Do you think the U.S Government could confiscate Gold again in the future, or any other rare metals?
RedstoneCoins
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Pretty straightforward poll. Though when I ask about the "future", I don't necessarily mean tomorrow morning. I mean in months, years, or decades.
Also included is the possibility of other metals being confiscated - like Silver, Platinum, Palladium, Rhodium, etc. Anything rare or with high value or industrial purpose.
What do you think?
EDIT:
Looks like Yahoo News is banging the "Gold Confiscation" drum!
https://finance.yahoo.com/m/1cb08ced-d006-34d0-b5e9-7b9d27904858/stashing-some-gold-here’s.html
Do you think the U.S Government could confiscate Gold again in the future, or any other rare metals?
This is a private poll: no-one will see what you voted for.
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Comments
Could they? I suppose they could, but how many people do you think would actually turn stuff in?
"Could" should be changed to "would" in the poll question. The US gov could do anything it wants. The real question is would they confiscate gold. And no they would not. There is no reason to.
One has to understand why gold was confiscated in 1933: the Federal Reserve Act of 1913 required 40% gold backing of Federal Reserve Notes issued. Gold was confiscated to in order to allow for an increase in the money supply. Once the $300 million of gold coin (in 1933 dollars) and $470 million of gold certificates were in government hands their ability to create more money was greatly improved. In 1934, the government price of gold was increased to $35 per ounce, effectively increasing the gold on the Federal Reserve’s balance sheets by 69 percent. This increase in assets allowed the Federal Reserve to further inflate the money supply.
Now that we are faced with a possible Greater Depression the FED is no longer required to have gold to back new money. If it was, there's probably not enough gold in the world to back the Trillion$ that will be required to buy a COVID recovery. Note that the massive creation of new money to fend off the the 2008 crisis did not require the confiscation of gold.
The question is "What are the possible reasons why gold would be confiscated?" The only logical answer is to pay US sovereign debt. But with unlimited money creation ability, US debt is no longer a concern. However, the cost of this unlimited ability is the eventual devaluation/destruction of the currency itself, which eventually leaves us with the only remaining stable money - gold. When gold is the only money the government will want it. This endgame is where you will find the need for the US to confiscate gold. Until there is a need to confiscate, there is no reason to confiscate.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Until this year, most people living today haven’t really experienced much outside of “normal living”. In the annals if history this whole COVID thing will be a small hiccup.
Things can, and do go south every so often. A big war, revolution, massive cultural shift - these things happen and there’s no telling what a government desperate to stay in power will do.
As for gold.... I’d be a lot more worried about the government nationalizing privately held 401k and other assets to stave off financial catastrophe.
Yes, whether it's a pension crisis or a bank failure bail-in, they will eventually be coming for your dollars. And what you are left holding will, as has been the case since 1913, be worth less each day. Convert as many of them as you can afford to into long term dollar insurance.
The price of gold is a direct reflection on the failure or success of currency it is priced in.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Given the poll question is worded as it is, why did you answer "No. Completely Impossible"? You acknowledge it is possible. Therefore you should have selected any of the other options that indicated that it is possible.
My poll asks, without as eloquent diction as your explanation provides, at what point do you think our government may arrive at such a point in the future?
When will that need arise? Within a year? Five years? 10 years? 100 years? Etc.
You seem to imply that such a need is an inevitable eventuality. Which naturally begs the question: When?
Anything is possible at the point of a gun.
It has happened in the US once already. I am not sure whether to be inspired or worried that so many voted "never" in this poll.
In recent years in the world there have been "confiscations" of various assets via negative interest rates, limits or elimination of cash holdings, nationalization of private pensions, hyperinflation, etc.
Never. They may confiscate wealth from individuals because of criminal activity, but I don't believe it will happen on a massive scale. Precious metals are too limiting when you are talking trillions just for one country. Goods and services are worth way beyond the value of gold.
"A dog breaks your heart only one time and that is when they pass on". Unknown
OMG......”beans and guns” I tell ya. After this debacle anything is possible. Never underestimate and never trust anyone.
Only buy your gold with cash and no receipts.
Receipts are no longer necessary - facial recognition software, gps tracking and drones.
You trying to start a rumble?
I like that song "paranoia"
I would say it is highly doubtful....however, in politics, only truth appears to be impossible. Cheers, RickO
nope nope nope
I think I've heard variations of this question at every coin show since the 1970's, when I started going. I tend to avoid "the sky is falling" crowd mentality, I'm betting many of those people from shows past died being bitter, paranoid people. Not for me.
Yes, I voted never.
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Extremely unlikely. I don’t know what the government would gain from it. Even with the 1933 situation there were exclusions for collectibles and jewelry. Basically bullion was the only issue and, as mentioned before, certificates requiring redemption in gold. The US can’t control the world economy as it did with buying/selling gold and silver as it once did. China maybe.
Why bother confiscating gold? There are far more expeditious ways to confiscate wealth than a door-to-door search and seizure of small amounts of physical assets.
