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The Day The Government Seized Americans' Gold - April 5th 1933
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)
Gold extends losses on gains in equities - Reuters
Gold Drops for Second Day as ETPs Decline to Seven-Month Low - Bloomberg
U.S. Pacific Commander Calls North Korea a ‘Clear’ Threat - Bloomberg
Bullion Hub: Dubai’s Gold Trade Exceeds $ 70 Billion – Arab News
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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Yeah.....just drive around back.
You can 3d print those, amigos.
Because of their tungsten-filaments? ;)
Tungsten? What? No, me, where, huh... hey look over there!
Completely off topic but in the event of a boating accident light bulbs float...
Got my lifetime supply too.
Buying gold via the exchanges is a fool's errand. Odd, that the U of T was smart enought to buy Gold, but not smart enough to take delivery. Kinda defeats the purpose. Now, a pissing match to get what's their's? I don't get it. No, I don't get it at all.
Very simple explanation: You don't hold it - you don't own it.
I think you just explained why men piss standing up...
Good science always yields side effects like this ...
We do? I thought they were wall toilets without toilet paper!
Coffee to strong. Triple post!
Boating accident post.
My dog ate it. Nothing here move along.
he sure is hungry...
Well, he's a golden retriever.
.
.
.
I think I just heard boooing through the internet.
Can your golden retriever use scuba equipment? I have some underwater gold that needs retrieving.
as I remember reading there was only one prosecution for failure
to comply with the confiscation scheme. ?
.
what about this?
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/7_Sin...
.
"..Today Jim Sinclair told King World News the world is about to witness a stunning shift in the US government and Fed gold policy." ....
Great article, thanks for sharing...
Why, why, why does everyone continue to insist on erroneously referring to Roosevelt's call-in and illegalization of gold as a "confiscation"? It was NOT a confiscation! No federal agents EVER went around snooping around looking for anyone's gold, or breaking down doors in the search for it, and only the meekest and weakest of sheeple surrendered their gold to the feds.
It makes no sense to talk about the 1933 illegalization of gold ownership having been a "confiscation", as it was nothing of the sort. Such talk only implicitly gives support to the idea of an all-knowing, all-powerful federal government.
I don' thoard, I just collect death people's faces pressed on metalic chips that happen to be made out of gold and silver....
Freedom Girl has such a pretty face, too. But they were running way behind, and it took forever to get them..
For $10,000 per oz I would be happy for them to confiscate my gold, but the offer stands only for 48 hours. Dueto volatlity the offer cannot be open ended.
What gold? I have no gold. I traded it for my dog.
He who panics first panics best.
I'm still waiting for my collection of Ren and Stimpy Hairballs to get back up to 350.00/oz....and the Feds will never get their hands on them I tell ya.
Fear mongering. Confiscation of gold is at the bottom of a long list the Feds want to confiscate. Spend your time worring about them taking:
your property (eminent domain) for a strip mall
your car for an electric moped
your light bulbs for LEDs
your guns for nothin
your kids for their college
your cash currency for digital
your privacy for lowjack
your life for drones
The Germans can't even get their gold back from the fed, why would Texas think uncle Ben will allow them to have theirs?
why doesn't texas simply sell the gold that NY fed holds and buy and have delivered physical from somewhere else?
When the confiscation nonsense starts making the rounds again, it is a major bottom.
The Government/Fed has been confiscating homes, businesses, and your paper wealth using one tactic or another. That is what socialists do. Gold is what you buy to protect yourself from confiscation.
I became suspicious just the other week past last tuesday when a funny looking fellow with a cow gave me a bag of shiny gold coins in exchange for some coloured beans.
When I got home and checked ZH, I decided to drill these funny coins and guess what?
Thems filled with brown sugary sweety type stuff, I want me bright coloured beans back, I think I've been diddled.
http://www.amazon.com/Gold-Testing-Kit-Silver-Platinum/dp/B000OVHWLK
The only thing that will make you feel good about the economy today is this clip:
http://www.youtube.com/watch?v=DQbhtZzHsbE
Penguin tickling.
I tickled my wife in the same spot, made the same noises,,,awesome! Thanks for the heads up. Who knew?
"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."
MOLON LABE MUTHER FUCKERS
This begs the question of the relevance of gold. Is it just a metal that has little use other than for jewelry or is it really money?
