Gold Forecaster - Why do U.S. Asset Managers fear Government Confiscation of Gold? Part 1

mrearlygold

Mr Levine of HSBC in a recent gold conference pointed out that some top U.S. Asset Managers were fearful of the possibility of government confiscation of gold. He explained, that on being told that the bank's U.S. vaults had sufficient space available for their gold he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country's strategy in dealing with the nation's economic problems.

Asset Managers Fear Gold Confiscation

gsa1fan

My take is they don't want full disclosure of actual amount in physical possession!

MrBear

Some of this article sounds like BS to me. The Hitler thing seems unlikely. And while I don't know a HUGE amount about this presidential order, my understanding was that no gold was actually confiscated - most citizens voluntarily cashed in their gold (which, for the average American, wasn't a whole lot) and the FBI never went door-to-door seizing assets. The "taxman" comment sounds kind of funny to me, too. Unless, back then, you had to declare your ownership of precious metals in your tax return...

storm888

A good number of sheeple would surrender their metals;
most folks would not.


The much easier grab will be the mandatory replacement of
401k accounts and IRAs with T-Bills. Likely to happen about
2013.

yellowkid

<< <i>A good number of sheeple would surrender their metals;
most folks would not.


The much easier grab will be the mandatory replacement of
401k accounts and IRAs with T-Bills. Likely to happen about
2013. >>



People are a little different now then they were in '32.

EagleEye

Tom, do you believe the article?

Justacommeman

<People are a little different now then they were in '32>

Ya, they are a lot older. MJ

RWB

The article seems to be mostly warmed over BS, most of which is so far from reality that it's meaningless.

MrBear

<< <i>The article seems to be mostly warmed over BS, most of which is so far from reality that it's meaningless. >>



I agree!

Anyone have any idea how much gold is privately held in the US? I'm just wondering if there would be enough to even make a difference. And the money supply isn't based on gold anymore. Would it really be any different than if the gov't declared that all land was now owned by the Feds, and you had to start paying leases or get evicted?

roadrunner

Anyone have any idea how much gold is privately held in the US? I'm just wondering if there would be enough to even make a difference. And the money supply isn't based on gold anymore. Would it really be any different than if the gov't declared that all land was now owned by the Feds, and you had to start paying leases or get evicted?

Probably not much gold held privately in the US today. And probably relatively little gold as well was turned in back in 1933-34. But the idea of the gold turn in was not to make money on the confiscation, but to be able to unleash QE without a tight link to gold. But if gold is not related to the money supply why do central banks keep only gold in their vaults...and why 31,000 tons of it? And why do the central bankers steadfastly refuse to show their books on gold? And why do central bankers double count their gold transactions such that both sides of a lease get to list the gold on their books? And why are central banks as a group now net buyers of gold for the first time since 1986? That's a lot of extra work for something that's not related to the money supply.

roadrunner

MrBear

Well, if the money supply wasn't based on gold, they wouldn't see the need to report on their holdings, would they?

So why did the Bank of England dumped gold right near the bottom?

mrearlygold

<< <i>

<< <i>A good number of sheeple would surrender their metals;
most folks would not.


The much easier grab will be the mandatory replacement of
401k accounts and IRAs with T-Bills. Likely to happen about
2013. >>



People are a little different now then they were in '32. >>




True, they're lazier and more ignorant.