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If gold were to be tried to be confiscated again....

bumanchubumanchu Posts: 1,383 ✭✭✭
in Precious Metals
I know there are strong opinions on this subject; notwithstanding, would holding foreign produced gold provide somewhat of a shield from such an action from our government?

Your thoughts?
And I ain't lying this time.

Comments

  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    What are the chances, realistically, that THEY are going to confiscate all the gold that THEY have been selling us through the AGE and other mint programs for the past 30 years?

    Liberty: Parent of Science & Industry

  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    I think that it depends on the regime that's in power. Some administrations are hell-bent on scrounging money every way they can. You must ask yourself, how ethical is the group that's in power?

    The only two choices are tax & confiscate more, or print more. The economy isn't going to play catch-up with $18 trillion in debt overhang to refinance on a continuing basis - especially if interest rates start climbing.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • bumanchubumanchu Posts: 1,383 ✭✭✭


    << <i>What are the chances, realistically, that THEY are going to confiscate all the gold that THEY have been selling us through the AGE and other mint programs for the past 30 years? >>



    In my opinion, remote, especially if it is not held remotely, and not easily recoverable image.

    However, they do have some records, but as you are intimating, that would be a drop in the bucket in comparison to the majority of what has been sold diffusely.
    And I ain't lying this time.
  • johnny9434johnny9434 Posts: 28,294 ✭✭✭✭✭
    i dont see it happening (yet)
  • AUandAGAUandAG Posts: 24,759 ✭✭✭✭✭
    I believe that all modern gold is subject to confiscation by our government. This is written into the Patriot
    Act if I recall correctly.
    Old gold, pre 1933, is excluded.
    Modern gold is considered bullion.

    bobimage
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,358 ✭✭✭✭✭
    Periodic gold confiscation threads are a good means to "keep up the scare".

    Gold was demonetized in 1933. Anyone who wanted to retain their gold coins as a coin collection could and many did. US Gold coins traded freely at just a tad over the $35 an ounce melt price for nearly 40 years.

    My bank account held $35 in 1972. If I had the cash I would have loaded up on US gold coins prior to 1974. Some wise folks with the requisite cash did just that while the world gold price was absurdly low by today's standards.
    NO END IN SIGHT LIB $2.50'S CAC ONLY
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  • VanHalenVanHalen Posts: 3,943 ✭✭✭✭✭


    << <i>What are the chances, realistically, that THEY are going to confiscate all the gold that THEY have been selling us through the AGE and other mint programs for the past 30 years? >>



    The chances? Between slim and none. Slightly above none but well below slim.

    image
  • renman95renman95 Posts: 7,037 ✭✭✭✭✭
    Why would the Feds confiscate gold? It's not worth anything.

    (pull pin, throw grenade, duck)
  • drwstr123drwstr123 Posts: 7,037 ✭✭✭✭✭


    << <i>Why would the Feds confiscate gold? It's not worth anything.

    (pull pin, throw grenade, duck) >>



    Yeah...gold hasn't been worth anything for at least 6,500 years.
  • RedTigerRedTiger Posts: 5,608 ✭
    Foreign gold would not be a shield. I don't think confiscation will happen. Much more likely is national licensing of gold dealers, plus an annual intangibles tax. This would allow ownership, but if a person or a firm wants to deal they'll need a license. The second part is a holding tax every year. The holding tax would be more insidious than confiscation. Start the tax real low like $1 per ounce of gold per year, or even 25 cents per ounce per year. The penalty is if a person tries to sell the gold without proof of paying the tax, it is subject to seizure, and/or any monies received subject to 100% seizure. Most will pay the 0.1% per year, or 0.02% per year, rather than risk a 100% loss at time of sale or death. Slowly raise the tax and boil all the gold owners in their own broth.

