Why was it illegal to own gold between 1933 and 1974?

In the early 1930s, the American economy was in shambles as it faced a devasting economic depression. President Roosevelt believed that Americans were hoarding gold, and this in turn was contributing to economic stagnation. During this period, the dollar was tied to the gold standard, and therefore backed by gold. If the USA wanted to print more money, it would need more gold to do so.
President Roosevelt signed Executive Order 6102 in 1933. A key provision prohibited gold coins, gold bullion, and gold certificates being held by individuals and businesses. The public was required to deliver their gold to the Federal Reserve in exchange for paper currency at the rate of less than $21 per ounce.
The intent was to stabilize the US economy by controlling the circulation and value of gold. This would in turn boost the value of the US dollar.
It wasn’t until 1974 that Executive Order 6102 was repealed by Gerald Ford when he passed the Gold Reserve Act, legalizing private ownership of gold and allow for the trade and holding of gold.
Works Cited:
https://www.sbcgold.com/blog/a-dangerous-precedent-executive-order-6102/
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