Is the Confiscation Of Gold By Central Banks Likely?

Commodity News Center ^ | 8/7/09 | Julian Philips

[h20skier66]

We assure you, this is not a fatuous question. Is it possible you may well ask under what circumstances did this happen in 1933?

What we can confirm is that in 1933 the U.S. government banned the ownership of gold by U.S. citizens and purchased all but rare gold coins from the U.S. Public

[E. Pluribus Unum]

If there is a collapse, ammo would be a much better commodity than gold.

Ammo can be broken into individual cartridges for use as change.

There ain't much you can trade a gold bar for, and what would your receive in change.

Buy ammo. Forget gold.

[MNJohnnie]

No you cannot. Neither can you do the same for your 401K or any other asset. Government, like fire, is a useful servant and a dangerous master.

[mnehring]

I have a feeling most of these rumors are started by people trying to pump the price up or who are affiliated with companies who buy gold (ie, get you to sell it to them before it is taken away).

[allmendream]

Pimping your paranoid delusional blog on one thread wasn't enough? You had to repost?

[kingpins10]

The gov’t confiscated gold once, they would surely do it again.

Gold has too much upward pressure because of inflation (quantitative easing), longer term.

[Genoa]

For several decades after 1933 any “collector” in the U.S. could own any number of gold coins, but not gold bullion. Any gold coin was rare by definition, and its value exceeded the bullion value of the gold it contained. It was illegal to melt them down anyway.

[goat granny]

Buy ammo, but don’t forget to buy spam...It will survive even a bomb..

[mnehring]

Its all a risk reward proposition. What is the cost of confiscation versus simply buying it? What would happen to the value if it there was no market to trade it on? Could the plan and execution of thus be done in a timeframe that could allow for its fulfillment? This isn’t 1933. If it gets down to that happening, the country would look very different than it does now.

[Trod Upon]

Ammo also gives the ability to forage for what you need among the opposing force and its sympathizers and wards.

[spyone]

No, its not likely.

[GoldMan]

I bought gold at $279/oz

I sold it at $912/oz

I bought ammo with the windfall

[PugetSoundSoldier]

but don’t forget to buy spam...It will survive even a bomb..

Got a case of SPAM right next to my case of Twinkies - both will outlast me and everyone around here!

[Condor51]

If there is a collapse, ammo would be a much better commodity than gold.

Yep. I agree. Ammo would be more valuable you can't make change from a Bar of Gold or a Krugerrand.

But ammo - its like money: (examples)

• Coins = Pistol ammo: .22LR, .38spcl, .357, .45ACP, 9mm, 10mm, 40 S&W
• Bills = Rile rounds: 30-30, .308, 7.62x39, .223 Rem (5.56x45 Nato)

Naturally other calibers would have value too:

• Pistol = .25 auto, .32 auto, 9mm Makarov (9x18), .357 sig, .44 spcl, .45LC, 7.62x25 Tokarev
• Rifle = 303 Brit, 32-20 Win, 44-40, 45-70 Gvmnt, 7.62x65R, and mine --> 8mm Mauser (7.92x57mm) :-)

Plus you can't hunt or defend yourself with Gold.

[Oldpuppymax]

You can bet that Big Brother would have a BITCH of a time getting citizens to give up their gold!!

[OldSmaj]

...in 1933 the U.S. government banned the ownership of gold by U.S. citizens...

I have gold...I have silver.

I also have guns and ammo.

Come get it all...if you dare.

From my cold, dead hands.

[brydic1]

I have a feeling that Big Brother will get some unwelcome lead before gets the gold.

[musey]

Not a lot of Americans own gold. Too many of us would rather spend than save. The currency is no longer backed by gold. A gov’t search from house to house or in safe deposit boxes would yield a lot of jewelry but not much bullion. The bullion is in banks and is owned by the big boys like Goldman Sachs. Confiscation of wealth via inflation is more likely.

[jblann1]

<> Really? Inflation hasn't yet hit, but wealth confiscation is happening right now! I agree though, that coins will be of more value to us vs. bars.... but for me, more practical investments (other than guns/ammo) will benefit even more for one's own family. I personally believe we have a less than 2-year window to prepare... regardless of 2010 elections, its gonna happen either way... just my $.02

[goat granny]

LOL I have been telling my kids for over a year to buy Spam and ammo...So this last Christmas I got lots of Spam and some MRE. Laughed myself silly...Never thought of the shelf life of Twinkies...Forever...