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Your poll ask when they could confiscate. They're the government, they could at any time.
When would they confiscate? No way of knowing when they will completely destroy the currency, they've been successful at doing it slowly but surely for over 100 years. Re: the boiling frog theory: At some point the frog is dead.
eventually, my crystal ball is out of order.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Agree. Inflation has worked well throughout history as a means to confiscate wealth. The government could just keep printing money until everyone's life saving becomes worth less and less and less until it becomes worthless.
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 did not say "impossible." I did say they would not confiscate unless they had a reason. I also said that since they no longer need your gold to back further money creation about the only reason they would need your gold is when they've abused their ability to create money to the point where the money is worthless.
The correct answer to your poll question as it is worded is "anytime they want to." Since it was not an option I did not answer.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Don't wanna take this thread to far off track. But.... if they come knocking on my door.......well that's also why I'm sitting on a cache of ammo.
If current events are an indicator regarding what the government might or might not do in the future, then I would answer yes. If gold was confiscated it will be framed as being " For you own good. ". Who could argue with that logic. Besides, since you can't leave your house anyway you wouldn't be able to go anywhere to make use of your gold. Shelter in place and stay safe. And never forget.......WE'RE ALL IN THIS ALONE TOGETHER. Whatever that means.
Asking this question sure condemns our "government" doesn't it?
The question is open ended. It presupposes nothing. The condemnation or acquittal lie in the answer.
Gold? What gold?
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You said it better than I could, thanks!
Why bother confiscating gold? There are far more expeditious ways to confiscate wealth than a door-to-door search and seizure of small amounts of physical assets.
Exactly - In this modern electronic age, why would they bother trying to track down a bunch of small metal trinkets held by an armed citizenry when, with a few clicks of the keyboard, they can get their hands on everyone's IRAs and other assets at the banks and brokerage firms.
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Here is an article i just read:
https://finance.yahoo.com/news/odey-says-governments-may-private-114808231.html
could, would, may, might
WILL they?
No Way Out: Stimulus and Money Printing Are the Only Path Left
WILL they?
Yeah, why not? After all, Prohibition worked out well, didn't it?
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In the first half of the 1970s gold bullion and post-1933 gold coins were illegal to own. Into the second half of the decade is when it became legal for the frst time in over 40 years. Their fear was hardly paranoia. It was current events.
I said never but if gold goes to $10,000 an once, you never know.
Help take care on the national debt, lol
They have more ammo and bigger guns.
May your soul rest in peace.
Not at all. The total value of all the gold in the world is around $10 trillion. The total value of all the gold in the U.S. is maybe 25% of that number. Seizing all the gold wouldn't even pay for the last two months.
If gold goes to $10,000 an ounce, there's no need to take care of the national debt. The devaluation of the currency will already have reduced the value of the debt in the same ratio (approximately) as the increase in the gold price.
There's a guy talking up his own book.
Just set the value at 25,000/oz and it all will come pouring in
On a related but separate track:
If you think the government could seize gold or, at the very least, make it illegal to trade.
If you think the government would only do that in a fiscal emergency due to the devaluation of the dollar.
What is the point of buying gold as a disaster hedge?
[Just a rhetorical question.]
When globalism takes over. It will eventually Be illegal to buy or sell with gold or silver.
No one can buy or sell unless they have THE CHIP. To circumvent that will be against the law.
BHNC #248 … 130 and counting.
earth to Pnies, globalism has already come and is now on its way out.
No Way Out: Stimulus and Money Printing Are the Only Path Left
In any case, it is ultimately not about getting all the gold, but controlling all the money. Gold and other precious metals are a form that can't be tracked or limited the way electronic money can be monitored and controlled.
Currency (and coins) are also viewed suspiciously by the authoritarians.
But do I lose any sleep over it? Not at all. I am not as prepared as some, but more prepared than many. For example, when the pandemic was barely a blip on most peoples' radar, I was buying all my paper products and canned and dry goods at normal or even sale prices. Over the past several weeks I have just checked those aisles in the supermarket mainly for entertainment value.
No.
I’m in the ‘could’ vs ‘would’ camp in terms of the poll wording and as such did not vote. Obviously they ‘could’ at any time. I get what you’re asking though, a time estimate for the complete devaluation of the US dollar necessitating a radical action. For that who knows.
They could try.
To those who said no, a question...In May of 2019 did you think that the government would or could shut down businesses that they deemed non essential?
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BHNC #248 … 130 and counting.
Nope, it wasn't on my radar screen, but then again, neither was COVID-19.
They did it before. Silver is safe.
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The US has been "fighting" the war on drug for 30+ years later and that is going worse than prohibition... gotta keep the ABC bois employed...
That was my first thought as well and I see a "bail-in" as a much easier and lucrative possibility for the Govt. "They" already have a successful test case with Cypress with depositors taking big haircuts on their own $$$. https://en.wikipedia.org/wiki/2012–13_Cypriot_financial_crisis