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motos
Penny Sorter Member
41 Posts |
 Posted - 02/03/2010 : 17:52:32
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Hi there everyone first post here but have been browsing for a couple weeks.
I wanted to see if someone could clear up something for me.
In one of my classes there is an older guy who I have been talking to about silver searching ( I do halves currently) and he has invested in some silver rounds and some pre 1933 gold. Now I knew there was a gold ban or recall where the FED took all ( or tried to) the gold of people in 1933. As far as I know this "ban" ended 1974, making it legal for people to old gold bullion in coin and bar form.
This older guy is consistent in saying that the government will still take your gold and to not buy any coin or bullion piece because they can take it. Can anyone shed some light on this? I don't have any money for gold yet but am working there.
Cheers.
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wagsthadog
Penny Hoarding Member
USA
565 Posts |
Posted - 02/03/2010 : 18:02:47
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Hi there-
Nah, JMO, but I think the coin-confiscation idea is a false rumor that coin dealers sometimes use to increase their prices. If the government wants to confiscate gold, (highly unlikely since they don't seem to even know what it is or who has it,) they will take it all. Bullion coins have rare, numismatic pieces as well, so if the argument is that numismatic pieces are exempt, try that one on him. Buy what gold you want. Typically, US gold is the best if you live in the US, but any of the "big ones;" American Eagle, Maple, Kruger, 50 Peso, Philharmonic, Sovereign or 100 Corona should do just fine. Buy what you like. I like Pre-33 gold a lot as well, but it's too pricey over spot.
JMO
wags |
Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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motos
Penny Sorter Member
41 Posts |
Posted - 02/03/2010 : 18:08:02
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Ok thats what I was thinking and have read that is all BS about the confiscation. I just wanted to have the correct knowledge before heading into an argument even though I thought I was mostly correct anyway. I'll try and sway him one more time but I won't fight him over it hehe. Thanks!
One other question that now comes to mind is the site APMEX that sells pre 1933 gold pieces. Why would they make a separate section just for pre 1933 gold? |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 02/03/2010 : 18:18:11
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Hey, g-man come get my silver.
Trust me g-man, you better want it bad, it won't come easy. |
Come to the new and improved realcent: http://realcent.org
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country_bumpkin
Penny Sorter Member
USA
86 Posts |
Posted - 02/03/2010 : 19:03:08
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Gold used to be money. Imagine!
In order to devalue the currency by some 67%, FDR first had to call gold in (some non-Keynesian cave-dwellers rudely call this action confiscation) then give a paper dollar for each gold dollar. If you didn't obey the law, you couldn't spend your gold money because it was illegal to own (excepting coin collectors.)
If your gold stash was securely held in a bank "safe" deposit box, Treasury Department agents were on hand to preside over its opening and to ensure the safe transfer of dangerous gold coins and gold certificates to the government.
Sounds like fascism, eh?
In today's world, gold is no longer legal tender, so there is no reason for the government to confiscate gold in order to devalue the currency.
Maybe your old friend is on to something. Trust in "safe" deposit boxes at your own peril.
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“He who goes a-borrowing, goes a-sorrowing.”
- Benjamin Franklin |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 02/03/2010 : 19:06:02
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The feds confiscating Au is definitely within the realm of possibility. How likely? Your guess is as good as mine or that of anybody else. They did it once, they can most certainly do it again if they feel it is in the best interest of their masters, the central bankers...
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 02/03/2010 : 19:19:40
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quote:
Originally posted by motos
Ok thats what I was thinking and have read that is all BS about the confiscation. I just wanted to have the correct knowledge before heading into an argument even though I thought I was mostly correct anyway. I'll try and sway him one more time but I won't fight him over it hehe. Thanks!
One other question that now comes to mind is the site APMEX that sells pre 1933 gold pieces. Why would they make a separate section just for pre 1933 gold?
Hey, welcome to the forum. Apmex probably has them separate because of their numismatic value.
Also, I agree with the others. Even if there is a confiscation (which is unlikely) the government would be far more interested in the larger stashes of gold like those in banks and storage houses. The Government wouldn't have anything like the manpower to go door to door looking for our one and two ounce stashes. Especially when you consider that a large majority people who own gold also own guns. |
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motos
Penny Sorter Member
41 Posts |
Posted - 02/03/2010 : 20:25:49
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| Well then I guess I am not too worried about the gold then. Although my plan is to probably stick with silver (although if I found an entire brinks box of silver halves i might change my mind hehe) |
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motos
Penny Sorter Member
41 Posts |
Posted - 02/04/2010 : 20:36:24
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| o yes, and thanks for the responses. |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 02/12/2010 : 21:26:51
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| if you find an entire brinks box of silver halves you better just order more of those boxes until they start skunking you(no silver at all)!! |
"May your percentages ever increase!" |
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Gold Question
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