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Gold Confiscation....

JimnightJimnight Posts: 7,736 ✭✭✭✭✭

Very good article ... if you have a strong stomach. Can it happen in our life time?

https://www.kitco.com/news/2020-08-07/Be-careful-what-you-wish-for-Would-a-gold-standard-trigger-gold-confiscation.html

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Comments

  • derrybderryb Posts: 30,375 ✭✭✭✭✭

    easy peasy.

    Message me on how to get $40 free while earning 1% cashback on ebay purchases. Offer expires Dec. 25.

  • tincuptincup Posts: 3,666 ✭✭✭✭

    I'd say a tax on assets (which would include precious metals) would be more likely.

    ----- kj
  • JimnightJimnight Posts: 7,736 ✭✭✭✭✭

    I hope I'm wrong ... but IMO ... I think a lot of people are going to be in for a rude awakening.
    Those first two paragraphs say a lot.

  • coinpalicecoinpalice Posts: 2,104 ✭✭✭✭✭

    if the us dollar gets in enough trouble, then it might have to go back on a gold standard, and we all know the country doesn't have enough gold in reserves to do that, so...

  • BaleyBaley Posts: 22,146 ✭✭✭✭✭

    Will They stop selling gold coins to the public before they start stealing them back?

    Haha maybe they'll resell the ones they "confiscate"!

    The idea cracks me up 🤣

    Liberty: Parent of Science & Industry

  • blitzdudeblitzdude Posts: 3,045 ✭✭✭✭✭

    @philographer said:
    These conspiracy people drinking some funky kool aid...

    Perhaps JoJo Un is going to confiscate all our papergolds?

  • taxmadtaxmad Posts: 687 ✭✭✭

    @tincup said:
    I'd say a tax on assets (which would include precious metals) would be more likely.

    At the Federal level, a wealth tax is unconstitutional - although so are a lot of things that have been enacted recently. A State government could do that - and as general fund revenues fall I could see a asset-related tax be enacted. The rate can be graduated on different classes of assets, making holding gold too expensive. Extend the tax to businesses that buy gold and exempt gold held less than 72 hours. Feds can set up a mechanism to buy gold at a fixed price and make export of gold illegal. Might not get it all - but they didn't in 1933 either

  • jmski52jmski52 Posts: 20,694 ✭✭✭✭✭

    When California, New York and Illinois all demand federal bailouts, you can be sure that gov.com will decide to keyboard more money into existence rather than to increase taxes noticeably. Don't underestimate the sleazy politicians' ability to sell us all down the river into forced servitude.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • metalmeistermetalmeister Posts: 4,243 ✭✭✭✭✭

    I was in Mexico on vacation years ago when the Mexican Government over night moved the decimal on the Peso 2 places. My 100 Peso was now 1 Peso. That was a interesting trip.!!!!!

    email: [email protected]

    100% Positive BST transactions
  • derrybderryb Posts: 30,375 ✭✭✭✭✭

    When they need it, they will take it.

    Message me on how to get $40 free while earning 1% cashback on ebay purchases. Offer expires Dec. 25.

  • JimnightJimnight Posts: 7,736 ✭✭✭✭✭

    @derryb said:
    When they need it, they will take it.

    Exactly.

  • MsMorrisineMsMorrisine Posts: 24,874 ✭✭✭✭✭

    @coinpalice said:
    if the us dollar gets in enough trouble, then it might have to go back on a gold standard, and we all know the country doesn't have enough gold in reserves to do that, so...

    which is why it won't happen

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 30,375 ✭✭✭✭✭
    edited August 9, 2020 2:18PM

    Dollar can be backed with only one ton of gold, after they reprice it (like they did after they confiscated it).

    Message me on how to get $40 free while earning 1% cashback on ebay purchases. Offer expires Dec. 25.

  • blitzdudeblitzdude Posts: 3,045 ✭✭✭✭✭

    @derryb said:
    Dollar can be backed with only one ton of gold, after they reprice it (like they did after they confiscated it).

    Settle down my brother, nobody's confiscating anything.................yet lol

    P.S. Back to the old creepy avitar, damn!!!

  • derrybderryb Posts: 30,375 ✭✭✭✭✭

    Message me on how to get $40 free while earning 1% cashback on ebay purchases. Offer expires Dec. 25.

  • TwoSides2aCoinTwoSides2aCoin Posts: 41,791 ✭✭✭✭✭

    Smuggling gold and novel viruses ... pity.

