Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewelers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins ($1,677 if adjusted for inflation as of 2010; a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $7800 as of 2011).
The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting.
Even if your gold is not confiscated, the obamacare legislation requires the reporting to the IRS of sales of precious metals, beginning 2012. Law is not absolutely clear that it is not already required today, but most assume it is not.
Getting hard to sell any gold for less than $600 (at market value), which would require the filing of a report to the IRS. Good luck finding a grocer or service station willing to accept an ounce of gold in exchange for a few sacks of groceries or a tank of gas (and make change).
As of right now, my only anticipated gold purchases ARE for numismatic purposes. My latest purchases were of silver (Morgan dollars), and I am going to try to swap a 100 oz. bar for dollars before the end of the year. I have an idea that 90% silver coins may develop a common use in trade.
No problem, I have an adequate supply and source of frn's to buy groceries and gas with for the rest of my life. If, at some time, it is not possible to purchase gas or groceries with frn's, the irs will be a non-issue. My concern is not let anything I have be stolen in the meantime.