Senator Paul, in the spirit of your sponsorship of the FAIR Act, which would protect honest people’s life savings from British redcoat style brigandage and piracy, we ask you to consider making a ten minute speech in the Senate chamber warning President Obama to not rev up his accumulated disgraces by being so brazen as to cite “precedent” and “national emergency” or “military crisis” or “systemic banking collapse” or “overseas dollar repudiation” for invoking Executive Orders in any way comparable to those issued by Franklin Roosevelt on April 5, 1933, seizing gold from Americans, followed by the tyrannical EO of August 9, 1934, ordering Americans to surrender bullion silver to the Treasury Department.
Throwback Thursday: in this clip from 2010, James Turk and Mike Maloney discuss how they see the end of the current US fiat monetary system playing out, and their thoughts on the likelihood that the US gov’t will attempt to confiscate gold and silver from US citizens in the aftermath of a dollar collapse.
In his latest must watch video, the Silver Bullet Silver Shield’s Chris Duane examines the likelihood that the government will ever attempt to confiscate silver.
Duane destroys the myth and irrational fears that a door-to-door confiscation of silver is coming, and like The Doc, makes the case that the most likely targets for a Federal confiscation of precious metals would be ETF stockpiles and nationalization of mines. The real threat of confiscation of your wealth is via inflation, and confiscation of paper retirement funds and vehicles.
Chris Duane’s full analysis on the potential for a national gold & silver confiscation is below:
April 5th, 1933, FDR confiscated every gold coin, bar, or certificate and people had to turn in their gold to the Federal Government or else they would face a fine of $10,000 or 10 years in jail. That is about $179,000 in today’s money. You were able to keep a small amount or some rare coins and those that did give up their gold received about $20/oz. “Why would the government do that?” asks Ms. Steel. They did this for the following reasons:
- To prevent hoarding.
- To devalue the dollar during the Great Depression.
- The government set the gold price at $35/oz and pegged it to the dollar.
“But this could never happen again, right?” asks Ms. Steel. “Well tell that to Texas.”
Mining.com has released an infographic detailing the history of gold confiscation. From Roosevelt’s 1933 Executive Order, to Mussolini, to the Nazi confiscation of Czech gold, and concluding with more recent confiscations by the Australian and British governments, the infographic provides detailed information regarding all modern-era gold confiscation episodes.
A Steve Quayle reader has reported that the 2 dozen gold Krugerrands he kept stored in his safety deposit box in a Cincinnati 5/3rd Bank have been confiscated, and that the 5/3 Bank Manager informed him that a CIA agent was the culprit who cleaned out his stash of phyzz- but that all fiat dollars were left untouched in the box.
While this in an anecdotal account, this emphasizes a point we have long made here at SD: if you don’t hold it, you don’t own it!
Full account of Fed gold confiscation is below:
The legendary Jim Sinclair, who yesterday advised subscribers that gold will not be confiscated in this bull market as its current function is vastly different in today’s monetary system than its role in the 1930′s, sent another alert to subscribers today clarifying that although he believes gold will not be confiscated by the government during the current bull run, GUNS WILL BE.
Sinclair states that the Constitutionally protected state right to create and maintain a state defense force is under the cross-hairs of the Obama administration, and that The moment you see these state defense forces under the control of the state governor disbanded, the end has come. The Constitution will no longer exist and the next day I will be writing you from Buckreef in Tanzania.
Sinclair’s full Alert/Warning of the impending gun confiscation by the Obama administration is below:
At SD we have long emphasized to concerned gold and silver investors that government confiscation is not a legitimate risk as the metals reach full valuation at the end of the secular bull run.
The legendary Jim Sinclair sent an email alert to subscribers this morning regarding perceived gold confiscation risks among his readers.
Sinclair stated that There was much to be gained by gold confiscation in the 1930s because we were on a gold standard.. Gold in the 1930s was the only instruments of QE. It is not now nor will it be again in the future. There is no reason except some sort of fear of revenge to consider confiscation of gold, gold shares or the gold ETFs now. Those that worry so much about this do not really understand what gold was under a gold standard.
Sinclair’s full MUST READ alert below:
The legendary Jim Sinclair has released a rebuttal to hedge fund manager Hugh Hendry’s recent statements that gold mining companies will be nationalized and physical gold will be confiscated as the gold price passes $3,000/oz. Sinclair states that Roosevelt’s gold confiscation of the 1930′s was a means of increasing the supply of money for Fed and Treasury discretionary use- essentially the QE of it’s day.
Sinclair states that neither gold nor gold companies will be confiscated during this bull run: Gold was not confiscated because it was going up in price. Gold’s order of confiscation came as a tool of monetary stimulation in order to create monetary creation in order to attempt to increase employment. The order of gold confiscation had nothing whatsoever to do with punishment of the gold holders. It preceded the then big run up in the gold price. Believers in confiscation, because they are incorrect on its basis, are totally wrong in predicting it.