The Day The Government Seized Americans' Gold - April 5th 1933

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From GoldCore

The Day The Government Seized Americans' Gold - April 5th 1933

Alix Steele reports on the 1933 declaration by U.S. President Franklin Delano Roosevelt to have American’s turn in their gold on Bloomberg TV’s “Lunch Money”. 

“80 years ago on April 5th, 1933, was the day that the federal government took all our gold and changed the precious metals as we know it,” said Alix Steel.

April 5th, 1933, FDR confiscated every gold coin, bar, or certificate and people had to turn in their gold to the Federal Government or else they would face a fine of $10,000 or 10 years in jail.  That is about $179,000 in today’s money.  You were able to keep a small amount or some rare coins and those that did give up their gold received about $20/oz. 

“Why would the government do that?” asks Ms. Steel.  They did this for the following reasons:

1. To prevent hoarding.

2. To devalue the dollar during the Great Depression.

3. The government set the gold price at $35/oz and pegged it to the dollar.

“But this could never happen again, right?” asks Ms. Steel. “Well tell that to Texas.”  

Steel reports, “The state of Texas is contemplating creating a bill to create the Texas Bullion Depository to protect its gold. It will abandon its New York depository and move their gold back stateside.  If the U.S. Federal Government tries to come for their gold the state says it is prepared to fight with the 10th amendment.  Arguing that state’s rights trump any order by the federal government.” 


Palladium in USD , 5 Year – (Bloomberg)

The confiscation of individuals and companies savings by the Troika (EU, ECB and IMF) in Cyprus shows how there is a risk of confiscation of all assets - from deposits to pensions funds to stored gold.

This is something we have long warned of and we have consistently said that if confiscation takes place it will be of large stores of pooled gold, ETF custodial and unallocated gold in the banking system and large holdings of gold stored with companies and in countries that are massively indebted.

This shows the vital importance of owning gold either with a AAA rated government that has a tradition of respect for property rights or in a private depository in a safer country such as Switzerland. It also shows the importance of owning and taking personal possession of some gold coins and bars. 

Anecdotally it is known that many people did not turn in their gold in 1933. Today, it would be even more problematic and governments would be unlikely to send the police door to door to confiscate the tiny amounts of gold coins and bars held by its citizens. 


Platinum in USD, 10 Year – (Bloomberg)

NEWS

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Gold Drops for Second Day as ETPs Decline to Seven-Month Low - Bloomberg

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Bullion Hub: Dubai’s Gold Trade Exceeds $ 70 Billion – Arab News

COMMENTARY

Video: Texas Wants Its Gold Back - Bloomberg

Video: Gold Price – Manipulation on the Rise? – Business News Network

63% of Dubai Precious Metals Conference delegates think gold is heading towards $3,000 by 2014 - GoldSeek

80% Chance Of 40% Silver Short Squeeze – Zero Hedge

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Tue, 04/09/2013 - 08:48 | 3425774 stinkhammer
stinkhammer's picture

come and get it Ben

Tue, 04/09/2013 - 08:52 | 3425808 GetZeeGold
GetZeeGold's picture

 

 

As a wee lad.....I remember holding the illegal gold.

 

You can take my freedom and my guns.......but get your damn hands off my gold.

Tue, 04/09/2013 - 08:57 | 3425828 eigenvalue
eigenvalue's picture

Do you mind my taking your wife and daughters? I will treat them well...

Tue, 04/09/2013 - 09:00 | 3425846 GetZeeGold
GetZeeGold's picture

 

 

You'd just better hope they treat you well. All the women I know are highly armed.

 

Go ahead and try it.

Tue, 04/09/2013 - 09:07 | 3425904 eigenvalue
eigenvalue's picture

Really? I don't think the women like Becky Quick are highly armed.

Tue, 04/09/2013 - 09:11 | 3425930 Joe Davola
Joe Davola's picture

"state's rights", "property rights"

Yeah, uh-huh.

Tue, 04/09/2013 - 09:14 | 3425944 idea_hamster
idea_hamster's picture

“turn in their gold … or 10 years in jail”

So let me get this straight:

I keep my buried gold, get 10 years of “three hots and a cot” with no worries about unemployment, mortgage or rent, or spiraling gasoline and electricity prices, and then emerge as the newest member of the “opulence – I haz it” crowd?

