Precious Metals History - 50% Silver Tax On Profits From 1934 To 1963

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Author	Replies: 7 / Views: 1,538
Joe2007 Pillar of the Community United States 3843 Posts	Posted 03/05/2016 12:57 am Interesting bit of precious metals history that up until recently I knew nothing about. During FDR's 1933 gold confiscation he placed a 50% capital gain tax on silver bullion. Below is a link to an article that details the tax (go halfway down in "The Bailout" section of the article to see where it references the silver tax). http://www.moonlightmint.com/bailout.htm Report this Post to the Staff

sel_69l Bedrock of the Community Australia 21788 Posts	Posted 03/05/2016 06:12 am It seems that the only way to avoid perpetual and severe economic depression is to increase the total debt per person. That has been happening Worldwide since 1933. Edited by sel_69l 03/05/2016 08:47 am Report this Post to the Staff
SpaceMaNy0 Valued Member United States 343 Posts	Posted 03/05/2016 07:48 am So for 40+ years the entirety of the United States monetary system is backed by.... paper. That's reassuring. Report this Post to the Staff
nss-52 Moderator United States 54282 Posts	Posted 03/05/2016 08:00 am U.S. Currency works because you believe it works (backed by faith, rather than gold or silver). Show your financial support of the Coin Community Family (click here) See my topic on Mexican Numismatic Medals (click here) Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21788 Posts	Posted 03/05/2016 08:50 am There is, and was not, ever enough gold and silver to do a big enough job that faith does. That's why paper replaced gold and silver. Report this Post to the Staff
Boliver Valued Member United States 61 Posts	Posted 03/05/2016 10:02 pm Great post, very interesting read. Report this Post to the Staff
fistfulladirt Pillar of the Community United States 4333 Posts	Posted 03/06/2016 05:36 am The gold confiscation act, from what I understand was a joke to many holding gold, pretty much voluntary. Not being able to inflate gold the gov forces paper money backed by a military. When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72 Report this Post to the Staff
thq Pillar of the Community United States 3343 Posts	Posted 03/06/2016 08:34 am Thanks. I've noticed that any president who tries to defy the debt trend and balance the budget gets his hat handed to him at the next election. The money printing presses drive the economy, and when this quits working (Venezuela, Weimar Germany) things get bad fast. I'm not sure where this leaves precious metals. They hold their value and appreciate (sort of), but IMO they lag the depreciation of paper. Because they are so small in value compared to paper they can never drive the economy, and because people have to put real needs ahead of discretionary buying, they can move unexpectedly just like any other commodity. "Two minutes ago I would have sold my chances for a tired dime." Fred Astaire Edited by thq 03/06/2016 08:42 am Report this Post to the Staff
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