Any attempt to use or demand payment in gold for goods or services remains illegal. The absolute government monopoly on fiat money remains protected by law against competition from gold, 3 days ago. While you can now find the best place to buy gold bars when you want to invest in them, that wasn't always the case. It wasn't until the mid-1970s, when an executive order and an act of Congress repealed an earlier law that prohibited them from trading in gold, that people were able to start buying gold again.
Since then, the United States government has not regulated the buying and selling of metal. However, federal law does have an occasional interest in selling gold, such as when large amounts of cash change hands as a result of the sale of gold. The sale may be legitimate, but that amount of money is also a warning sign for illegal activities. The U.S.
Presidency Project of the University of California, Santa Barbara states that Executive Order 6102 prohibits “the hoarding of gold coins, gold ingots and gold certificates.” And both individuals and organizations were legally required to send their gold and ingot coins and their certificate to the nearest bank or Federal Reserve agency. Several years later, Congress removed the authority of future presidents to prohibit the possession of gold by executive order, except in times of war; serious economic dislocation is no longer sufficient to justify such a measure. Owning gold is now very popular among Americans, so it would be a very difficult political task for Congress to once again ban the possession of gold. How much gold can a person buy and keep in the U.S.
IN THE U.S.? Well, under current laws, Americans are free to buy and keep all the gold they want in any form, including ingots, bullion coins, collectible coins, and jewelry. No federal law or regulation oversees people who trade in metal. Note that the reporting requirement does not refer specifically to gold, only to large cash transactions. The federal government is interested in this type of transaction, since large amounts of cash, while perfectly legal tender, are also a preferred medium of exchange for money launderers, drug criminals and terrorists.
He issued Executive Order 6102, which declared the possession of gold — both in coins and bars — illegal for all Americans and was punishable by up to ten years in prison. Since he believed that this action was not enough to prevent bank runs and the subsequent flight of gold from the system, on April 5, 1933, a month after taking office, Roosevelt used the powers granted to the president by the Trading with the Enemy Act of 1917 to declare possession of gold illegal.