Perhaps orange suits me….

Tue, 04/09/2013 - 09:17 | 3425962 scatterbrains
scatterbrains's picture

No this time you'll be classified a terrorist and held without a hearing/trial until you rot or tell us where you hid it, which ever comes first, no big deal really.

Tue, 04/09/2013 - 09:28 | 3426002 gmrpeabody
gmrpeabody's picture

Maybe they'll be able to recover my boat at the same time...

Tue, 04/09/2013 - 10:13 | 3426048 Pinto Currency
Pinto Currency's picture

 

Any gov / central bank that wants to print like mad wants to make sure there is no citizen option for the "fear trade" - i.e. fear of the printing press.

Krugman - looks like your fear trade is on bigtime this morning in gold and silver. Especially silver.

Tue, 04/09/2013 - 10:17 | 3426248 Enslavethechild...
EnslavethechildrenforBen's picture

All the reason more to BUY

Tue, 04/09/2013 - 18:17 | 3428660 StychoKiller
StychoKiller's picture

Today, the BDI closed at 858, down 3.00

 

Tue, 04/09/2013 - 10:27 | 3426276 tarsubil
tarsubil's picture

Sounds awfully familiar.

One of the last things Elie Wiesel's dad told him was about where the gold was buried.

Tue, 04/09/2013 - 09:19 | 3425970 El Viejo
El Viejo's picture

Bravo Texas!

Tue, 04/09/2013 - 09:33 | 3426021 patb
patb's picture

Don't forget, lots of sex too.

 

 

Tue, 04/09/2013 - 09:23 | 3425980 Bad Attitude
Bad Attitude's picture

At this point in time, it would be counterproductive for Texas to tell The regime "Fuck you, get your refined petroleum products somewhere else."

Tue, 04/09/2013 - 09:12 | 3425940 BaBaBouy
BaBaBouy's picture

Two Words ...

Civil War ...

Tue, 04/09/2013 - 09:22 | 3425978 FL_Conservative
FL_Conservative's picture

Two words: "What gold?"

Tue, 04/09/2013 - 10:05 | 3426190 ParkAveFlasher
ParkAveFlasher's picture

"Boating accident".

Tue, 04/09/2013 - 10:32 | 3426340 Honey Badger
Honey Badger's picture

Benelli M4 with 00.

Tue, 04/09/2013 - 10:40 | 3426379 55 men
55 men's picture

"saiga 12".

Tue, 04/09/2013 - 18:18 | 3428669 StychoKiller
StychoKiller's picture

So sorry, I've developed CRS (Can't Remember Sh!t), so it's gonna be awhile afore I can remember where I buried it...

Tue, 04/09/2013 - 18:59 | 3428805 ncdirtdigger
ncdirtdigger's picture

To quote H. R. Clinton, "ummmm, I don't recall".

Tue, 04/09/2013 - 10:20 | 3426260 tango
tango's picture

Two words:  No way.   Nations only dissolve into civil wars when all else has been tried, when conditions have deteriorated to the point of no return.  Even the near complete disintegration of society (as in Greece) has not changed minds - the vast majority still support the very system that led to their demise.

Obviously, folks who travel, save, entertain, shop and spend (as in TX) are not near a point of no return nor would they do anything to upset the apple cart.   Civil war would ONLY come if conditions worsen, if there is a viable alternative, if they are sure things will be better on the other side.

Tue, 04/09/2013 - 11:59 | 3426784 JimBowie1958
JimBowie1958's picture

Obviously, folks who travel, save, entertain, shop and spend (as in TX) are not near a point of no return nor would they do anything to upset the apple cart.

Agreed. The people hoping for a Civil War are either:

1. Losers hoping that they can rule afterwards when their status as losers now have taught them nothing.

2. Criminals that hope to rob and steal; in the words of the Sex Pistols song 'Anarchy', 'the future is bringing a shopping spree.'

3. Fools and morons who dont know what the fuck they are asking for. If we get a real bosnia on our hands kiss most of the elderly good-bye and half the kids.

