Precious Metals, Peter offers top-of-the-line precious metals buying services. From your rare US gold to your gold jewelry, I believe in transparency, and that has been my goal with United Coin & Precious Metals, as you can perhaps tell from our website