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Can the US gov seize modern gold?

PeekboouPeekboou Posts: 45
in U.S. Coin Forum
While talking to one of those"I can get gold cheaper than anyone else" investment firms the rep told me that the US gov could seize modern gold, but not pre 1933 gold. I have searched, but I can not find any info on either claim.

Is this true and what is the likelyhood of this occuring in our current economy?

Jay

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    BAJJERFANBAJJERFAN Posts: 31,626 ✭✭✭✭✭
    They have the military and could probly seize anything they wanted to AND you/we would be powerless to stop them.
    theknowitalltroll;
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    LanLordLanLord Posts: 11,754 ✭✭✭✭✭
    I thought I had read recently though, that legally, the patriot act opened the door to the gov't confiscation of all gold if it were in the interest of US security.
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    ziggy29ziggy29 Posts: 18,669 ✭✭✭


    << <i>They have the military and could probly seize anything they wanted to AND you/we would be powerless to stop them. >>

    They won't have the military available if they stay in Iraq and Afghanistan, and go into Iran and go into any number of other places.
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    PerryHallPerryHall Posts: 47,536 ✭✭✭✭✭
    Fortunately, this isn't a problem for me since I don't own any gold. imageimage


    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

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    StorkStork Posts: 5,208 ✭✭✭✭✭
    A couple old threads... The original executive order, so I guess "the government" can seize whatever they put into an order like that.

    More on conficscation Keep reading further down the thread.

    And another

    There are more. Search "gold" and "confiscation" and there are plenty more.

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    WeissWeiss Posts: 9,942 ✭✭✭✭✭
    If they can't currently by law, it would only take another law to make it so.

    Funny thing about gold: If you buy it in person, and if you pay cash, there is virtually no way to trace it. That's one of the things that makes gold gold.

    Another funny thing: If it was purchased where records were kept, it can get lost or stolen pretty easily. So be careful with it. image
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
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    CladiatorCladiator Posts: 18,345 ✭✭✭✭✭


    << <i>Fortunately, this isn't a problem for me since I don't own any gold. imageimage >>

    me too.
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    DrizztDrizzt Posts: 1,036 ✭✭✭
    No, they can't seize modern gold coins. They just want to sell you old gold coins for humongous mark-ups. There's still tons of old gold coins in Europe and elsewhere, just waiting to be found. Or waiting to be brought back out.

    I think it was Nixon that repealed the act that allowed gold confiscation.
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    topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    The US govt can do anything it wants to. Except control rebels in Iraq. Closer rebels could be even more problematical.

    image
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    konsolekonsole Posts: 795 ✭✭✭
    Sometimes at work I think I am pure comedy gold. Can the government seize me?

    lol I have to edit every one of my posts because of typos.
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    pharmerpharmer Posts: 8,355 ✭
    Those reps may not know much factually, but they sure know how to play on peoples' fears and unfounded paranoia about the government. But it's a free country, and I'll defend to their death their right to say whatever they want to make upimage
    Quis custodiet ipsos custodes?

    Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."

    image
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    JcarneyJcarney Posts: 3,154 ✭


    << <i>If they can't currently by law, it would only take another law to make it so. >>



    Not true. The President could issue an Executive order and take your gold. It's been done before.
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
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    DrizztDrizzt Posts: 1,036 ✭✭✭
    How about this for a reply...They can confiscate it after I'm dead, if they can find it.image
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    FullStepJeffsFullStepJeffs Posts: 1,874 ✭✭✭
    What if the sky was green and the grass was blue... would they both be named the same or something different?

    The sky is falling... the sky is falling... and those nasty military folks are coming to take our coins away...

    Get real... your dealing with a company who propagates fear to sell you something. Find a new company.

