Unknown to many Americans, gold has been confiscated in the United States three different times throughout history. Some of these events took place during the Revolutionary war, Civil war, and most recently in 1933 by president Franklin Delano Roosevelt (FDR). Silver was later confiscated in 1934.
Through an executive order, the American public was mandated to turn in their gold to the Federal Reserve, failure to do so would result in large fines and/or imprisonment. The confiscation was applied to all bullion bars and bullion coins. The only exceptions were numismatic coins, gold jewelry, and Semi-numismatic coins (with a premium of at least 15% over the then gold market spot price). The right to own bullion was recently restored on December 31st 1974.
Today the Federal Government still maintains the power to confiscate Gold and Silver through: Title 12, Chapter 2,Subchapter IV, Section 95a, which provides in part: "During the time of war, the president may through any agency that he may designate, licenses, or otherwise--(A) investigate, regulate, or prohibit, any transactions in foreign exchange, transfers of credit or payments between, by, through, or to any banking institution, and the importing, exporting, hoarding, melting, or earning of gold or silver coin or bullion, currency or securities".
The confiscation of Gold and Silver creates the perfect Bull market; Low supply-High global demand. The most recent confiscation caused Gold prices to increase nearly 75% within weeks. |