  • HydrantHydrant Posts: 3,393 ✭✭✭✭✭

    Not today....tomorrow....who knows? Things are changing fast.

  • rickoricko Posts: 77,889 ✭✭✭✭✭

    Relax....Nothing will happen in the immediate future. When something does happen, it will probably be unlike any current predictions....The only certainty is, SOMETHING will happen, EVENTUALLY. Cheers, RickO

  • topstuftopstuf Posts: 14,804 ✭✭✭✭✭

    Gold will not be ...confiscated.
    It will be purchased :)

    THEN it will be "revalued" :o

    And the screwing might feel better. :D

    Remember, the Fed can print enough "money" to be able to "afford"......any..... amount of gold. :#

  • ashelandasheland Posts: 16,750 ✭✭✭✭✭

    Gold, what gold? :D

  • blitzdudeblitzdude Posts: 3,045 ✭✭✭✭✭

    @asheland said:
    Gold, what gold? :D

    The golds all gone. accidently swapped it for gutter metal. ;)

  • ashelandasheland Posts: 16,750 ✭✭✭✭✭

    Yep ! :D

  • rickoricko Posts: 77,889 ✭✭✭✭✭

    The Feds will confiscate this forum history and be coming after us all.... RUN!! HIDE!! :D;) Cheers, RickO

  • DrBusterDrBuster Posts: 4,337 ✭✭✭✭

    My boat sinks once a year, yarrrrrr.

  • SmudgeSmudge Posts: 6,185 ✭✭✭✭✭

    I will use the Sgt. Schultz approach.

  • 3stars3stars Posts: 1,392 ✭✭✭✭✭

    How would anyone know what you have? All of my bullion purchases have been cash under $10k so no one has any idea what I have to take it. Next the tin foil hat club will say they are coming for your wedding bands and necklaces.

    Previous transactions: Wondercoin, goldman86
  • Mike59Mike59 Posts: 141 ✭✭✭

    @3stars said:
    How would anyone know what you have? All of my bullion purchases have been cash under $10k so no one has any idea what I have to take it. Next the tin foil hat club will say they are coming for your wedding bands and necklaces.

    NOW THEY KNOW !!

    MIKE B.

  • MeltdownMeltdown Posts: 7,260 ✭✭✭✭✭

    They're definitely coming for your wedding rings and necklaces! I'm freakin' out man! :#

  • 3stars3stars Posts: 1,392 ✭✭✭✭✭

    @Mike59 said:

    @3stars said:
    How would anyone know what you have? All of my bullion purchases have been cash under $10k so no one has any idea what I have to take it. Next the tin foil hat club will say they are coming for your wedding bands and necklaces.

    NOW THEY KNOW !!

    They know what i had... B)

    Previous transactions: Wondercoin, goldman86
  • santinidollarsantinidollar Posts: 713 ✭✭✭✭✭

    Must have been a real slow day at Kitco for them to dredge that article up for the upteenth time.

  • jmski52jmski52 Posts: 20,694 ✭✭✭✭✭

    The golds all gone. accidently swapped it for gutter metal. ;)

    I can offer you some golden Sac dollars for you if you need a placebo.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • RedstoneCoinsRedstoneCoins Posts: 160 ✭✭✭

    @PerryHall said:
    Unlike in 1933, I doubt that very many people would comply with a government order to turn in their gold in exchange for rapidly depreciating paper money.

    People comply with the face mask and social distancing orders. According to polls and studies, 79% of Americans obey the face mask and social distancing rules.

    Most people will obey an edict. Only a small minority will rebel. And a few of them will be made examples of, like Frederick Barber Campbell, Gus Farber, Morris Anolik, Dan Levin and Edward Friedman, David Baraban & Jacob Baraban, and the entire board of the Uebersee Finanz-Korporation which had $1,250,000 face value in Gold Coins confiscated from them in 1933.

    For any law to work, there have to be consequences for those who disobey. There will be consequences.

  • derrybderryb Posts: 30,375 ✭✭✭✭✭

    they will take your gold when they cannot get it elsewhere.

    Message me on how to get $40 free while earning 1% cashback on ebay purchases. Offer expires Dec. 25.

  • 3stars3stars Posts: 1,392 ✭✭✭✭✭

    People wear masks because there is no financial loss for doing so unlike handing over their gold. Very few people will willingly hand over thousands of dollars just because of some unnamed consequences. In order to know you have the gold, they would have to do house by house searches. If history repeats, hand your gold down quietly until its legal again in the future.

