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What is the best way to own gold in case the government wants to once again own it all again???
oreville
Posts: 12,144 ✭✭✭✭✭
Just in case the US government decides to confiscate gold here is how I protect myself!
Buy real collectible gold coins! I feel very comfortable that I can convince the gubermint that these collectible coins will be exempt from any future confiscation.
An example of a PCGS collectible gold!
An example of an NGC collectible gold!
Buy real collectible gold coins! I feel very comfortable that I can convince the gubermint that these collectible coins will be exempt from any future confiscation.
An example of a PCGS collectible gold!
An example of an NGC collectible gold!
A Collectors Universe poster since 1997!
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No Way Out: Stimulus and Money Printing Are the Only Path Left
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<< <i>I think if the government tries to steal our gold they will wish they had taken all our guns first. >>
They're already working on that.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>The government is not in the business of confiscating gold. >>
I wasn't around in 1933 but I know how to read a history book.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>The government is not in the business of confiscating gold. >>
Yep. Musta been the wicked witch of the West who took all those '33 Saints away from JQP.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Our government has no interest in your gold or your weapons designed for hunting or personal protection. If you can't take out a deer or a bad guy with ten rounds you need to spend more time at the range .
God save the Queen.
Photos courtesy of PCGS
``https://ebay.us/m/KxolR5
``https://ebay.us/m/KxolR5
I dunno.
What is the best way to protect your gametes in case the space aliens (aka "sky brothers") want a sample?
Liberty: Parent of Science & Industry
``https://ebay.us/m/KxolR5
<< <i>Just to play Devil's advocate, but in 1933 wasn't there also a major loophole that said that collectors and collector coins were exempt from the gold recall? >>
Collectors were allowed to keep gold coins with recognized collector value but the current or a future administration may not allow this exemption.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
In honor of the memory of Cpl. Michael E. Thompson
<< <i>I feel very comfortable that I can convince the gubermint that these collectible coins will be exempt from any future confiscation. >>
In the event the government did decide to confiscate gold, I'm wondering how that conversation would go...
the government: "We're here to collect your gold."
oreville: "I don't have any gold- just these collectibles."
the government: "That's gold. Turn it over."
oreville: "But look- they're collectibles!"
the government: "So sorry, you're right. We'll be going now."
It'd probably be something like that, don't you think?
But I do know that if you own gold, make sure you own gold. Someone told me a while back that he was investing in gold, because he didn't trust paper assets. I asked if the gold was in a secure location. He said, "sure, the company that holds it for me has it in a safe place, and I have the receipts from the company right here." I said, "So you do trust paper assets, because that is all you have in hand. You're investing in receipts, not gold." He didn't understand that at all.
So I had to relate the story of the local medical professional who invested in gold, but let the seller hold onto the gold. The seller went bankrupt, and all of a sudden, his gold was gone. He could have protected himself by holding the gold himself in a safety deposit box which would have cost about $20 per year. I don't know if he ever got any of his gold or money back.
An authorized PCGS dealer, and a contributor to the Red Book.
A better idea is to purchase GOLD from the U.S. Mint.
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This has already affected most businesses, and it is only getting worse.
I knew it would happen.
<< <i>Just send a donation to the U.S. Treasury and tell them it is for "Debt Reduction" They take checks. It is also a write-off. You are not required to donate to our national debt, but every little bit helps and you can write it off. This way, the Treasury gets the money directly.
A better idea is to purchase GOLD from the U.S. Mint. >>
The sad thing is that in the amount of time it takes to write that check, the debt will have increased more than 1,000 times the amount of the check. It's a losing battle.
<< <i>the government is actually our friend if we know how to follow the laws instead of getting caught up in losing battles. >>
Are any American Indians, or Japanese Americans who lived in the 1940's available to comment on this statement?
Fiat money, fractional banking and government overspending has never worked to produce innovation and prosperity before, but "this time, it's different".
I knew it would happen.
<< <i>If the government really decided to take you out - even with all your body armor , 30-100 round magazines, and "assault" style weapons-how long do you really think you would last against a Seal or Ranger team ? A drone with a hellfire missile would be pretty nasty, you should probably also invest in some home/auto armor system, radar and surface to air missiles.
Our government has no interest in your gold or your weapons designed for hunting or personal protection. If you can't take out a deer or a bad guy with ten rounds you need to spend more time at the range . >>
Exactly. I'm tired of fear mongering and the effect it has on people that I wish knew better.
<< <i>I find it very ironic to note that there will come a time when those who support what the government is doing right now will come to realize just how badly that they've been lied to and that nothing they've had planned will turn out the way that they had hoped.
Fiat money, fractional banking and government overspending has never worked to produce innovation and prosperity before, but "this time, it's different". >>
Because fear, paranoia, mass hysteria, widespread panic, and anarchy have a much better track record?
