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People ask me on a consistent basis if I think the government will confiscate their
gold and silver coins if times get rough. I feel there is little chance of this happening, and here’s why. Words: 390
So says Greg Hunter (www.USAWatchdog.com) in edited excerpts from his original article* which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has edited below for length and clarity – see Editor’s Note at the bottom of the page. This paragraph must be included in any article re-posting to avoid copyright infringement.
Hunter goes on to say, in part:
[As I said in the opening paragraph,] I feel there is little chance of the government confiscating your gold – and here’s why:1. Gold and silver coins are predominantly held by the wealthy (especially gold) and the wealthy are not going to allow the government they support with campaign money to take their gold. It is just not going to happen.
Think about it, poor and moderate income people (and that is at least half the population) do not have a significant holding of gold or silver. Most of the rest of the population have the bulk of their wealth tied up in 401-K’s or IRA’s. This may come as a surprise, but most rich people do not have 401-K’s or IRA’s. They have stocks and bonds, but the rich also have the money and smarts to diversify their portfolios…
2. State governments are legalizing the use of gold and silver coins as money. South Carolina and Utah [have already] approved such legislation and at least 12 other states are proposing the same thing…There is also a federal legislation in Congress to allow gold and silver to be used as money…The trend is moving towards gold and silver coming back into the monetary system, not outlawing it.
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That being said, however, I think there is a distinct possibility that the government would:
- nationalize gold or silver mines in the continental U.S. or Alaska and
- confiscate foreign gold holdings on deposit at the New York Federal Reserve bank…
Conclusion
[As I see it] the U.S. government might ‘pick’ the low hanging fruit but I think confiscation of gold and silver coins are unlikely.
Chris Duane of TheGreatestTruthNeverTold.com thinks the same way I do. Duane lays out a very compelling case for not confiscating gold and silver (especially silver) in this video.
*http://usawatchdog.com/confiscation-of-gold-and-silver-coins-will-not-happen/ (To access the article please copy the URL and paste it into your browser.)
Editor’s Note: The above article has been has edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
Related Articles:
1. James Turk: Here’s the Real Reason the Gov’t Confiscated Gold in 1933
FDR confiscated American’s gold for the same reason Lenin confiscated it in Russia and Hitler confiscated it in Germany, namely, to get it out of the hands of the people. [That view is contrary to the prevailing belief that such was done] to re-establish confidence in the dollar. [Let me explain the background of this confiscation and my rationale for coming to such a conclusion.] Words: 815
2. Be Careful! Owning Gold Bullion is a Revocable Privilege in the U.S. – Not a Basic Right!
The laws of gold confiscation are very clear in the U.S.: During any time of national crisis, it becomes illegal to buy, sell, or “hoard” gold bullion in any form. It is delineated under an Executive Order and can be re-administered as quickly as the assets in your checking account can be frozen. The penalties for violation are 10 years in prison, $10,000 fine, or both. Words: 821
3. Will U.S. Government Seize Private Gold and Then Devalue Dollar – Again?
Imagine living in a country where the government suddenly decides to make it illegal to hold a certain type of asset, and goes on a systematic process to relieve its citizens of such an asset? Such actions happen in wartime and by politically-corrupt regimes but how about private-asset seizure in the good old U.S.A.? Well, it has happened before. [The 64 trillion (in keeping with the times) dollar question is: “Will it happen again?”] Words: 585
4. Governments Will Want – Will NEED – Much Higher Gold Prices! Here’s Why
That governments will want – and will NEED – much, much higher gold and silver prices in the future is counter intuitive, given that they have done everything within their power to throttle back and to keep a lid on bullion prices. Let me explain why. Words: 1300
5. 2012: Is This How U.S. Financial Crisis Will Unfold Later This Year?
As economic and political matters become more desperate in the U.S., so will what the government considers acceptable. If a debt default cannot be engineered via continuous inflation as the Fed’s current money-printing is attempting to do, it will occur via a direct repudiation of obligations or a quasi-surreptitious one such the hypothetical one I present in this article. Here is… a look (not a prediction) at a series of not improbable events that could develop [and which] would change our economic world overnight[ – and your financial well-being too]. Words: 1365
Do we really honest-to-God no-fingers-crossed cherry-on-top believe that the powers-that-be will simply allow us to mosey up to the cashiers cage and redeem or convert our Gold for whatever monetary unit reigns supreme or is created [should our current financial system and currencies collapse? As such,] IF there comes a time when the best move forward is to sell most of our Gold and switch to another asset class, one more likely to survive the transition intact, will we be able to see this as obvious and a no brainer? [Let me explain what could well happen and the effect such a development would have on all things Gold.] Words: 3037
7. IF Silver Goes Too High Government Might Interfere! Here’s Why
Silver has more than doubled [in price] from its 2008 multi-year high…primarily due to demand among the industries of the developing world…and among those industries where silver is virtually irreplaceable… If silver goes too high, however, it could provoke government interference in the name of ensuring national security. Let me explain. Words: 606