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Pillar of the Community
United States
3592 Posts |
Ozzie...you got it  |
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Pillar of the Community
United States
4008 Posts |
FDR signed an executive order that allowed the government to seize LARGE amounts of gold, specifically that held by the big banks. They paid the official rate of about $20.60 or so per ounce. Very shortly thereafter, the official price of gold was raised to $35/oz., thereby cheating all those who turned in their gold of about $14.40/oz. or 70% of their gold investment. Most citizens back then did not own gold, so did not see this as a big deal. They were not terribly happy with the banks back then anyway. Sounding familiar yet?
Individuals turning in their gold was purely voluntary. Some did and some did not. In most cases, the government had no idea whatever who owned gold and who didn't. Even if they had a record of you buying some, you could always say that you sold it at coin shows here and there and no one could prove that you didn't. I don't know of any cases where the government went after an individual for having gold. Banks, yes, people, no.
Is this "much ado about nothing"? Perhaps, although any time a government over-reaches its legal / constitutional authority, it needs a very sharp tug on its leash. To those who say that gold confiscation was legal, I suggest that they re-read their constitution to see what part of that hallowed document allowed FDR or the congress to do such a thing. Can't find it? No surprise there!
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Rest in Peace
United States
9104 Posts |
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In most cases, the government had no idea whatever who owned gold and who didn't. Even if they had a record of you buying some, you could always say that you sold it at coin shows here and there and no one could prove that you didn't. Since anyone could walk into any bank and get a $20 gold piece, there was no reason to claim it was sold at a coin show. "I spent it". |
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Pillar of the Community
United States
830 Posts |
I can't see them going after gold, but silver is a different story. Silver is needed to make advanced weapons for national security and there are some that believe we are looking at a silver shortage in the near future.  |
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Pillar of the Community
United States
842 Posts |
We can not and should not let the government take anything from us, or force anything on us that we do not want. IMHO, this is grounds for a revolt. I doubt this will ever happen, but then again nothing surprises me anymore when it comes to Washington. Perhaps we should stock up on guns 'n ammo as well as coins!  |
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Pillar of the Community
United States
830 Posts |
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Perhaps we should stock up on guns 'n ammo as well as coins! That was the first thing I stocked up on  |
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Pillar of the Community
United States
931 Posts |
Our government can hardly keep track of which terrorists are in our country even though they have Visas to track them. How in the heck could they keep track of gold owners. They also know how peed off the average citizen is about some of the idiotic things that they've been doing over the last decade. I don't think they have the cajones To go after our personal possessions. On the other hand I don't completely trust them with retirement funds that people have registered with the government. They have already proven that they can steal and misuse money's set aside for Social Security, so it only makes you wonder what else they are capable of stealing. I already paid the ten percent penalty and took personal control of all of my 401k money. A lot of it went into gold at $750 and silver at $15.
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Pillar of the Community
United States
2120 Posts |
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Perhaps we should stock up on guns 'n ammo as well as coins! Why do think I hoard copper cents? Its not for the bullion value.  |
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Pillar of the Community
United States
830 Posts |
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Why do think I hoard copper cents?
Its not for the bullion value. Interesting, do you use them to make jackets or solid copper bullets?  |
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Rest in Peace
United States
9104 Posts |
Gubmint tracks what it wants to track.
They can't manage to find 20 million illegals, but can trace a single sick cow to a single farm.
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Pillar of the Community
United States
4008 Posts |
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Since anyone could walk into any bank and get a $20 gold piece, there was no reason to claim it was sold at a coin show. "I spent it". Yeah? Where? Got a receipt? Etc, etc. |
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Rest in Peace
United States
9104 Posts |
Do you get a receipt if you get two tens for a twenty?
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Pillar of the Community
United States
1391 Posts |
I remember reading that things like coins, watches and other collectibles were exempt from this. Wikipedia has more on it here: http://en.wikipedia.org/wiki/Executive_Order_6102Not that it can't happen in the future. I've thought about those issues when I bought a Nazi silver coin. The silver could have come from somebodies pried filling before their body was creamated. Came to the conclusion most silver or gold has been blood money at one point and that is was more important to keep it for posterity. Most kids now understand little about those times, other than the whole, "Hitler kicked little puppies too!" type of argument. |
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Rest in Peace
United States
9104 Posts |
At $1.29/oz, silver wasn't worth it. There were (are?) bars of gold made from prisoners' fillings, tho.
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Pillar of the Community
United States
4008 Posts |
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Do you get a receipt if you get two tens for a twenty? You already KNOW that we don't, Fred. OTOH, we ARE talking about gold buying, selling, taxing, confiscating and the nefarious government types who would be sniffing it out. You don't really think that they would settle for a "the dog ate my homework" kind of answer, do you?  |
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Replies: 23 / Views: 3,755 |
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Posted 04/25/2011 12:33 pm
