In 1933, President Roosevelt issued Executive Order 6102, prohibiting the private holding of gold and requiring US citizens to turn over their gold bullion or face a $10,000 fine ($167,700 in today’s dollars) or 10 years imprisonment.
One reason to fear confiscation is in the case that the federal government is in default and needs the gold in order to pay off its creditors. Another is to force the use of the counterfeit US fiat currency (paper money) or any new fiat currency and to curtail the ability of private citizens to barter with gold and the transfer of wealth to those who hold gold. And overpriced numismatics (collectible gold coins) is definitely not the answer.
And with the surge of Chinese counterfeit gold (for example, tungsten covered with gold) the risks rise. I predict that Comrade Obama and his ilk are a hair’s breadth away from seizing gold and guns. What better way to control the citizens? And that could easily happen in other countries, too, including Canada.
What to do? What is the solution?
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Robin Elliott LeverageAdvantage.com