    Previous transactions: Wondercoin, goldman86
  • jmski52jmski52 Posts: 20,694 ✭✭✭✭✭

    The micron size of a virus is way smaller than the openings in a cloth or even N95 mask, so the mask issue is puzzling to me.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • PerryHallPerryHall Posts: 39,300 ✭✭✭✭✭

    @jmski52 said:
    The micron size of a virus is way smaller than the openings in a cloth or even N95 mask, so the mask issue is puzzling to me.

    One virus expert said that masks work about as well for keeping out viruses as a chain link fence does for keeping out mosquitoes. ;)

  • MsMorrisineMsMorrisine Posts: 24,874 ✭✭✭✭✭

    depends upon the mask

    doctors do wear masks

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • coinnerdcoinnerd Posts: 440 ✭✭
       the feds sold you gold and silver coins as a collectable. Commemorative series especially. And at a premium. I think that counts as a collection not a hoard. You just have a few extras for trading.
    

    I have found dozens of peer reviewed and published (gold) studies showing masks don't work. No one has shown me one (gold) where masks do work. Here is just one. For all the gold.

    Long, Y. et al. (2020) “Effectiveness of N95 respirators versus surgical masks against influenza: A systematic review and meta-analysis,” J Evid Based Med. 2020; 1- 9.
    https://onlinelibrary.wiley...
    Summary:
    “A total of six RCTs involving 9,171 participants were included. There were no statistically significant differences in preventing laboratory-confirmed influenza, laboratory-confirmed respiratory viral infections, laboratory-confirmed respiratory infection, and influenza-like illness using N95 respirators and surgical masks. Meta-analysis indicated a protective effect of N95 respirators against laboratory-confirmed bacterial colonization (RR = 0.58, 95% CI 0.43-0.78). The use of N95 respirators compared with surgical masks is not associated with a lower risk of laboratory-confirmed influenza.”
    Lahme et al., in 2001, wrote that ‘surgical face masks worn by patients during regional anaesthesia, did not reduce the concentration of airborne bacteria over the operation field in our study. Thus they are dispensable.’

     Burn the mask don't melt the silver.
    
  • HigashiyamaHigashiyama Posts: 1,425 ✭✭✭

    @coinnerd: the study you have referenced above does not demonstrate that masks do not work. Rather, it shows that N95 masks are not more effective than surgical masks (in the context of influenza).

    (The language used in the results summary is admittedly confusing and does seem to be describing your conclusion. That is not, however, what the study was designed to show or what it does show. It is only comparing the effectiveness of two types of mask. It is not assessing the overall effectiveness of masks. This is actually clearly stated in the title of the article and in the conclusion section. The peer reviewers should have edited the language in the results section. )

    Higashiyama
  • blitzdudeblitzdude Posts: 3,045 ✭✭✭✭✭

    Amazing that a bunch of bunker preppers have suddenly become experts in the transmission of covid virus. One expert I never heard of before said on the internet that masks don't work so it must be true. Forget about what science and the entire medical community has concluded.

    As for the gooberment confiscation your gold I wouldn't hold your breath. They've got an endless supply of paper and no need for your gold bars. Regards!

  • GoldenageGoldenage Posts: 147 ✭✭✭

    At one point in history gold and silver controlled people in power. Now people in power control gold. They will never relinquish that power ever again. Gold will serve them. They will never be submissive to gold. Taking away someone else’s gold would indicate they need gold to maintain power. They don’t. They have paper and the fed. That’s all they need.

  • jmski52jmski52 Posts: 20,694 ✭✭✭✭✭
    edited October 29, 2020 7:38AM

    Roosevelt's confiscation order is often cited as a reason to hold pre-1933 gold coins instead of modern post-1983 gold because pre-1933 gold coins carried some exemptions to the order. The fact is that gov.com can make any rules that they feel the need to make - on any types of gold or other commodities. They can always change their minds on pre-1933 gold.

    I contend that pre-1933 US gold coinage confers no special advantage over more recent US gold coinage, which was sold, promoted (and distributed) as an alternative form of investment by the very same gov.com that once confiscated gold under quite bogus circumstances right before re-valuing it. That makes it a bit harder to justify confiscation, but never say "never" when it comes to government overreach.