So how many folks were hoarding Gold in 1933? Can't imagine many. Most likely the 1% elites. There is a lot of period US Gold coins still on the market. Canoe sales must have been brisk.
So how many folks were hoarding Gold in 1933? Can't imagine many. Most likely the 1% elites. There is a lot of period US Gold coins still on the market. Canoe sales must have been brisk.
But think how swell those 1%ers made out! All their gold, which they sure as hell didn't turn in...from 20 to 35 dollars in six months. Thank you, Federal Government! Boy, sure is comforting how us rich, powerful and connect just seem to keep winning! It's because we're so superior!
JP Morgan: “Gold is money, everything else is credit”Have you see the well-to-do? Up and down Park Avenue? On that famous thoroughfare with their noses in the air? High hats, and arrow collars, white spats and lotsa dollars...
Shoot if I were Texas and sitting on $1 billion in gold bullion I would want to lease 100 times over like JPM. Why are the TBTF banks allowed to openly committ fraud for profit?
If I were Texas sitting on $1 billion in gold bullion I would also sponsor a crack militia unit equipped and trained with the state of the art, and a unit of the best lawyers available. I would use my resources to assist the government to maintain liberty and justice for all. Anyone in the USA with a billion in assets who isn't already doing this is insane.
It belongs to the University of Texas, not the state of Texas.
gold makes a lousy working currency unless coined and milled.
Paper is better cause you can write any amount on it you want.
Yes officer some of your friends were here last week and they picked up all my gold.
"“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."
This is utter bullshit. FDR called for gold, only the regional banks complied and FDR was fine with that. No individual complied and only one guy screwed up and got caught. If you add up all the individual gold holders today, the amount isn't squat and .gov doesn't give a shit. Gold is held by the folks that run the show. Nobody is bothering them
You want the proper analogy to FDR's order? It's the shakedown of tax havens going on currently. It is a huge pot of money that is easily accessed and it's (apparently) politically acceptable to do so. That's important. When they are through with that shakedown, it's 401-Ks and IRAs.
Why? It for the children, duty and humanity and fuck you, if you do not agree. LOL. Two legs good. Four legs bad. Where are my bitcoins?
Read King of the Gypsies by Joseph Mitchell first published in The New Yorker in 1942. It contains an interview with a gypsy named Johnny Nikanov who describes how government agents came to gypsy camps in 1933 and forced them to turn in their gold for paper money. If they raided the gypsies I expect they went after others who were suspected of owning gold.
The story is on a New Yorker pay site, so it's unavailable.
I suspect that gypsies were fairly used to getting raided for any number of anti-social activities. Perhaps the gold just happened to be there during a prostitution sweep. Politically they are cyphers and easy targets. If they actually lost meaningful amounts of gold to these agents, then they are very incompetent gypsies.
What I take from your comment is: gypsies beware.
Hoarders of Gold to Face Penalty after May First
"Persons holding more than $100 worth ordered to turn it over"
http://news.google.com/newspapers?id=qb4iAAAAIBAJ&sjid=ZLYFAAAAIBAJ&pg=1575,277907&dq=gold&hl=en
You missed the story where no individual turned in their gold and no one pursued them. The Palm Beach Post didn't print it. It would have been counter-productive to do so.
Certainly, financial coercion is the primary weapon of coercion wielded against the citizens and several states by the central government.
There should be a comment mod.
What makes anyone think DHS couldn't go door to door to "collect" gold from citizens?
- There was an electronic purchase record from when you bought the gold.
- The company that sold it to you has records of your name and address, or card information, if not a copy of your ID if it was a large purchase.
- If you bought more than $10,000 (probably closer to $9,000) worth, you were automatically reported to financial authorities.
- References to in your email and social media activities or browsing history would put you on a potential holders list for further tracking.
- In the event of a law like the one in 1933, with a $175,000 fine means that someone could report you, especially if they made an example by charging someones friends with "conspiracy" or as an "accessory" to hiding gold.
Are people really that stupid?
-
Sorry, I lost that gold i purchased in a boating accident. Or sorry, i sold it for cash at the pawn shop.
They would only try to confiscate gold if the price was going to zoom up to support a new world reserve currency, maybe somewhere in the neighborhood of $25,000/oz. They don't want some poor scmuck in bumfuck Missouri becoming a millionaire for possessing 40 little ounces.
