On 31 December 1974, the ban on private gold ownership that Roosevelt imposed in 1933 was finally lifted. For the first time in 41 years, Americans could legally buy and hold bullion.
The timing was extraordinary. Gold had already quadrupled from its $35 floor amid the oil shock and double-digit inflation, and a wave of pent-up American demand now entered the market. The metal would consolidate in the mid-1970s before its final, frenzied run to the 1980 peak.
Key events of 1974
- 1974-12-31
Gold ownership legalized
The 1933 ban is repealed; US citizens may own bullion for the first time since the Depression.