First the word "confiscate" while not incorrect gives a wrong impression. The people were 'forced to redeem" their gold at the current rate which was either $20 or $25 per ounce. Jewelry and collectible coins were exempted.

Gold was circulating as a medium of exchange and consequently many held gold at that time. As to what percentage of the people turned in their gold, I don't know, but am under the same impression you are that there were many who did not comply. But the government did collect considerable gold in this manner.

Then the holding of gold (hoarding) was made illegal. Now it was illegal for the citzens to have gold, but the U.S. was still on the gold standard from the point of view from foreigners. Governments outside of the U.S. could still redeem their dollars for gold.

However, the U.S. government took this opportunity to debase the currency by valuing gold at either $35 or $40 per ounce ($15/ounce higher than before the devaluation in either case). This put some of the burden of the devaluation on the U.S. citizens who should have been the ones to make that "profit." And further it put burden on foreign governments whose dollars could not get as much gold. Plain and simple the U.S. defaulted.

Long about 1970, Charles DeGaulle of France started cashing in France's dollars for gold as they suspected (knew) the U.S. had printed many more dollars than had gold backing. This forced Nixon to close the gold window before all the gold had been given out with many, many more dollars waiting to be redeemed as others would certainly have joined in behind France when the word got out.

Will they confiscate again? Hard to say because the stuff will be worth a lot per ounce but few people in this country hold gold in any form now.

(1) If they had any, most sold it as gold scrap as the price got near $1000. Count on the public to always get it wrong.

(2) The populace will not be so compliant this time.

They are angry with government in general and they've seen this movie before.

P.