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Will Uncle Sam Confiscate Gold Again?
DAILY PRICES
Today’s
Gold Prices: USD 1125.00, EUR 1009.87 and GBP 737.94 per ounce.
Yesterday’s Gold Prices: 1130.05, EUR 1005.88 and GBP 739.63 per ounce.
(LBMA AM)
Gold
was 0.8% lower yesterday and closed at $1125.40 per ounce, down $8.20 to go
0.6% lower for the week. Silver was flat and again closed at $14.69 per ounce
but is nearly 1% higher for the week.
Will Uncle Sam Confiscate Gold Again?
Investors suffered financial losses in recent
weeks as stocks globally came under pressure in August and had their worst month in the last three years.
In one of the most volatile trading periods since the global financial crisis,
August saw a massive $5.7 trillion erased from the value of stocks worldwide.
No major stock market was left unscathed and the risk of financial and economic
contagion became evident again.
There are growing concerns internationally that
in the event of another Wall Street or global stock market crash and a new
systemic crisis – a Eurozone debt crisis or another Lehman Brothers collapse – there could be
enforced bank closures or extended bank holidays in the EU and U.S. as seen in
Greece recently.
In this
scenario, deposit boxes and vaults in U.S. banks and financial institutions
could be sealed and gold confiscated again.
There is a legal precedent for this. April 5th, 1933 – at the height of
the Great Depression – was the day when U.S. President Franklin Delano
Roosevelt instructed all American citizens to hand over all their gold coins
and bars to the Federal Government.
Read more on the GoldCore.com blog
IMPORTANT COMMENTARY
Gold retains 2-day decline ahead of U.S. jobs data – Reuters
Perth Mint’s gold, silver sales drop in August but robust – The Economic Times
UPDATE 1-Supervisors should not tell whole truth about bank health -BuBa economist – Reuters
Best Ever August for Bullion Silver Eagles – silvercoinstoday.com
Gold fever hits Poland with possible discovery of Nazi train – Yahoo News
IMPORTANT COMMENTARY
Gut is telling me that this is a bear market – Frisby – MoneyWeek.com
These Are a Few of the Stock Charts That Spook Louise Yamada – Bloomberg TV
Why Are Foreign Countries Repatriating Gold From US Federal Reserve? – Sputnik
Death Crosses Everywhere; Time to Buy Gold Yet? – Barron’s
Your savings are at risk – Tim Price – MoneyWeek.com
Read more News and Commentary
Download Essential Guide To Storing Gold Offshore
»
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Right.............let's all ignor history. Geeesh.
okay. But who is going to bet their entire financial well being on the assumption a collapse will not happen and that the fiat will continue to exist in its current form forever? 600 previous fiat currencies have vanished why the current ones an exception?
I kind of agree with you sans the vitriol. I use PM's to hedge the possibility that in my lifetime- my paper wealth gets reduced to asswipe.
If you are confident enough to say that it can never happen in your lifetime, then good for you. Opinions are very often where the winners and losers get sorted out.
Your religious faith in the US Cult is strong. And it's not about gold backed paper, its about breaking the monopoly the aristocrats have on printing "money" through their ownership of the Federal Reserve. People need the freedom to choose their own money.
The long decline is the dream of the international financier class. They would love to slowly turn the US and Europe back into pits of slavery. They are going to fail.
Gold will NEVER be an official currency - NO regime would allow that.
Before you said anything I didn't think any of the things you stated. Now I'm not sure we won't have a USA, Treasury, and USD collapse. I'm sure Gold won't save me because I don't control an army and it would make me a target (like Gaddafi, in Libya). An Hillary can't come to power because too many powerful people are afraid of her. Obama and his backers want to keep their loot.
In 1933 the USA was on the gold standard.
Today how much gold is held by US citizens, how wide spread is ownership?
And what would be the point if Europe, China and the rest Asia etc hold gold?
Back in 1933 I think people sort of trusted the government more. They thought this act was good for the country. I hope like hell that today people would rise up and call bullshit on any attempt to take their gold!! Although today many fewer people own any physical gold!
Sure, you can trust the government.
-Sitting Bull
You can trust that people these days will look out for #1. That's why appeals to patriotism will fail as you say.
Most of the people in the US receive money or equivalent from some government program. Most people in the US live month to month and wouldn't have $400 to put in gold in any year. Wine, beer, tea so forth if you want to have stuff to trade with most people after a collapse. None of these store as good as gold. Maybe ivory soap.
All one knew in 1933 was what was in the papers and what was on the radio. They didn't even know FDR was wheelchair bound. In the end the US is like all the other countries in kind if not in scope. If God doesn't do some smiting then US will soon be there in scope. Lawless hellhole.
If they want to ban cash, they will certainly have to ban gold and silver too
GC, and I mean this with all due respect... find another way to earn a living...
How did last year's September surge go? Remember... the one you predicted? Metals went over a cliff...
You have absolutely no idea what you are talking about. Derivative's markets are completely controlled. There are no such things as fundamentals... they are the tail wagging the dog.
