Gold Hits $1000 per oz; Governments Ready to Confiscate?

Commodities News Center ^ | 9/9/09 | Julian Phillips

[h20skier66]

The time was Post-Depression and the States had a huge need for the expansion of the money supply. Secondly, the dark clouds of war had started to gather, as Hitler took power. So the money supply had to be expanded, yet be capable of holding its value, when the global scene would have lead to simple un-backed paper money not being accepted. Gold however, was even accepted between enemies, as it would be today. What pushed government to take gold away from its citizens?

It was seen as a time of national need. It was the need to reinforce the basic credibility of paper money! This was sufficient justification to government necessitating the imposition of patriotic duty on its citizens with regard to gold.

Today, most of individual wealth is held in Corporations, Funds, banking institutions and other legal entities and not by the individuals themselves as was the case in 1933. Today, corporations and Funds would be threatened in the same way as they were then and with potential imprisonment for the Officers of those legal entities. Few of these Officers would be prepared to go to prison on client's behalf! Experience in other parts of the world shows us that these Officers would hand over the gold in their charge, immediately, if such a law were passed, with little to no regard for the beneficial owner.

Let's stress that point; when it comes to money, a nation's interests sit heavily above those of its citizens. Holding gold is therefore a privilege, not a right, in the eyes of government.

The concept of restraining U.S. citizen's foreign investments has not been on the page until now.

[BulletBobCo]

Let’s see them change lead into gold.

[DManA]

I’m not sure the US Federal Government cares about gold anymore.

[Ev Reeman]

The confiscation of wealth in this country has begun and it is going to get worse as the Obummer administration spreads its tentacles into all manner of privately owned businesses and American industries. Of course, all of this is unconstitutional and we can hope that they will be stopped dead in their tracks by any manner of constitutional lawsuits and class action lawsuits.

[GonzoGOP]

Lets be honest the reason Obama will take the gold is because Obama is a thief. He will confiscate the gold and give you some worthless paper money in exchange. He will then put the gold overseas for his retirement, or invest it in new palaces of debauchery for himself and his socialist cronies.

[raptor29]

Probably not the best time in U.S. history for this type of President/Administration to initiate any such confiscation program. There’s a lot of, uh, other kinds of ‘precious metals’ out there.

[Buckeye McFrog]

When the lights go down in the California town
They think they’re saving the planet
I jump in my car and I drive it very far
Before Barry and Schwarznegger ban it
Drivin’ out of Canaan
Prayin’ for my soul
Obama’s out there
Turning Carbon into Gold

Well my buddy Jim Bass
is a workin’ pumping gas
And he charges eight-fifty for a gallon
He’s got gold coins in his hands
Hoarding beans and rice in cans
Tryin’ to keep it out of Obama’s talons
Drivin’ out of Canaan
Prayin’ for my Soul
Obama’s out there
Turning Carbon into Gold

Oh YouTube Obama Girls
Are the dumbest in the world
Each one a slave in the making
For the man that I despise
Has in store their future lies
Subsistence farming and baking
Drivin’ out of Canaan
Prayin’ for my Soul
Obama’s out there
Turning Carbon into Gold

[GonzoGOP]

Oh they won't "Confiscate" it. Just like eminent domain doesn't confiscate your land. You will be paid "Fair Value" for your gold. Of course Obama will determent what the fair value is, not that evil capitalist market. And you will be paid in worthless paper money. Best of all the payment will be considered income so you will then have even the worthless money taken away from you.

But there will be a happy facade. Like when the Mob sells a business fire insurance. It will all be voluntary, with a wink and a nod understanding as to what will happen if you don't volunteer.

Oh and don't worry. Before they come for your gold, they will come for your guns. They may be greedy, totalitarian thugs, but they aren't fools.

[DManA]

Gold is not wealth. According to Smith consumption is wealth. And a high presidential adviser believes that it should be national policy to DESTROY wealth:

John P. Holdren wrote: “A massive campaign must be launched to restore a high-quality environment in North America and to de-develop the United States. De-development means bringing our economic system (especially patterns of consumption) into line with the realities of ecology and the global resource situation.... [O]ne key to saving world society lies in a measured and orderly retreat from overdevelopment in today’s ODCs (overdeveloped countries) — a process we will label, for want of a better word, de-development.”

[taxcontrol]

Folks, I have a legal basis question. I know the government has previously confiscated gold .... but by what legal basis can it do so? In other words, what part of the Constitution allows the Federal government to outlaw the possession of gold?

If they can seize gold, what prohibits them from seizing ANY private property or outlawing any specific private property?

[muir_redwoods]

"If they can seize gold, what prohibits them from seizing ANY private property or outlawing any specific private property?"

Once we have happily given the government the power to outlaw a vegetable, outlawing a mineral is easy

[I Buried My Guns]

I've had a cup of joe and I feel clever:

"They came for mah gold, but I gave them my lead".

For reals, though: I truly hope there is an attempted gold confiscation, as it will most likely face massive resistance and fail, making Obama look more like an idiot than he does already, and may be the event that brings angry people into the streets, culminating in the event that returns our country to it's constitutional roots.

[raptor29]

You walk in fear of this paper lion. They won’t even consider coming for either gold or guns. The climate in this country right now resembles a powder keg, and most of the gun powder is in the hands of their opposition.

[ex-snook]

Gold $35 to $1,000 means the government does not have to own the gold. Gold was removed from circulation in 1933 and is no longer in circulation. The aim was to decouple gold from the paper buck exchanging. The government does not want your gold, the present deal has been successful beyond their fondest expectations. People can exchange gold for whatever they want. What does the government care?

[MarkL]

John P. Holdren wrote: “A massive campaign must be launched to restore a high-quality environment in North America and to de-develop the United States. De-development means bringing our economic system (especially patterns of consumption) into line with the realities of ecology and the global resource situation.... [O]ne key to saving world society lies in a measured and orderly retreat from overdevelopment in today’s ODCs (overdeveloped countries) — a process we will label, for want of a better word, de-development.”

The last country that did this was Cambodia under Pohl Pot. It didn't work out so well for the Cambodians.

Mark

[DManA]

These folks are SOOO RADICAL, that when you tell people EXACTLY what they say YOU are considered a nut case. People just don’t believe they mean what they say.