Posted on 06/13/2021 3:39:26 PM PDT by blam
On April 5, 1933, under the pretext of a national emergency, President Franklin D. Roosevelt issued Executive Order 6102, making it illegal for U.S. citizens to own gold.
The decree forced Americans to sell their gold at an artificially low “official price.” If they refused, the government could hit them with stiff penalties: a $10,000 fine (equivalent to $205,000 today) and/or up to 10 years in prison.
The government blatantly stole wealth from the American people.
Many worry the U.S. government might confiscate gold again if it becomes desperate enough. I don’t think those fears are unfounded. The U.S. government’s abysmal financial situation is only getting worse.
But would it really do a 1933-style grab again?
I don’t think it will. However, there is another growing threat to your gold.
More Likely Than Outright Confiscation
Today, only a tiny fraction of the U.S. population owns gold. Heck, I’d bet most Americans have never even seen a gold coin, much less appreciate its value.
This wasn’t the case in 1933, when the U.S. was still on a variation of the gold standard. That’s why the government probably won’t repeat the 1933 rip-off. It’s simply not worth the effort.
If the government wants to confiscate wealth, it’s far more likely to go for the easy option… steadily debasing the currency by printing money. It’s a stealthy way to confiscate from savers.
That doesn’t mean gold owners are in the clear.
I think the government will try a new scam: taxing windfall profits on gold. This would make it much easier for the government to accomplish something similar to its 1933 heist.
There’s precedence for it, too. In 1980, Congress passed the Crude Oil Windfall Profit Tax Act, which taxed up to 70% of “windfall profits” of domestic oil producers.
What the heck is a windfall profit anyway?
As far as I can tell, it’s whatever politicians decide it is. It’s completely arbitrary. There are no objective measures to define it.
In short, a windfall profit is simply a profit politicians don’t like.
The whole concept is a scam—a word trick to camouflage and sanitize legalized theft.
If the price of gold explodes, I wouldn’t be surprised if Congress passes a Fair Share Gold Windfall Profit Tax Act levying 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 you can avoid a windfall-profits tax on gold is to renounce your U.S. citizenship. But that’s a drastic step. It’s just not realistic for most people.
Thankfully, there’s a far more practical option. You can do it from your living room. And you don’t have to turn in 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 the U.S. government will do, it’s far less likely a future tax increase, even a windfall-profits tax, would 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-profits tax. It makes you a hard target.
1930’s gold confiscation occurred as part of the rise of the privately-held FED banksters.
The 2021’s big financial changes will be going in the opposite direction, going *TO* PM-backed currencies (including PM-backed cryptos), and including physical gold/silver. In this environment, there will be by definition NO physical gold (or silver for that matter) government confiscation.
later
If the SHTF, do you really want to be showing up around town with gold, trying to buy stuff, so everyone knows you have a hoard at home? I don’t think many goldbugs have thought things through very well.
It wasn't my intention to 'push' anything. Sorry if it looks that way.
I want the real metal, in-my-hand!
My point was hiding your gold probably isn’t going to work out very well.
I wasn’t presuming you wrote it, only that you reported it.
In any case, good to hear you are for physical PM’s!
So, can one have physical in a Roth somehow? And, if you do, can it still be in your physical possession? Or, is there a vault involved? A security box? What’s the logistics?
True, even if it was one of the previous home owners who buried them. Current owner becomes the owner of everything on his property.
Oh darn. Not news. Per hummblebummer. So sad. Too bad.
Totally agree if/when the shooting starts.
However, the more likely scenario is some semblance of order, perhaps a new currency, And you need to get your wealth from the fiat Cabal system to the new.... whatever (NESARA?).
In that case, you’d bring some of your physical wealth to the bank for exchange into whatever the current legal currency happens to be.
Economic armageddon has occurred. You need to buy gas for the car, groceries, and pay rent or the mortgage. Walk out in real life detail how you do that with your gold l?
True. But if you do what that guy did the next owner of your property owns what you leave there, valuable or not.
If I had no relatives, It’s better that the next owner of my property own my stuff than the government.
In that scenario you probably have to show how you acquired the drop on the counter “wealth”. No documentation, it will probably be deemed from criminal activity.
My attraction to the article was its warning about a wind-fall profits tax. I hadn't heard that approach to PM holdings before.
Good to dig down into logistics, and I don’t have an answer.
However, I believe the time is coming with the fall of fiat, the FED, and fractional-reserve-bankstering.
I can say that the PMs I know of, there is corresponding documentation.
And, I clearly would want criminals to be prevented from transferring ill-gained wealth to new-financial-system wealth.
They will probably just confiscate the assets in them outright, and give you the value back in government-backed Biden Infrastructure Bonds paying 1.5%. Because otherwise, you are too dumb to invest it correctly - so government has to step in to save small investors like you from yourselves. /s
In looking at NESARA, the expectation is that income tax, estate tax, capital gains tax... and I’d surmise any “wind-fall profits” concoction they’d come up with, would go ‘poof’. We’d have a flat rate sales tax on specific items (I’ve heard 17% bantered about, but who knows).
FED/IRS also go ‘poof’.
Read my post #18 and you'll see that I don't have gold. I have junk silver.
Four silver dimes could be worth a lot in a SHTF situation. A person that has something that I want will recognize the value in those silver dimes. and want to trade.
BTW, I also have condoms that I'll trade you for something too.
I really can’t make heads-or-tails of what you are trying to say.
Proper grammar is your friend.
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