Bron Suchecki, in an interview with Gregor Gregerson, discusses:
- gold confiscation (like when FDR issued Executive Order 6102 in 1933),
- how likely it is to happen again and
- the possible impact of the occurrence of a gold confiscation event on different assets: bullion, jewelry, mining stocks and numismatics.
Discussed in the 50:47 minute interview:
- 00:43 Difference between expropriation and confiscation.
- 05:03 How would gold confiscation be like today?
- 09:55 Defense against a gold confiscation event.
- 11:35 Offshore storage as a delaying mechanism.
- 14:02 Considering the jurisdiction for offshore storage.
- 19:23 Impact of confiscation on mining stocks.
- 21:54 Industrial uses of gold are usually exempted.
- 23:07 Confiscation of jewelry.
- 26:17 Australia’s Part IV of the Banking Act 1959.
- 31:29 Why the RBA only suspended Part IV, not repealed.
- 37:14 Impact of confiscation on numismatics.
- 39:14 Would silver be confiscated?
- 41:46 Prospect of recalling legal tender coins.
- 43:51 Holding legal tender coins vs bars.
- 44:46 Mindset of a safe haven gold buyer.
There has been a persistent fear among…owners of gold that…their gold will be confiscated by their governments, as was the case in 1933. For very different reasons, we believe that that danger persists and is growing by the day. We feel that because gold is rapidly returning to an active role in the global monetary system…investors should be aware of the conditions in which this would happen. We also indicate what we feel to be a solid solution for protecting yourself against a gold confiscation. (Words: 1581: Charts: 2)
4. Beware! “Retirement USA” Program Would Be First Step Towards Government Confiscation of Retirement Dollars
The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth … pennies on the dollar.” Words: 839
The United States has seen four different gold confiscations — the last of which was in 1933. Few people realize that when the freedom to own gold was restored in 1972, the President retained the power to require us to surrender our gold which he can do again any time (probably on a Friday) with the mere stroke of a pen. That means all confiscated gold could possibly be compensated at only $42.22 per 1oz. and not at the world market price. Don’t take this decision lightly. It was another blatant warning that the government may be contemplating grand larceny — AGAIN. Words: 1740