Some Guy Talking about the Government Confiscating Gold?!

Some guy strikes again.

 

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If the government even ATTEMPTED to repeal the 1975 law legalizing gold ownership, you'd basically have riots and financial collapse.

 

You got that right, even at my age I'd be there!

 

Back in the 1930;s the gold was purchased at the "spot" price of just over $20, and then revalued at $35. That $35 rate lasted until the early 1970's. ONE of the reasons for the nationalization of gold (not a confiscation), was that the law required that the federal reserve maintain a 40% gold reserve ratio to outstanding paper dollars. They could not print more money without going over that 40% requirement. Also, some gold (a lot actually) was exempted from the turn in: numismatic coins, artwork, jewelry, gold needed for industrial, professional and artists use, and each person could retain $100 face value of gold coin.
I wonder how much one hundred 1-dollar coins would fetch today.

 

Depends on condition and date, of course, but I'd rather have one $1 and 33 $3's. Or, for that matter, twenty-five $4's.

I wonder what the mix of "circulating" gold was like in the early 1930's? My father talks about getting a $2 1/2 gold piece as a gift when he was very small. I'd guess $5 pieces worked harder than $10 or $20, but I doubt that gold dollars were in much use by that time. And there never were that many gold $3, circulating or otherwise...

 

I always read the 2.5s never circulated really. The only demand for them was annual Christmas gifts. The $5s were the workhorses, as seen on amount of worn gold coins. Most used gold are the $5's, with the 2.5 and 10s probably next. 20s were mainly bank vault items.

 

Well, based on bullion content alone, they should be worth about $10,000, right ?

 

Gold dollars and $3 gold weren’t minted after 1889.

 

Very few gold coins actually moved in commerce, as per Roger Burdette's analyses.

$20 Saints were just impractical. The smaller the denomination, the more likely to move.

 

Well, sorta. The gold dollars were too small to be practical, right? I mean, a dollar was a lot of money, and a half-inch-diameter coin could disappear almost anywhere.

 

Seizing gold ? Next thing your going to say is they are going to seize mail boxes.

 

Ouch.

 

How so? Gold in that scenario may be the only way to buy food!

 

This was my first thought immediately as well!! I guess if the current situation in the
US has showed us anything....it is that anything is possible! After all, the production of coinage by the US Mint in June 2020 was 1,596.48 Million and there's a shortage of circulating coins???????

 

I read somewhere that compliance with gold confiscation was only 30-odd percent. Today I believe the government has about the same chance of success as they would taking peoples guns away.

 

Always some guy saying something. Curse of the internet.

 

They can confiscate all of my Zincolns and a couple of my neighbors.

 

No it wouldn't.

Because the coins aren't circulating, they're going out in change and not making their way back to stores and banks as people are using credit/debit cards to avoid contact and not going to banks to deposit change if the bank is even open

 

It's too much effort and time wasted if they really did this. Also in this current economy I'm not sure PM's even make up a whole percent of the nations wealth.

Besides, will they really go door to door searching for gold? They wouldn't know about the folks who kept buying small amounts of gold over a period of years (IRS wouldn't know this, because they're not required to report small amounts of metals). I doubt they'd care. I could picture them going through people's safe deposit boxes for valuables, beyond that nope.

 

Cute robots!
T.J.