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rexmerdinus
Penny Sorter Member
47 Posts |
 Posted - 07/18/2010 : 08:19:25
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Just had an interesting conversation and it made me think. Does anyone here see another FDR-style seizure of precious metals happening?
My personal feeling is that if anyone comes to my house looking for gold and silver, all they're going to get is lead.
Your thoughts?
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novillero
Penny Sorter Member
USA
86 Posts |
Posted - 07/18/2010 : 10:03:32
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Good luck with that: It's your money, or your money AND your life.
Plus if it's illegal to hold it, how are you going to unload it without fear of confiscation or jail?
If that is a real concern, I think people need to think what else to invest in, will land be better, other commodities? |
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IdahoCopper
Penny Pincher Member
125 Posts |
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argent_pur
Penny Sorter Member
78 Posts |
Posted - 07/18/2010 : 13:14:25
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I don't see it as a very likely event personally. I don't hold out much hope for a return to an international gold standard. I think it would be wise, but we're talking about politicians and uber-financiers here...
Although, since it is possible, I do have some Pre-'33 european gold coins just in case. I know they can change the rules if they wish, but what else can I do really?
If a gold call-in does occur, you can be sure its dollar value will skyrocket, and the black market for gold will thrive. |
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rainsonme
Penny Pincher Member
USA
183 Posts |
Posted - 07/18/2010 : 14:39:33
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| In the 1930's, money was backed by gold. Today, they are totally separate. So the motivation won't be there to confiscate gold. I personally am much more concerned about taxes that might be imposed on selling gold and silver. I think it more likely the government would impose harsh taxes to prevent wide spread shaddow currencies. |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 07/18/2010 : 14:43:01
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| How are you going to confiscate gold when only 1% of the population really holds any decent amount? In 1933, most people who had any money had some gold because gold was money. Now, it would just be a political disaster and impossible to enforce. They can't stop 20 ton shipments of drugs from coming in so how are they going to stop people from trading a 1/10th ounce coin in their pocket? |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 07/18/2010 : 15:26:11
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| Even the FDR confiscation wasn't total. My understanding is that a private person could still hold up to 5 ounces. But it wasn't that long ago (by my standards) that Americans couldn't own gold, but then you could still get silver coins out of circulation. The best they could do is to kill off the big boys from trading in gold. Unless they wanted to pull gold rings off the fingers of the public. |
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Think positive. |
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rexmerdinus
Penny Sorter Member
47 Posts |
Posted - 07/21/2010 : 09:54:35
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| Yeah, it was also my take that such action would be neither practical nor necessary, or if such were to happen TS would have already HTF. Just wanted to bounce it around out there. Thanks all for the response! |
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 07/21/2010 : 10:24:51
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| I dont have any gold or silver, I lost it all in an unfortunate boating accident in the middle of my favorite lake. |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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bsno2865
Penny Sorter Member
USA
62 Posts |
Posted - 07/21/2010 : 13:20:34
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quote:
Originally posted by rexmerdinus
Just had an interesting conversation and it made me think. Does anyone here see another FDR-style seizure of precious metals happening?
My personal feeling is that if anyone comes to my house looking for gold and silver, all they're going to get is lead.
Your thoughts?
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Brian North |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 07/21/2010 : 14:16:43
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1. they will likely come at GLD and similar vehicles.
2. compared to 1933, gold is in very concentrated hands these days.
3. at some point, there likely will be a repricnig of gold by the govt, as in 33 when it went from $20 to $35, but this time it will be by a factor or at least 4, maybe 10 or even 100.
4. $ in an IRA is at more risk imho. likely will be foreced to buy US treasury bonds.
5. uncle sam will take over gold mines located within the U.S. other countries likely will do the same. that is why the chinese buy all the gold produced by their mines, but haven't spent any of their US treasuryt bonds to buy mines located in the US.
6. even if there was a confiscation, remember than in 1933 they did pay you for your gold, albeit at the pre-devaluation amount. so there is a benefit now to holding gold until a confication happens, if one even happens. if you think about it, the govt's most important thing to replicate from 33 is not the confiscation but the revaluation. if they did a revaluation first then everyone would knwo that a revaluation was coming. there would be bank runs, panic etc. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Edited by - Lemon Thrower on 07/21/2010 14:19:28 |
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 07/21/2010 : 18:59:31
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quote:
Originally posted by rexmerdinus
Just had an interesting conversation and it made me think. Does anyone here see another FDR-style seizure of precious metals happening?
My personal feeling is that if anyone comes to my house looking for gold and silver, all they're going to get is lead.
Your thoughts?
I don't think the Presidential Executive Order (EO) confiscating gold had ever been rescinded, has it?
Let's face it, they can seize anything they want in a national emergency. Just look at the deed to the property you own. In front of your name... does it say something like "Landowner" or does it just say "Tenant"???
Another EO still out there is Kennedy's order to the Treasury to once again print our currency. Treasury notes have red seals, FRN's have a green seal. Less than two months later, Kennedy was dead and the Fed. still prints "I owe you nothing" notes. |
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 07/21/2010 : 19:30:44
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quote:
Originally posted by IdahoCopper
Trade some of it for a 35-foot sailboat, and get out.
Great idea about the boat, but where to? What country do you sail to? |
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FDR
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