“nationalisation without due process” …
(by Half Dollar) One of the common misconceptions out there is that the government is coming for your gold.
The government may one day try to come for your gold, but watch this video to understand why gold confiscation is unlikely to happen:
The “gold confiscation” meme really is more hype than reality.
In the video above, one of the things we discussed was that it is much easier for governments to just go into bank accounts, cryptocurrency exchange accounts, savings accounts, gold vault accounts, and other kinds of accounts like those, and simply confiscate the money.
We also discussed that it would be much easier for governments to confiscate, that is, to nationalize, a gold mine, rather than going out and searching for gold that’s well hidden and well protected among the general public.
Besides, the general public doesn’t own any gold anyway, or so we’re told by the MSM propagandists, so the government going in search of publicly held gold is, at best, a futile endeavor.
Today, there is reporting coming out of the Financial Times on exactly this type of risk – government confiscation, or, nationalization, of gold mines.
From the Financial Times:
Papua New Guinea has raised the stakes in its dispute with Barrick Gold, threatening to take control of the Porgera gold mine if it remains closed.
Barrick and its Chinese partner Zijin Mining temporarily suspended operations at the mine in Enga Province on Sunday after the government of Prime Minister James Marape decided not to renew its special mining lease.
The Toronto-listed company slammed the decision, describing it as “tantamount to nationalisation without due process” and said it would pursue “all legal avenues” to challenge the move. It also claimed not to have received formal notification of the decision.
“Counter-party risk” is a real risk, and sovereign risk, a specific type of counter-party risk, seems to be increasing.
It kind of brings to mind that old saying, “if you don’t hold it, you don’t own it”.