Under current federal law, the federal government can confiscate gold ingots in times of national crisis. As collectibles, rare coins do not fall within the provisions that allow confiscation. Some state governments are now legalizing gold and silver as legal tender or as currency, and even converting IRA to gold is becoming a popular option. It seems unlikely that these steps will be taken if there is a possibility that the government will confiscate gold. If gold is recognized as legal tender in some states, confiscation would amount to the government confiscating your money.
Needless to say, it doesn't seem very realistic. Let's not keep you in suspense. If You're Not Careful, Your Government May Confiscate Your Gold. Besides, I can probably do it without compensating you.
The governments of the United States, Great Britain, Australia, and many more have done so over the past 100 years. So the clear answer to whether the government can confiscate your gold is yes. The real question is how can you avoid it?. It is true that collector-type numismatic coins were excluded in the confiscation of 1933. Whether or not they will be excluded again in any future confiscation is completely unknown.
There is a logical thought process to exclude collectible coins, in the sense that the government was trying to gain monetary control over gold bars. . However, what the government has done in the past is not necessarily indicative of what it will do in the future. On April 5, 1933, under the pretext of a national emergency, President Franklin D.
Roosevelt issued Executive Order 6102, making it illegal for the U.S. UU. The government shamelessly stole the wealth of the American people. The government could confiscate gold again if it gets desperate enough.
I don't think those fears are unfounded. The government's dismal financial situation is only getting worse. But would you make a 1933-style capture again? I don't think I will. However, there is another growing threat to your gold.
Today, only a small fraction of the U.S. Heck, I bet most Americans haven't even seen a gold coin, let alone appreciate its value. This was not the case in 1933, when the United States,. I was still using a variation of the gold standard.
This is why it is likely that the government will not repeat the 1933 scam. It's just not worth the effort. That doesn't mean that gold owners are safe. In 1980, Congress passed the Crude Oil Surprise Profit Tax Act, which taxed up to 70% of the “windfall profits” of domestic oil producers.
What the hell is a windfall anyway? As far as I can tell, it's whatever the politicians decide it is. There are no objective measures to define it. In short, a windfall is simply a gain that politicians don't like. The whole concept is a scam, a word trick to camouflage and disinfect legalized theft.
If the price of gold skyrocketed, I wouldn't be surprised if Congress passed a windfall gold profit tax bill with fair distribution of gold that would impose a tax of 80%, 90% or more on gold profits. Fortunately, there are some practical steps you can take to protect yourself from this form of politically motivated expropriation. One way to avoid a windfall tax on gold is to give up your U.S. It's just not realistic for most people.
Fortunately, there's a much more practical option. You can do it from your living room. And you don't have to hand over your passport. The solution is to own gold stocks in a Roth IRA.
A Roth IRA is a tax-free zone. You fund it with after-tax savings, and any future capital gains or income derived from investments in your Roth IRA are not taxable. While you can never be 100% sure what EE is. The government will do so, a future tax hike, even a windfall tax tax, is much less likely to affect investments in a Roth IRA.
A Roth IRA is the most practical way to protect yourself from the most likely form of future gold confiscation: a windfall tax. It makes you a difficult target. However, much remains to be done to ensure that your wealth does not disappear in the coming financial wave. How will you protect your savings in the event of an exchange rate crisis? precious metals and real estate will become the last safe investments for wealth retention, but they are only truly safe if they are located outside an endangered jurisdiction.
Gold and silver have served as money for centuries and in many different civilizations. They have always been inherently international assets. If you have precious metals in your portfolio, there's a good chance you're afraid of hyperinflation and the fall of fiat currencies. There is another risk you should be aware of.
The latest version of Bread and Circus reaches its inevitable end. Top 10 Benefits of Having an Offshore Bank Account. Free yourself from the absolute dependence of any country. Increase your quality of life while decreasing your cost of living.
The false Federal Reserve economy, based on ridiculously unsustainable ultra-low interest rates, is coming to an end in a resounding way. In addition to stocks, it seems that almost all asset classes are also falling. Although many don't realize it, interest rates are simply the price of money. There are always some people who understand work ethic and responsibility.
As an added benefit, you'll receive our popular reading, the International Statement on the Man by Doug Casey. Gold re-entered American society in a completely different light. While it remains, and always will be, a way for people to protect their wealth, the government is no more likely to confiscate it than their home or the contents of their bank account. This is because the US dollar is no longer backed by gold.
The government doesn't need its gold to inflate the money supply; it can do so with the floating value of the dollar. When the gold investor considers the number of ways in which a confiscation could be carried out, how long it could last, the ease with which the government could change the rules and how far it could reach everyone in a context of economic or monetary crisis, it underlines the need to establish a viable strategy. But what about confiscation? As history has shown, in the developed world, gold confiscations have focused on monetary metals, such as coins and ingots. In 1971, President Richard Nixon officially and completely broke the gold standard by announcing that there would no longer be a fixed-value conversion rate between gold and the U.S.
dollar. Since the dollar was tied to the gold standard, the only way to increase the monetary base was the only way to increase the monetary base. However, most of us don't begin to wonder if the government can confiscate their gold until it's too late. Here's the truth about some popular myths about confiscating gold to help you avoid becoming a victim of investment scams.
In addition, in 1977, Congress withdrew the president's authority to regulate gold, except during a national war emergency. The president signed this order because it was thought that the gold hoarding was further paralyzing the economy and worsening the depression. Gold is likely to remain a safe haven on the sidelines, unless countries feel that they have to sell their reserves aggressively for some reason, such as to reduce debt. The possession of gold remained illegal in the United States until 1974, when President Gerald Ford signed a law that allowed citizens and entities to once again own gold.
This takes gold jewelry away from its roots, when it was a form of wealth that could be worn, intended to keep assets within reach. “Solutions to the risk of confiscation” There is a lot of speculation on the Internet about what could be done if gold were confiscated again. .