4. People that  live in a fantasy world where the removal of government brings in a utopia instead of a Thugacracy. Not that there is all that  much difference at times, but there realy is.

Tue, 04/09/2013 - 12:01 | 3426798 tbone654
tbone654's picture

it's like boiling the frog...  before you know it, your a goverment serf, and there is an imperial ruler...

Tue, 04/09/2013 - 12:03 | 3426812 tbone654
tbone654's picture

good call on Bosnia...  Civil war looks glamorous, until your getting your ass shot off, and your whole family is dead...

Tue, 04/09/2013 - 10:28 | 3426314 tarsubil
tarsubil's picture

Power struggle, yes. Civil war? I'm thinking no. The people in power pushing this in Texas better watch their backs. They might end up like the other despots who asked for delivery.

Tue, 04/09/2013 - 09:17 | 3425960 Surly Bear
Surly Bear's picture

Article VI Clause 2: 'This Constitution, and the Laws of the United States which shall be made in pursuance thereof; and all treaties made, or which shall be made, under the authority of the United States, shall be the supreme law of the land; and the judges in every state shall be bound thereby, anything in the constitution or laws of any state to the contrary notwithstanding.'

If you think that Texas' rights trump any order by the federal government then you are sorely mistaken, at least since 1865.

 

Tue, 04/09/2013 - 10:22 | 3426280 tango
tango's picture

Not quite sure why you got the down arrows since all you did was point out the obvious.   Just because something we don't like is true does not mean you "down" the messenger.  The feds would NEVER let TX go - with their jobs and job creation, population, natural resources and (mainly) the ability to draw in surrounding states - it will never happen peacefully. 

Tue, 04/09/2013 - 10:29 | 3426321 MrBoompi
MrBoompi's picture

Three of the down arrows must have been Rick Perry, George W Bush, and Louis Gohmert.

Tue, 04/09/2013 - 10:41 | 3426382 MachoMan
MachoMan's picture

Maybe because it's not true?  here is some additional reading: http://www.tomwoods.com/books/nullification/

Tue, 04/09/2013 - 13:32 | 3427217 EINSILVERGUY
EINSILVERGUY's picture

Maybe so but sometimes you got to say WTF

Some things are worth fighting for regardless of whether you think you can win.

At that point its just a matter of taking as many of them as you can with you.

When 5000  soldiers of Santa Anna's army stood awaiting the order to take the Alamo, the men inside knew how it would end that they would not be spared any quarter.

Better to die on your feet than live on your knees.  You might be surprised. That philosophy still exists here in Texas

 

Tue, 04/09/2013 - 16:57 | 3428415 exartizo
exartizo's picture

For to him that is joined to all the living there is hope. For a living dog is better than a dead lion.

Ecclesiastes 9:4

Tue, 04/09/2013 - 10:26 | 3426310 chubbar
chubbar's picture

http://rt.com/news/wikileaks-assange-release-files-475/

Illegal we do immediately; unconstitutional takes a little longer’: Kissinger in new mass WikiLeaks document release

Tue, 04/09/2013 - 11:49 | 3426732 cosmyccowboy
cosmyccowboy's picture

once again there will be signs hung in windows all over the country saying....GTT!!!

Tue, 04/09/2013 - 12:02 | 3426797 JimBowie1958
JimBowie1958's picture

If you think that Texas' rights trump any order by the federal government then you are sorely mistaken, at least since 1865.

If you think that Texas pulling its gold out of Federal Reseerve banks somehow violates the Constitution, then you are an ignorant fucktard.

Tue, 04/09/2013 - 09:59 | 3426166 White Horse of ...
White Horse of Mantic's picture

Most of the guys I know have their hunting rifles, its the women that have the AKs and glocks and go to the range on a regular schedule.

 

Beware of the soccer moms!

Tue, 04/09/2013 - 09:00 | 3425848 ratso
ratso's picture

Will you sacremongers just give it a rest.  Pleazzze.

Tue, 04/09/2013 - 09:02 | 3425859 GetZeeGold
GetZeeGold's picture

 

 

Just when you start having fun....here come the regulators.

 

Please go home until the next election.

