Gold confiscation 2010, Obama, pre 1933 gold coins
Will Obama confiscate your gold in 2010? In 1933, US government led by Franklin D. Roosevelt made private gold ownership illegal, so why not do it again. After all, you hear gold confiscation radio commercials everyday, something along the lines - Under current federal law, gold bullion can be confiscated by the federal government in times of national crisis. As collectibles, pre-1933 gold coins, rare coins and foreign coins do not fall within the provisions permitting confiscation, call us today at ... .
Gold coins that are exempt from confiscation? There is no such a thing as non confiscatable gold bullion, period. Government can confiscate anything it wants. Just like it confiscated GM and Chrysler together with dealerships. The pre 1933 gold coins that are supposedly exempt from confiscation are the exact coins that were confiscated in 1933. The coins sold today are the ones the public retained illegally, against Roosevelt decree, just like today many will undoubtedly keep their gold, if Obama decides to try his own little gold confiscation game.
Will 2010 bring the dreaded gold confiscation? Who knows. You have to understand one thing. There are many companies that sell mostly if not only pre 1933 gold coins. Their claim that you are buying directly from the source, with the smallest premium on the market today and without middleman is a joke, and a bad one at it. Contrary to that, their prices are almost always the highest ones. If you confront them they will patiently, even condescendingly explain you, how their pre 1933 gold is the least expensive you can find. Don't fall for it.
The old U.S. gold coins most often promoted as the safest from confiscation, are the $20 1850-1907 Liberties and the $20 1907-1933 Saint Gaudens, also known as Double Eagles. While I personally do not care for Liberty coins, I consider Saint Gaudens a very beautiful coin, but not at the premium that is charged today. Regardless, every gold coin can be confiscated. Also keep in mind that between 1850 and 1907, U.S. mints turned out over 100 million $20 Liberties, and between 1908 and 1933, they made close to 65 million $20 Saint Gaudens. Certainly millions were hidden everywhere - from people backyards to European bank safe vaults. That hardly makes these coins rare or collectible.
The other two things you must know are, president Ford repealed the Executive Order that Roosevelt used to grab gold in 1933 because US Congress restored your right to own gold, and in 1977 Congress removed the president authority to regulate gold transactions during a period of national emergency other than war. We have been technically at war for about 9 years under Bush and Obama, so who knows and frankly, who cares. Buy freshly minted American Eagles and Canadian Maple Leaves, and stop fretting about gold confiscation. Just be prepared to hide them.
Fri Feb 12, 2010 05:02PM | Copyright: www.bad-credit-advisor.com | More in Gold Investing | Comments (0)
Recent Entries
- Capital One Secured Credit Card to Improve Credit Score - Review
- How to get approved for mortgage - loan approval help
- Spouse average FICO credit score is higher?
- Why average credit score?
- Getting mortgage after bankruptcy - go FHA
- Debt settlement and how it affects credit score
- Debt settlement with Citibank
- Can I settle with credit card company with no late payments?
- Credit card limit lowered, credit score goes down
- Gold price will rise in 2011
