Time to Evaluate Gold Ownership ...

... if you believe this will happen, which I don't:

Protect Your Gold Against Seizure.
David L. Ganz, Numismatic News

"A Florida reader has asked about whether possible gold seizure actions by the U.S. government, which some say is in the offing, make out a case for investing in gold coins of foreign countries, and asks as an ancillary question whether or not those who strongly believe in gold ought to consider holding some (or all) of their gold outside the United States.

First things first. No one has signaled either at the Old North Church (“One if by land, two if by sea”) of Paul Revere’s famous ride, that such a move is imminent. In fact, if I get to write about it far in advance, it would be the biggest case of dumb luck since I tried to get someone named “E-Z” in the Carter Administration, and found myself talking to “Azie Taylor Morton,” who became the new Treasurer.

So no advance word.

Next, no one who is contemplating this has shown me the text of the proposed Presidential Finding and Declaration that would be most likely to be necessary in order to force the surrender of bullion, hallmarked items and coins. But I can guess what it will have to say (“national emergency”) and several other key lines of verbiage based on past action."

Rest of the story: http://bit.ly/cu0S4h

 

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Why would the government seize precious metals? They don't function as a currency like they did the last time there was a seizure. The only way I could see this happening is if China parked some warships off our coast and demanded to be paid.

 

This is the United States of America where citizens have rights that are spelled out in our Constitution. Our federal government would never seize our lawfully-owned property.

What's that? They did it before? 1933, huh?

Never mind.

 

Gold seizures is a way for government to assert its authority as monetary master of an economy. If people are able to hoard gold then gold will increase in value versus the currency. Seizing gold is a way to force citizens to only use Federal Reserve Notes as their store of value.

I thougth the law passed in 1933 gave the President to institute this any time he saw fit, and the law is still current. I could be wrong.

 

It'll never happen again. Unlike in 1933, our currency is no longer tied to the Gold Standard. There's not enough gold in the world to tie to the amount of dollars in the US economy of today. The Govt would stand to gain nothing, except the ire of its populace, by confiscating gold.

 

Ridiculous. How would the government find it? Door-to-door gold search? Be a lot simpler just to confiscate bank accounts.

 

I don't believe it will ever happen, but if it did, think of all of the people who have ordered gold from the mint or Precious metal dealers and have had to give their real names and addresses. The real paranoid buys anonymously with cash at coin shows.

​

 

Good point.

 

if they did that i'd dig a hole for them right in front of my gold hoard, just bang em and burry 'em.

 

Bearing the unforeseen scenario, which I do not see happening to begin with... Such forums like this would be easy enough to use to trace such claims of having buried one's PM holdings and *warrant* a property search, which may be supported by IP addresses matching known purchase transactions allowing the authorities to come bearing metal detectors and shovels. Even if your place of burial managed to elude seizure those records from online transactions would have to be explained. If you couldn't provide receipts of resale the questioning authority may act to penalize by taxation or threat of imprisonment as though you possessed the metals but failed to turn them over. Being imprisoned for such a thing is almost as good as not possessing them to begin with in such a scenario. Again, I don't see it happening, but if things got to the point justice wouldn't present itself in the same light to many in that position.

 

And although it may be hard to believe, I think the large majority of American's have less than 1 or 2 oz of gold coinage in their possession, so they might see the hoarders as rather the non-patriotic parties, guns or not. JMO.

 

I always felt that you shouldn't tell the government what gold or guns or powder, etc that you may or may not possess. That way, you would never need one to protect the other. IMHO

gary

 

I`m the first one to jump on the "America`s economy is doomed" bandwagon, but I have to say that there are times when We give Our government too much power by speculating on theories exactly like this one.

Do We really believe that the very same government that is currently in turmoil would actually go door to door in search of gold? If anything, they`re going to fleece major transactions with more imposed taxes and then possibly the smaller ones as well. This would be cheaper to enact and would have far less blow-back than door to door seizures. The imagery of Ma and Pa kettle having to fork over their hard earned gold to the authorities is something that no administration would want on its` record.

But one thing I have come to know is that I have been wrong before in my life......and to never be caught by surprise.

 

If they search and confiscate precious metals, it would not be because they need the money. It would be because they want to exert their power over us.

 

In the case of government tyranny as described in this thread armed resistance would be the patriotic duty of any American.

 

You needn't quote me to exclaim you patriotism nor worry that my comments fear a pending oppressive authority. I didn't mention a thing about patriotism. I'm discussing PMs and the unlikely scenario that one must prepare for them to be confiscated. I point out that the assumption many seem to believe, that they are immune to being discovered in possession of bullion under such a scenario, is folly by the very act of posting ownership claims on such forums. This will be evidence enough to suspect resistant individuals of possession and defiance of seizure rules should it (unlikely as it is) come to that. Furthermore, armed defense may well be futile or impossible when confronted by a police state. You may be doing more fighting over the right to bear arms than whether or not you may possess PMs. To those so bent on the concern of government seizure, it may be worth avoiding the trouble of possessing PMs at all if they are so greatly in fear of potential government schemes to forcibly make citizens surrender them... don't you think they'd take your guns before they came for your PMs.

 

Yet the US mint continues to sell gold to the public. And continues to distribute the bullion coins to the authorized dealers who sell to the public. I suspect that if our government was going to begin a process of public seizure they'd plug the 'holes" of distribution first.....

 

I acknowledge the right of people to be afraid of anything they want, but they will get the best results if they weigh the relative risks of government confiscation, confiscation by a burglar or robber, dying without telling anyone your secret hiding place, and forgetting where you buried your stash.

 

Seriously, does anyone actually believe that the same government that manufactures a coin for $1200 that it can sell for $1500 and tax the proceeds if it is resold want confiscate it ?

Our people we put in place to run things just are not that stupid. Besides, "government" is not an entity, it is US. At least it was before our Supreme Court allowed anyone in the world to donate how ever much they wanted to political campaigns.

 

Goodness.

Why would the US take your small bit of PM? The because they did it before could be used for Prohibition.

In fact....I dont think it will happen...but a smart man looking to protect his family would have a supply of Budweiser hidden away....just in case. (The rule of thumb is "A case just in case!"

Dont be a fool, They took our Whiskey before!


You will thank me in the future.