[armymarinemom]

I can remember my X’s family not being able to buy and sell gold bars at coin shows. It took Reagan to overturn the Gold ownership ban.

[SAJ]

Not so. On December 31, 1974, it became legal again for private citizens to own and/or deal in gold in any form.

Gerald Ford was president on that date.

[SAJ]

The Bullion Coin Act was just that; an Act authorising the Treasury to issue bullion coins, such as the 'Gold Eagle'.

Dealing in gold bars in both cash markets and futures markets had been legal for more than a decade at that point. Would you care to see the results/prices of futures trading (the February 1975 COMEX contract) on the first legal day of trade?

[SkyPilot]

I predict that a whole lot of people who smile and tell everyone "I own gold", but don't physically own any, will never see it.

If you own a piece of paper that says you own XXX amount of gold that is now worth $XXX, what guarantee to you have that that will ever be honored if we get into a situation like we did in 1933?

The answer: you don't.

Dealers who hold these pieces of promise to their customers are dependent upon delivering their promise to their customers on a promise themselves. There will become a huge distinction someday between those who hold gold bullion, and those who hold pieces of paper.

Also, don't be conned into buying "rare coins" of gold or silver. These are sometimes "valued" at hundreds of times the actual price of the metal, and are another scam. The best way to own gold is to own gold bullion.

I know someone will think: "What I am supposed to do, put bullion in my basement? How will I cash that in?"

All I am saying is don't rely on that paper that some dealer gave you. If you are, you may someday know what it feels like to be a Bernie Madoff customer.