Speaking to the Investing News Network, Gareth Soloway, chief market strategist at VerifiedInvesting.com, shared his latest price forecasts for gold and silver, as well as Bitcoin. For gold his next target is US$2,660 per ounce, a level the metal could reach later this year or early next year. Beyond that it's harder to make a concrete prediction, but history shows the yellow metal could rise to the US$6,000 level during this cycle. If it does, Soloway cautioned that macroeconomic problems would likely be prevalent.
If it gets to that level quickly, things will be archaic, as a result of the economy crashing. I suspect we'll see another government ban of private ownership of gold. Read between the lines of what I'm insinuating.
Roosevelt's excutive order ... The order specifically exempted "customary use in industry, profession or art," a provision that covered artists, jewelers, dentists, sign-makers, etc. The order also permitted any person to hold up to $100 in gold coins, a face value equivalent to 5 troy ounces (160 g) of gold valued at approximately $10,000 in 2020. The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins", which protected recognized gold coin collections from legal seizure.
Yes, but the government melted down all of the gold coins they could get their hands on, and much of the gold bullion bars were shipped overseas to prevent confiscation. Gold bars are a big deal right now as evidenced by the Costcos of the world selling them over the counter. That would stop immediately. Also, it became a $10,000 fine to own more than $100 face value in coin. I'd consider that a draconian measure of desperation. What was 10k in 1933 worth today in fines?
If the US banned private ownership of gold bullion, how could it not? I can see a scenario if gold suddenly skyrocketed we'd be back to FDR restrictions. There is no way to explain that without getting political, so that's where I'll leave it.
Ending quote today was 2606 depending on what index you are watching. That's just a whisker under that analyst's call. The DOW and S&P keep on roaring. I'm afraid we are on a collision course for a crash soon. Two things can be true at once but this makes absolutely little sense. I am not cheering for a stock market crash because that means austerity is around the corner. My take is this, the only reason the market is chugging along is because the inflation index has driven it that way. It's fiat currency, and lowering rates isn't going to help.
I've never heard anything about this before, what is the price point where you feel the government would ban private ownership of gold?
April 5, 1933: Executive Order 6102 On April 5, 1933, just one month after his inauguration as the 32nd President of the United States, Franklin Delano Roosevelt announced the confiscation of gold in the United States. Gold coins, bullion and certificates had to be surrendered between April 5 and May 5, 1933, under penalty of ten years in prison and a $10,000 fine (the annual per capita income was $8,500 in 1934). Only the jewelry, dental, art and numismatic sectors were spared. But this decree was met with great reluctance, and some estimates published by Friedman and Schwartz showed that only 20% to 25% of the gold of private individuals was actually deposited with the authorities (the equivalent of just under 95 tons of gold!).
Who knows? But one member said someone had a target of 6600. If it happened to rise quickly, no telling what the Federal Reserve might try to do.
They're going to do nothing............ is what they're going to do. somebody may have to get up and doing something... can't have that..
