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To combat inflation and deflation. Money was backed bt gold then which made hoarding of it by citizens a threat to the value of paper money and other commoditties

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Q: Why did roosevelt outlaw ownership of gold?
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When was gold legal to own?

Gold ownership has been legal for individuals in the United States since December 31, 1974, when the ban on private gold ownership was lifted. Prior to that date, private ownership of gold was restricted by the Gold Reserve Act of 1934.


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