Liberty: Parent of Science & Industry
``https://ebay.us/m/KxolR5
No, but because accountability, productivity, and work ethic have a much better track record than money printing, mass delusion, and increasing numbers of over-medicated government dependents.
I knew it would happen.
<< <i>Because fear, paranoia, mass hysteria, widespread panic, and anarchy have a much better track record? <------your words, not mine.
No, but because accountability, productivity, and work ethic have a much better track record than money printing, mass delusion, and increasing numbers of over-medicated government dependents. >>
History tells us repeatedly that excessive increases in the money supply have resulted in monetary collapse. The Fed might try to soak up the excess money with massive sales of the debt they are now purchasing, but it is a dangerous way to try to fix a problem that that is way overdue for corrective action.
Nearly 10,000 US banks failed 1930-1933. $140 billion was lost by depositors..($2.5 trillion in current dollars), and there was no deposit insurance. The Dow dropped almost 90%. Farm prices were so low that milk was dumped, livestock slaughtered and buried, and corn burned for heat as it was cheaper than coal or wood...In 1925, corn had sold at $1.07 per bushel. By November and December 1932, corn was selling for only 13-cents per bushel. The money supply fell by 1/3 and with gold coin and gold certificates pegged at $20.67 per ounce, the deflationary spiral required an increase in the money supply, and that required a revaluation of gold to some higher dollar amount. Most gold coin was in bank vaults, so the gold recall was necessary to prevent the coins from being exported (as many still were.) This would have decreased the US money supply even more, as the coins then would sit in a European bank vault with the American bank receiving either European currency or a ledger entry in the European bank's books.
2 interesting resources:
http://www.livinghistoryfarm.org/farminginthe30s/money_01.html
and
http://www.iwu.edu/economics/PPE08/terry.pdf
<< <i>
<< <i>If the government really decided to take you out - even with all your body armor , 30-100 round magazines, and "assault" style weapons-how long do you really think you would last against a Seal or Ranger team ? A drone with a hellfire missile would be pretty nasty, you should probably also invest in some home/auto armor system, radar and surface to air missiles.
Our government has no interest in your gold or your weapons designed for hunting or personal protection. If you can't take out a deer or a bad guy with ten rounds you need to spend more time at the range . >>
Exactly. I'm tired of fear mongering and the effect it has on people that I wish knew better. >>
<< <i>Interesting how many of the above posters have a deflationista view when they (and most collectors/accumulators of hard assets) will come out ahead during inflationary times. >>
Whether or not collectors will come out ahead is far from certain. Unless you have great expertise in foreign currencies and are able to move your assets out of the collapsing currency of your home country, the catastrophic results in social unrest, crime and unemployment can more than off-set the less than certain benefits that might accrue from runaway inflation and the value of collectables.
To me maintaining a stable currency is one of the fundamental duties of government. Without that the "domestic tranquility" clause of the Preamble to the Constitution is a hollow promise.
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>The recall of gold coins was required to increase the money supply to correct a deflation death spiral that revealed the impossibility of maintaining both a fixed price for gold and beimg able to control the money supply to provide stimulus during recessions and restraint during good times. >>
Yes, Frank. The government had a good reason to take everyone's gold in 1933 just as the government had a good reason to kill and steal land from the Indians and to put American citizens of Japanese ancestry in concentration camps during WWII. If the government wants to steal our gold I'm sure they'll have no problem coming up with good reasons.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>The government does not need gold any more to create money as it did in the 1930s. All they need to sell more bonds and call up the Federal Reserve to buy them. The government doesn't even need the Chinese any more. >>
This.
My 1866 Philly Mint Set
<< <i>
<< <i>The government does not need gold any more to create money as it did in the 1930s. All they need to sell more bonds and call up the Federal Reserve to buy them. The government doesn't even need the Chinese any more. >>
This. >>
Yes! >>This<< is exactly how our country becomes a banana republic. Total awesomeness!
In that scenario, they might exempt the numismatic gold, but the reality is that it would be hard to openly trade in a commodity that the goverment deemed illegal anyway. So it seems like hiding it would be the best way. If it's buried somewhere, they can't find it. If your idea is to survive a gold confiscation so that someday you could go back to handling your gold coin collection, that might be the safest way.
Here's a fun mind exercise: What I wonder about is if a group of people treated their own gold like Isle of Yap money. If they all agreed that gold existed they could trade in checks drawn on hidden gold. Like I'd write you a check for 1/4 ounce of gold to be produced at a later date in return for your milk goat. There would be no reason to dig up or move the gold. Hey, that's what gold certificates were, right?
Try taking the 'stuff' from my wife! Heavens knows, I've tried
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