    Steve
    U.S. Air Force Security Forces Retired

    In memory of the USAF Security Forces lost: A1C Elizabeth N. Jacobson, 9/28/05; SSgt Brian McElroy, 1/22/06; TSgt Jason Norton, 1/22/06; A1C Lee Chavis, 10/14/06; SSgt John Self, 5/14/07; A1C Jason Nathan, 6/23/07; SSgt Travis Griffin, 4/3/08; 1Lt Joseph Helton, 9/8/09; SrA Nicholas J. Alden, 3/3/2011. God Bless them and all those who have lost loved ones in this war. I will never forget their loss.
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    CaptHenwayCaptHenway Posts: 33,885 ✭✭✭✭✭


    << <i>While talking to one of those"I can get gold cheaper than anyone else" investment firms the rep told me that the US gov could seize modern gold, but not pre 1933 gold. I have searched, but I can not find any info on either claim.

    Is this true and what is the likelyhood of this occuring in our current economy?

    Jay >>



    Right now they can seize nothing.

    If they choose to enact a new law that says otherwise, they can phrase the law any way that will pass with enough votes. The wording used in previous seizures is totally irrelevant.

    If they choose to seize without enacting a new law, the wording used in previous seizures is totally irrelevant.

    Bottom line is, THE WORDING USED IN PREVIOUS SEIZURES IS TOTALLY IRRELEVANT!

    People who cite obsolete laws to try to scare you and sell you coins will probably try to deceive you in other ways also. Beware of them.

    That said, I doubt if the government will try to seize gold. The failure to comply rate would be about 80% (IMHO), and would only make the government look bad.

    Also, the economic reason for FDR to seize gold no longer exists. Back then U.S. paper money was still backed by gold, and he needed the gold in order to increase the money supply and stimulate the economy out of the Great Depression. Nowadays the paper money is no longer backed by anything, and the Treasury can increase the money supply all it wants simply by increasing the National Debt.

    Tom D.
    Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
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    nwcsnwcs Posts: 13,386 ✭✭✭


    << <i>Fortunately, this isn't a problem for me since I don't own any gold. imageimage >>

    Yep!!!
    Blog and Pics
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    topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    President Bush today announced his order for the NSA to begin immediate investigation into all uses of "winkie" avatars.

    The results are pending but the Air Force has been ordered to full alert.
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    greghansengreghansen Posts: 4,301 ✭✭✭
    They have the military and could probly seize anything they wanted to AND you/we would be powerless to stop them.

    True enough...but I wouldn't be powerless to slow them down a bit!image

    Greg Hansen, Melbourne, FL Click here for any current EBAY auctions Multiple "Circle of Trust" transactions over 14 years on forum

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    LastExitInNYLastExitInNY Posts: 600 ✭
    They should start off the seezing with the illegals that trashed NYC with their garbage yesterday. then worry about gold, if thats even true.
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    mcmximcmxi Posts: 890 ✭
    You should be more worried about them seizing your house for a shopping mall.
    If I was half as smart as I am dumb Iwould be a genious
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    pharmerpharmer Posts: 8,355 ✭
    Now that's the truth. Hopefully the reconstituted Supreme Court will revisit the New London decision soon.
    Quis custodiet ipsos custodes?

    Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."

    image
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    CalGoldCalGold Posts: 2,608 ✭✭
    Although the government can seize your gold at any time, they are more likley to requrie that you turn it over to Halliburton.

    CG
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    mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    The government can do whatever it wants to do. You were thinking you are living in a free country?

    image

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

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    mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    image

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

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    GemineyeGemineye Posts: 5,374 ✭
    I certainly would want a receipt for it .......wouldn't you......?!?!?!?!.............image
    ......Larry........image
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    cladkingcladking Posts: 29,974 ✭✭✭✭✭
    In 1933 citizens were forced to sell non numismatic gold coins and bullion to the government at the official gold price. Shortly later gold was revalued much higher.

    Rare gold coins and jewelry were exempt.

    It seems highly unlikely that this would be repeated. Money is not based on gold and only a plan to rework currency might lead to a siezure. Since the US government no longer owns the lion's share of world gold reserves there would be reluctance to institute a gold standard. Modern economies are robust but do need stable currency and this is not a trait of gold.
    tempus fugit extra philosophiam.
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    morgannut2morgannut2 Posts: 4,293 ✭
    The government can print it's own money without gold these days. Or the could confiscate the the mines in South Dakota where 25% of the worlds gold came outside of S. Africa. - or did they do that already?
    morgannut2

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