    The counterfeiting laws are intended to squash any competing currency, so if gov.com feels threatened by gold (or anything else) as a medium of exchange, it will be made illegal or undesirable in various ways by gov.com fiat.

    On the other hand, gov.com will have a much harder time turning around the people's experience with gold and confidence in gold during times of upheaval over 5,000 years. In fact many corrupt governments hoard their own gold while the people are discouraged from keeping it, often by decree or simply by taxation. That alone should give you an idea of gold's value. People sense value in gold and silver - regardless of culture or geography, and there are multiple reasons for that.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • Cowling, B. et al. (2010) “Face masks to prevent transmission of influenza virus: A systematic review,” Epidemiology and Infection, 138(4), 449-456.
    https://www.cambridge.org/c...
    Summary:
    None of the studies reviewed showed a benefit from wearing a mask, in either HCW or community members in households (H). See summary Tables 1 and 2 therein.

    https://link.springer.com/a...
    bin-Reza et al. (2012) “The use of masks and respirators to prevent transmission of influenza: a systematic review of the scientific evidence,” Influenza and Other Respiratory Viruses 6(4), 257–267.
    https://onlinelibrary.wiley...
    Summary:
    “There were 17 eligible studies. … None of the studies established a conclusive relationship between mask/respirator use and protection against influenza infection.”
    A review by Skinner and Sutton in 2001 concluded that ‘The evidence for discontinuing the use of surgical face masks would appear to be stronger than the evidence available to support their continued use.’

        If they don't work in surgical settings they won't work in public.
    
  • HigashiyamaHigashiyama Posts: 1,425 ✭✭✭

    @coinnerd: thanks. This is a useful and interesting discussion. Just to make sure we are not too far off topic, let me try to bring this back to precious metals and the topic of the thread, as follows: the course of the COVID epidemic will have a significant bearing on the course of the economy. Public policy (including advice on such things as wearing masks) may have a material impact on the epidemic, and therefore the economy, and very possibly on the level of money creation and inflation. In scenarios of high money creation and high inflation, the importance of gold may rise, leading to the potential for confiscation.

    With that preamble: The studies you cite above do not support what I believe you are asserting. But, to make sure I am not misinterpreting your point, let me restate it. I believe that you are essentially arguing that there is no significant evidence that wearing of masks will protect against COVID spread, and therefore, people should not bother to wear masks. You have not in fact explicitly said this (the "therefore" part), so I may have misinterpreted your point.

    In any case, It is unlikely that the authors of the papers you cite above would agree with the words I may have put in your mouth! The primary conclusion of these papers was that (in 2010 and 2012) there had been very little research on the effectiveness of masks, the few studies that existed had very few participants, and some of the studies attempted were flawed in method. The various authors assert that, based on the (2010 or 2012) understanding of the mechanics of the spread of influenza, wearing masks, along with other protective measures, appears to be good practice. However, in 2010 or 2012, there was little evidence to conclusively support that recommendation.

    To draw the conclusion I have described above, you would need to show that there was extensive good quality research showing that wearing masks had no material positive benefit. That is not true. There simply is not much research.

    Up until COVID, there did not seem to be a lot of interest in this line of research. Studies undertaken in 2020 are beginning to reach the publication stage. They are likely to be bigger, better designed, and, of course, directly more applicable to COVID than these small, early, inconclusive influenza studies. In the meantime, it would be very wise for people who spend significant amounts of time in crowded public places to wear masks.

    This advice may keep the price of gold from skyrocketing. :)

    Higashiyama
  • TomBTomB Posts: 16,513 ✭✭✭✭✭

    I'll go out on a limb and be a jerk and write that I don't believe coinnerd understands what he/she is copying and pasting.

    I went and read through "Effectiveness of N95 respirators versus surgical masks against influenza: A systematic review and meta-analysis" and it clearly states that the thrust of the article is to compare usage of N95 masks vs. surgical masks. This article does not make any assertions that masks don't work rather, it states that in the limited applicability of the review it finds that N95 mask usage vs. surgical mask usage provides essentially similar levels of protection. If that article was considered "For all the gold" then that gold would be gone.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • dpooledpoole Posts: 5,770 ✭✭✭✭✭
    edited October 31, 2020 9:30AM

    Thank you, guys. I was planning a read and a rebuttal this morning as well. Couldn't improve on your precision.

  • MsMorrisineMsMorrisine Posts: 24,874 ✭✭✭✭✭

    one of us has the other half's job doing covid testing. they use ppe.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
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