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 Replies: 23 / Views: 3,752 |
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New Member
United States
21 Posts |
Take a gander at this article at goldmoney.com http://www.goldmoney.com/gold-resea...te-gold.htmlAs concerns mount that there is another financial crisis in the offing and the gold price rises, American investors worry increasingly about whether the US government will confiscate their gold. The precedent was set by President Franklin Delano Roosevelt, who in 1933 forced all of America's gold owners to sell their bullion to the Federal government at the official price.
However, the situation today is very different from that of 78 years ago. At that time, gold was the primary currency, the dollar being tied to it at $20.67 per ounce. .................... |
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Bedrock of the Community
Australia
21786 Posts |
Try telling the people in India that they have to sell their gold to the Go'ment at a Go'ment fixed price!
Indians are the biggest consumers of gold, mainly in jewelry form.
I seriously doubt if the U.S. Government would want to divert any resource at the moment to acquire gold held by the population, especially when the U.S. Mint is busy selling bullion coins.
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Rest in Peace
United States
9104 Posts |
The order to turn in gold had a huge loophole for coins. You could have had a couple years' wages of gold coins and kept them legally.
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Pillar of the Community
Canada
3692 Posts |
Well, an article made by a website that SELLS BULLION will no doubt fear monger you till your hair turns white. Notice how they slip in China and Russia to play with your mind a bit. It's pure speculation. It's like playing that game "would you rather...".
Edited by Libertad
04/25/2011 08:33 am
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Valued Member
United States
314 Posts |
I think we may be on the Brink of mass "protests" here in the U.S. If the Goobermint tells the people they must give up their gold, or guns, it may be the straw that breaks the camel's back.
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Pillar of the Community
United States
3592 Posts |
Agree with Libertad...fear mongering at it's finest...besides I don't think the government would enjoy sorting the lead from the gold.
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Pillar of the Community
 United States
2448 Posts |
Exactly! But then it would shore up the national debt...OK my bad.
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Pillar of the Community
United States
1450 Posts |
The loophole last time was for gold coin collectors,not your average Joe,I can't think of a similar loophole to let the big guys off again(although I am sure they can concoct one) and you know the whales ain't gonna give up their gold. Since the dollar is no longer backed by gold or silver it would be much more difficult to justify this time. I am more worried about nationalization of retirement accounts than I am about gold confiscation.That is why as much of my retirement as I can get to is going to be solid shiney stuff placed where they can't get it,and I am not about to say where on a forum!
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Valued Member
Cyprus
349 Posts |
Isn't it only communism that confiscates your possessions for the greater good?
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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 |
Quote:
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 |
Quote:
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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Replies: 23 / Views: 3,752 |
Posted 04/25/2011 03:18 am