I use to be in the camp of those who expected that the market would someday correct itself... Now I believe we are in for a much grimmer finish.
In the interim it would be a wonderful thing if you, and others like you, stopped pretending you knew what you were talking about. You just get folks hurt... not that it matters to you.
Uncle Sam? How 1760's of you....Today is Uncle Shem, in honor of our benevelont Zionist jew bankster overlords.
"Barry, look! I melted down some gold and made a gold dildo!
"My pants are already down, baby!"
Makes good bullets if you don't care about expense. But be careful, Au is very dense (good as depleted uranium) and loads s/b adjusted accordingly.
Only problem with gold and silver is that they are clean metals. THey will not cause bactrial infection in case the target is wounded.
Only if we are forced back onto a gold standard. In which case they will give you paper gold for your real gold. They didn't confiscate, last time. They purchased.
I call it confiscation when citizens faced a ten thousand dollar fine and or ten years in prison if they did not comply. Uncle Sam bought at a little over twenty dollars and quickly changed price to thirty five dollars per ounce after they "purchased".
Tuco
Sophistry! If there is a gun in my back it is a confiscation.
wouldn't it be easier to confiscate all the paper gold? after all it's just as good as the real thing...just a couple of keystrokes and it's theirs
You can always tell them no.
My PMs all fell off the back of my pickup truck, 'cause I left the tailgate down.
No shit, if they can find it, they earned it.
The only reason to confiscate gold is if a new international monetary system required nations to settle accounts in gold.
This guy is a nitwit. Gold was NOT "confiscated" then. Tells me all I need to know about his company.
He's prob making $$ in the off shoring biz.
https://en.wikipedia.org/wiki/Executive_Order_6102
Ya...SO?!? NO ONE took it away.
I believe Czar's point is that the gold was not confiscated, but purchased for Federal Reserve Notes.
Of course, Roosevelt then immediately raised the price of gold (i.e. devalued the dollar) so it is entirely accurate to describe those events as a confiscation of wealth.
Thanks. NO ONE came to your door and took it.
That's my point about the emotional but exact meaning of CONFISCATION.
If I come your house and tell you that you have to sell me your gold at above market price it is a form of confiscation. It is just a lipstick-on-a-pig way to sieze by force.
Coersion is coersion is coersion.
IF...IF...IF!!! Bullsh!t. NO ONE came and FORCED ANYONE to do ANYTHING.
Enjoy your tin foil hat, nitwit.
People who think the gov will confiscate gold in the future since they confiscated in the past don't understand the situation. In 1933 the US was on the gold standard. In order to devalue paper money (which FDR did a week after the confiscation) the public could not be holding gold. Since the US is not on the gold standard, they are free to print money (devalue) at will without the need to confiscate. end of story. the above poster is correct, they will confiscate everything in the form of taxes. not just gold.
Come on! Read what you wrote and try again.
Right....sure........why would the government want to confiscate real money after a currency collapse?
There has been many currency collapses in the past century. Please name one of them which adopted the gold standard afterward. I am willinig to be educated.
You either have reading comprehension problems, or you are just a sniveling coward. WHO said anything about taking PMS to set up a gold standard?
You are a sniveling coward with NO reading comprehension.
If after a currency collapse, for what purpose would a government confiscate gold if not to use it to buy stuff, as in use it as money, as in assigned a fixed value, as in a gold standard.
Are you suggesting a government will take your gold just becasue they like the color of it? some other non-monetary reason?
My whole point is the US goverment could care less about your gold NOW or after some ficticious collapse you think is going to happen.
There is another thing that's not being discussed in this article. If all the sovereign owners of gold in U.S. custody start asking for their physical, the U.S. will not be able to produce it. That might just prompt them to come hat in hand to your neighborhood asking for any spare gold...
;-D
Of course gold will be confiscated. That's why I wisely invested all of mine in wine, women, and song years ago.
I bribed a bunch of congressmen I am sure they will want a list.. of who is dishonest. /s
The rest, you just wasted.
Aahhh, live for the moment for soon we die, eh?
I squandered all mine on crack, crack hoes, and epicurean delights.
I sent all of mine to Mother Theresa, I'm sure I will get to kiss Jesus's feet for this singular act of selflessness,,,
;-D
Back in 1933 the US dollar was still officially backed by Gold, so Gold was a part of US financial system. Agree with some comments that bigger risk is Nationalization of mines.
Not so much in US or Canada but if you have a mine in any country that ends in "stan" or somewhere in Africa....good luck. If you are buying Gold for insurance purposes why would your insurance company be in a country whose name you can't spell?
Either they effectively take over the mine via royalty taxes or maybe 20 dudes with AK47s just show up. Hey !Thanks for the Gold!!
The gold was collateralized long ago. The baby boomers spent the money on illegals and corporate freebies.
For physical possession a bounty will be put on gold owners and a few jailed. The rest will fall in line.
For those who dumped their gold in a lake, I’m sure a ‘clawback’ will be passed and if you can’t show the gold, pay a huge tax.
You have lost your grip on reality.