Pre 1933 versus bullion - scare tactic?

Up until Nixon lifted the price on gold and removed the peg to gold in 1971, any foreign bank or government could withdraw their funds in the form of gold coins from the USA. Many did. This explains why there are so many that survived the melting. Besides, I don't trust that there is anything other than painted bronze in Ft. Knox.

 

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I would have CamaroDMD melt all my gold down first and make me an upper and lower grill before I let the government have a drop of it.

 

Hey, let me know. I have become quite good and casting gold crowns.

 

Bullion will flucate with market trends while collectable coins have market trends theirs is mostly in interest.

If the gold market goes down bullion will go down while coins might take a hit it won't be as bad because they are priced on rarety rather than markets.

I have collectable coins and am quite happy with them. they are investment rainy day funds and i know if i needed to i have them.

as for confiscation eh. it would have to get pretty bad almost depression like again for that to happen. for me i rather old them in my hand then get a letter that they are in some bank somewhere.

 

I dont' think it is likely. For one reason, what would they use it for? They aren't using gold to pay for debts, the simply are printing more money, and other countries seems to accept this. If the gov confiscated gold, I'm still wouldn't understand the purpose? If you take away people wealth, they are less likely to create jobs and spend money.....all things we need to get this economy moving. Things are very different then they were in 1933, when all debts were backed by gold.

 

Why are countries like Russia holding theirs, and China, India etc buying gold up like nobodies business?

Gold is the one tangible material that never loses value and is an insurance policy - and power.

I can see the government having to let gold to payoff China and or Russia and keep them from taking over and becoming slave masters.

 

True, but what large gold purchase has the U.S. made recently? My guess is that they simply aren't interested in gold. Other countries are buying gold to diversify away from the U.S. dollar. It doesn't make any sense why the U.S. gov. would want to diversify away from the U.S. dollar. Seems contradictory for a recovery, if you ask me.

 

Sorry, but with a $9 trillion dollar deficit, and no hope in sight, I would think the USA would want to diversify away from the dollar too.:bigeyes:

 

NOPE! we just print some more!

 

Life is a bourse floor

You need to apply the same economics to everything. Economics is like physics: the same for everyone.

 

I collect facts.

Gold Was Never Illegal.
Anyone could own up to $100 in gold coin. In 1933, $100 was two or three months wages for the average worker, about $6000 to $10,000 in today's money.

Numismatic Scrapbook magazine was founded three years after this executive order. In the pages of that publication, the London Spot Price for Gold was often published along with the London fix for Silver. Gold coins such as the U.S. $3, $10, and $20 were offered for sale by dealers to the public in display ads at prices within a few cents of the London fix.

 

Ummmm, you mean 12 trillion.

 

You are correct, of course. And a family of five could own $500 in gold, and unlimited silver if they could afford it. The government was mainly after the bank reserves, not individuals.

 

I didn't know this. So, I guess the gold confiscation wasn't as bad as it has been made out to be.

 

I think both of you are confusing the debt and the deficit.