    This plan lets the government get their paws on the gold, without massive public resistance. Don't want to register and pay the tax? Ok, but the penalty is 100% of the value of the gold when it is eventually sold. Dealers will not be able to buy it, without risking their license. All legitimate dealers will register. The dealers will be required to record every sale, and who it was sold to, so the holding tax can be collected. Same with every purchase. With modern computers, tracking all this is child's play. The government likely already has a list of significant gold owners, from the mint, from credit card and large wire transfers. Just posting on this forum might also get a person on a government list.
    Investment blog: gold, stocks and more
  • JohnnyCacheJohnnyCache Posts: 1,757 ✭✭✭✭✭
    Better chance of them confiscating your "lead" than your gold.

    Charles III Album

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  • Musky1011Musky1011 Posts: 3,899 ✭✭✭✭
    It will be done by aliens
    Pilgrim Clock and Gift Shop.. Expert clock repair since 1844

    Menomonee Falls Wisconsin USA

    http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Better chance of them confiscating your "lead" than your gold. >>



    image



    << <i>It will be done by aliens >>



    before the Feds.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • lcoopielcoopie Posts: 8,872 ✭✭✭✭✭
    perhaps it would be easier just to tax it and withdraw money digitally from your account

    what gold?
    LCoopie = Les
  • bronco2078bronco2078 Posts: 10,202 ✭✭✭✭✭


    image
  • ranshdowranshdow Posts: 1,441 ✭✭✭✭
    Dan Carr makes a reasonable case that the FDR gold confiscation in 1933 was a
    bailout of the Fed.

    Since the US dollar and other fiats are no longer backed by gold, there's no redemption risk to sovereign gold reserves. Whether the exigencies of a new monetary regime might require massive amounts of gold as backing is another matter.
  • jmski52jmski52 Posts: 22,814 ✭✭✭✭✭
    Gold has already been re-born as a "Tier 1 Asset" by the IMF as a possible backing for SDRs, and should there be a worldwide monetary reform, private gold could very well be at risk, pre-1933 or not.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,283 ✭✭✭✭✭
    I'd give it up and collect welfare. Someone is going to feed me if I can't feed myself.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Gold has already been re-born as a "Tier 1 Asset" by the IMF as a possible backing for SDRs, and should there be a worldwide monetary reform, private gold could very well be at risk, pre-1933 or not. >>



    Really? I know they were considering it back in 2012, but did it come to fruition? I can't find anything to indicate that.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Downtown1974Downtown1974 Posts: 6,795 ✭✭✭✭✭
    I think I would be more worried about the raiding of pension and deposit accounts before I worried about my gold being confiscated.

    MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940

  • bumanchubumanchu Posts: 1,383 ✭✭✭


    << <i>I think I would be more worried about the raiding of pension and deposit accounts before I worried about my gold being confiscated. >>




    and for good reason.
    And I ain't lying this time.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Why take it away when you can tax the hell out of it? Until then, it will not be taken away until the taker has a real need for it.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,283 ✭✭✭✭✭


    << <i>Why take it away when you can tax the hell out of it? Until then, it will not be taken away until the taker has a real need for it. >>



    I pay a lot more tax on my home every year than I pay on gold. However with the added premium the U.S. Mint charges, I barely had enough for my last jar of KY Jelly.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>

    << <i>Why take it away when you can tax the hell out of it? Until then, it will not be taken away until the taker has a real need for it. >>



    I pay a lot more tax on my home every year than I pay on gold. However with the added premium the U.S. Mint charges, I barely had enough for my last jar of KY Jelly. >>


    And they won't think of newer and higher ways to tax it?

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,283 ✭✭✭✭✭
    Gold was never confiscated , so how could we say it would be "tried again" ?
  • rawteam1rawteam1 Posts: 2,472 ✭✭✭
    "When the legend becomes fact, print the legend." ...
    keceph `anah
  • bronco2078bronco2078 Posts: 10,202 ✭✭✭✭✭


    If anyone knows how much gold you own to be able to tax it you are doing something wrong . image
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