It’s a given that Roosevelt outlawed the gold money and certificates for Americans in the 30s (so did Lenin, Hitler, Mussolini, etc, for their subjects) but, it should be pointed out that was when gold was still very much part and parcel of economic systems and theory.
That was a one time deal, unless one subscribes the theory that the US government plans on returning to a gold monetary standard. Not anytime soon.
Isn’t it funny how the author of this piece “knows all” and how everyone else is “incompetent” or “unable to get it”?
Sounds like the author is a bit desperate to convince the reader that he is right and everyone else is wrong. Wonder why?
I don’t ever recall seeing George Soros posting here, and yet this author appears to suggest his knowledge is so vastly superior.
Afterall, if someone is that SUCCESSFUL and is so ABSOLUTELY SURE of their superior investment knowledge, they’d have to be enormously wealthy.
Weather gold (or any asset, commodity, tulip bulbs, etc.) is in a bubble or not, or weather it’s undervalued or overvalued, is for the market to determine, not wanna be soothsayers.
People don’t get in trouble chasing hot investments. They get in trouble chasing hot investments with money they can’t afford to lose.
And often, what makes people chase hot ideas is others telling them how they know “ABSOLUTELY” that the price is going up.
I remember the same hot money advisors when real estate was hot. All the arm chair Donald Trumps speculating with money they didn’t have listening to other wanna be Donald Trumps.
My suggestion is read all angles to any idea, pros and cons, and then make your own personal decision as to which way you want to go. But avoid anyone telling you “they know” what no one else does.
I don't agree that it will be a one time deal. The government is very interested in who is buying bullion. That is not for no reason.
When a nation's government becomes despotic, anything that provides safety and security to its citizens is a threat to that government. The government must control commerce. And that means controlling currency. If gold/silver threaten to become a de facto medium of exchange because of the collapse of fiat currency, then the government has a vested interest in the control of precious metals.
Look, it's all about control. If the people in power believe that confiscation of privately held bullion is in their interest and furthers their control of the populace, they will do it. Doesn't have to be logical to you or me. Only to them.
I have reminded several people about FDR taking the gold, but people just don't seem to understand when you are about to devalue the dollar, you go where the money is. Remember the reason robbers rob banks is that's where the money is. FDR knew he was about to print money for 10 years so he took the gold. If you are smart and buy gold as it increases in value, then you have become EVIL in today's terms, so we can take money from the rich and give it to the unions. The Fed is printing $600 billion in 6 months to buy debt. That is multiples worse than FDR did. When gold hits $3k-$5k an ounce, can Obama resist the commie juices that must be flowing? As you said, Hitler, Lenin, and Mussolini couldn't, it just too tempting a target. You evil speculators owe it to the "working" people.