They'll let the poor scmuck become a millionaire winning the lottery?
March 4 1933 FDR declared a state of war, setting the mechanism by which presidential decrees (executive orders) circumvent congress and the constitution. He did this as ordered by the federal reserve, because there had been a bank run and having stolen the US gold supply and exported it to their cronies overseas, they didn't have it - they were caught red handed robbing the USA. Every scumbag shill puppet traitor criminal president since has declared a state of emergency in order to perpetuate this fraud, and the equally contemptable senate, congress, judiciary, bar and law enforcement have either gone along with it or are just too stupid to realize that they are committing treason. Somehow still the USA is a pretty good place to be compared to the rest of the fucked up human race, go fig.
http://emergency-usa.blogspot.com/p/fdr-calls-for-war-powers-march-4-193...
Hoarding = Saving
If you hoard money in a bank account, the bank/govt (mostly the bank) will come in and try to steal your nuts.
apologies if already posted
http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/
Something's afoot, thanks for the link...
Tyler's check this one out...
Oye! Sprott thinks he's safe up in Canada... Pendejo!
He best be finding a hole down under the lucha libre mat in my home town of Matamoros. Que lastima! I be needn another gold belt anyways.
Viva El Luchador
http://www.askchumba.com
I gave my gold stash to Chuck Norris to look after, but he ate it
Buried on the corner of Nunya and Kizmiaz. Come and take it.
Happy Gold Confiscation Anniversary. NOT!
Lets face it ... I highly doubt it will happen again. Consider the reasons FDR did this in the first place, to fully back the dollar with gold. In order to expand the money supply he needed to own it. For this to happen again what would the price of gold need to be? Pick your 5 digit number.... $30K? $40K?.
Confiscation of gold wont happen ... the price would be far too high and the US citizens for the most part are not in the game.
It wasn't mandatory. It was voluntary but the suckers weren't told that and recieved 20 bux an troy oz. Just like paying taxes isn't mandatory also.
Bitcoins will be targeted before gold.
As per usual ... all the 'Red Meat' scare tactic, none of the background or anything else for that matter.
"The government stole everyone's gold!" (Psst, they paid the going rate for it ...)
- The vast majority of Americans didn't own gold ... it was the Great Depression. Assets of Americans in 1933 were (mortgaged) real estate and worthless stocks from the 1920s. The majority of Americans had no property at all. A large minority was out of work.
- Most gold was owned by banks and held within them after they failed ... which occurred in every state but two, by early 1933. When the gold was 'confiscated' it was from the banks. That's the reason for the whining. As for the tens of millions of American citizens who had neither gold nor job nor property, they did not give a damn.
- The gold standard and international trade in gold was to facilitate goods-trade which was mostly done for in 1933. Instead, central banks set interest rates high to maintain gold reserves and defend the UK pound peg to gold. When this peg failed in the Spring of 1933 there was no choice but for other countries in the Euro-American trading bloc to abandon the gold standard and cut interest rates. Once this was done the economic burdens were considerably lightened.
- Removing specie from circulation was necessary to remove the hated gold clause in contracts: banks lent in the form of drafts taking property as security. These were 'ledger loans' that cost the bank nothing to make. Repayment was required in specie, there were no ledger repayments. Because of high interest rates and defense of the sterling peg, gold was hard to/impossible to come by ... so was currency! Even borrowers with cash in hand could not repay loans in gold ... available only at a large real premium to currency. Borrowers then lost their properties at foreclosure, including productive farms and ranches.
The foreclosue tsunami in the midwest and elsewhere became a crisis with a revolution brewing in Communist hotbeds such as Iowa and Indiana.
In exchange for gold owned by banks the country received an economic turnaround ... a good deal for the country and the banks too, as they were able to reopen. Going off gold was FDR bailing out the banks ... a 'good' default.
The government isn't interested in gold. What would the government do with it? Make gold watches to give to its retirees? What does gold 'buy'? The exact same junk that electronic money buys.
Gold is only good for foreign trade when there is no accepted reserve currency. As the petroleum vanishes there will be less foreign trade anyway. Nobody will trade good gold for petroleum that is simply wasted for nothing.
If Ben buys a boat the endgame is near
See below for hilarity.
What do you mean that two hundred pound earrings are impracticle?