Confiscation of Gold and Silver
Many coin dealers use the ruse of “confiscation” to dupe consumers into buying coins that presumably would be exempt from government confiscation. This misleading sales pitch is nothing more than a scare tactic to persuade buyers to pay more for a coin that may not offer them the resale return or the liquidity they are looking for.
Many dealers sell coins that they claim would meet the 1934 definition of gold that was not deemed money by the U.S. government at that --rare coins that carried a significant premium above and beyond the gold melt value, termed “numismatics.”
Mike Maloney and many other metals experts have debunked the idea that many of these coins would serve as “rare” should a new executive order be passed in the same manner as the May 1, 1933, Executive Order 6102, which, in an effort to stabilize the U.S. dollar, mandated that U.S. citizens turn in all their gold money. How might this scenario of future confiscation play out?
While it is true that President Franklin D. Roosevelt (FDR) ordered Americans to give their gold bullion to their local branch of the privately owned Federal Reserve Bank (Fed), he did not give orders to U.S. soldiers or police to go house-to-house collecting gold at gunpoint. Coins deemed rare and collectible did not fall under FDR’s order because they were not used as money, and because determining a value for each disparate item would prove onerous. TheContinue Reading →
On March 5 we reported that Singapore would remove all tax from gold and silver held by its citizens, creating the first modern society to recognize the metals as money, give them equal treatment with money, and give their citizens what Americans are missing: The freedom of choice… Singapore is the future.