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Gold Confiscation: What You Need to Know
If we see a repeat of the 1933 gold confiscation, there's one sure way to protect yourself: rare coins.
Major financial institutions failing. The value of the dollar suffering. Gold prices rising. These are but a few of the conditions that led to the gold confiscation of 1933. Sound familiar?
In 1933, to deal with a monetary and banking crisis, President Franklin D. Roosevelt, under Executive Order No. 6102, confiscated all privately owned gold in the United States.
The President’s gold confiscation order specifically exempted “gold coins having a recognized special value to collectors of rare and unusual coins.”
Could gold confiscation happen again? Here's the bottom line:
- While it's unlikely, the fact is that the current economic climate is similar to that of 1933, when all privately-owned gold was confiscated.
- This was done to stabilize the country's monetary system.
- If it did become necessary for the U.S. to bolster a collapsing dollar with gold, we no longer have enough gold to do so in any meaningful way.
- When gold bullion was confiscated, the government compensated individuals with paper currency at the then official gold price.
- Rare coins were exempt from government confiscation provisions, as determining rare coin compensation on a coin-by-coin basis, would have been an impossible administrative and logistical burden.
- Today, rare coins have outperformed the stock market and gold bullion during a year of severe economic turmoil.
- It's a good time to diversify and add rare coins to your portfolio.
Next:
Could it Happen again?
For a copy of the Complete Gold Confiscation Report,
call a Blanchard and Company, Inc. Consultant today at 1-800-880-4653.
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