Tue, 04/09/2013 - 09:23 | 3425984 FL_Conservative
FL_Conservative's picture

I thought it was John McCain and Lindsey Graham.

Tue, 04/09/2013 - 09:47 | 3425998 GetZeeGold
GetZeeGold's picture

 

 

Progressive Republicans........a contradiction in terms to be sure.

 

They use the name...but they're anything but conservative.

Tue, 04/09/2013 - 10:54 | 3426446 TBT or not TBT
TBT or not TBT's picture

The republicans were the progressives on civil rights, slavery, jim crow etc. that's the history. The democrats were the states' rights party, the jim crow party, the slavery party, on the wrong side of most of that right through the vote on the civil rights act, which was opposed by most democrats. They are still the party of identity politics, discrimination based on color, origin, sexual preference, religion etc. the supposedly reactionary behavior remains democrat. What they are progressive on are drugs, sex, and free shit for their designated identity groups, gov workers, union cash suppliers other allies of convenience.

Tue, 04/09/2013 - 12:41 | 3426966 FL_Conservative
FL_Conservative's picture

At one point, the republicans were the party of individual sovreignty and personal freedom.  That seems like SO LONG ago.

Tue, 04/09/2013 - 14:31 | 3427608 Cathartes Aura
Cathartes Aura's picture

consider the up-rising of "conservative christianity" - particularly of the Zionist flavour, and see how much it creeps into repub policy proposals, and the "leaders" selected to represent.

I use the word "creep" with intention.

Tue, 04/09/2013 - 09:20 | 3425942 Smegley Wanxalot
Smegley Wanxalot's picture

Why would you consider it scaremongering? Are you fucking stupid?

The federal govt stole gold before from people, assaults grannies at airports and rummages thru my underwear in my suitcase literally on every trip I fly, regulates my toilets and lightbulbs, forces me to buy health insurance that I neither need nor want, sicks the IRS on me if I dont obey to its dictates,  generally operates outside the Constitution in a manner that treats citizens as inferiors, runs drones over our heads to spy on our every move, mandates chips in our vehicles and cellphones that allow them to track almost every move we make, otherwise acts in a bullying manner toward private businesses and people, and provides very little of real value in return for its hostile intrusions on liberty.

History shows the federal govt will fuck up the lives and property of people at every turn, seize what it damn well wants, and incarcerate or kill anyone who disobeys its dictates. The federal govt is tyrannical in the literal sense of the word, only pretending on the surface to be benevolent and caring.  It needs to be brought down, just as every tyrannical regime eventually does or will be.

Tue, 04/09/2013 - 09:33 | 3426025 338
338's picture

History shows the federal govt will fuck up the lives and property of people at every turn, seize what it damn well wants, and incarcerate or kill anyone who disobeys its dictates. The federal govt is tyrannical in the literal sense of the word, only pretending on the surface to be benevolent and caring.  It needs to be brought down, just as every tyrannical regime eventually does or will be.

 

Government is force.

 

Period.

 

 If the U.S. Federal Government tries to come for their gold the state says it is prepared to fight with  every single impliment of war at our disposal.Including what we steal from every base and arsenal within the boundaries of the 'Republic of Texas'.

 

Fixed it for them.

 

Fuckin pussies, either say what you mean or shut the fuck up.

 

 

 


 

 

Tue, 04/09/2013 - 09:37 | 3426053 1100-TACTICAL-12
1100-TACTICAL-12's picture

@ Smegley  You had me @ "Are you fucking stupid?" +1 & a standing O.. Bravo

Tue, 04/09/2013 - 10:28 | 3426308 tango
tango's picture

I agree with your tenor but am still awaiting (impatiently) what you and others would replace it with.  Would we have 50 separate Republics with 50 separate sets of laws and coinage?  I could not support such folly.  What's needed is a new structure, vastly limited central state that performed the duties outlined in the Constitution with updates for the past 250 years (electronic, industrial, medical, technology issues) 

Tue, 04/09/2013 - 11:42 | 3426705 BooMushroom
BooMushroom's picture

How do we get there from here? You think the Free Shit Army will ever vote to shrink their own pie so they can work forty hours a week to have a decreased standard of living?

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