When I first began to research the possibility that the rumors I was hearing were true I was astounded to learn that there is a ton of evidence to substantiate those rumors. Actually you could say I was astounded, thunderstruck, astonished … I won't go on any more, that what I was reading from an impeccable source was actually a scenario that has been discussed in the halls of our fine Government.
Let me be clear, I am NOT a Government basher and I have served my country proudly and pay my fair share of taxes. To think that they are actually planning a "what if" that includes confiscation of Gold and Silver and other PM's just blew me away. Digging further into history showed me that before my time when the Great Depression was upon America this sort of thing happened all the time.
Will this be 1933 all over again? According to sources it won't be that bad and there does not seem to be any plans to outlaw the owning of physical Gold or Silver as the government imposed on us at that time. However, there are clearly plans laid down to begin to enact some sort of program to take physical PM's away from folks.
There seems to be trigger figure that has been revealed from several others that indicate a price of $2,000.00.
Here are some of the plans that are being talked about and keep in mind that these quotes are coming from very reputable people like silver analyst David Morgan, trend forecaster Gerald Celente and precious metals expert Jerry Western.
There is a plan to use the IMF (AKA US Treasury and Wall Street) to be the front man for the new world order and one currency.We also got disturbing news yesterday from an impeccable source that when gold touches $2,000 it’s confiscated in the USAfor about $200. Then it’s to be reissued by the Treasury for $10,000 per ounce to back the new IMF world currency using SDRS in 2011. Large physical gold is being moved to Canada. (Editor's note: There are strong indications that Warren Buffet has already begun to move his PM's to Canada, where he owns two gold mines and obviously has the secure storage available)
Jerry Western, who wrote Got Gold? Get Gold!, writes that while the government won't overtly begin to confiscate PM's as they did in 1933 they will certainly resort to covert methods.
So, will it happen again? I’d have to say overtly, probably not. Never say never, but I believe that covertly it has already begun ...
…there’s the matter of gold and silver Exchange Traded Funds. Many of these funds, including the largest, are thought by many informed individuals, not to hold the metal they are purported to. At some point, if they don’t have the metal, they will default on their obligations to shareholders. Those shareholders who thought they owned gold will not…They will have had their gold taken from them. Confiscated.
The final implementation of confiscation will probably be in the form of confiscatory taxes. If taxes rise to 90% on any profit I must report, then it will be discouraging and not worth the effort to hold the metal.
Qualifying all of this is of course necessary and I must say that it may not happen at all UNLESS the US decides to go back to a gold backed currency standard. That is exactly when FDR in 1933 moved to confiscate and ban gold ownership until 1973 when we transitioned to fiat currency.
One last bit of paranoia is this fact:
When ObamaCare was passed, we found out afterwards, new 1099 requirements which will force gold/silver merchants to declare all precious metals transactions over $600. Thus, the mechanism for tracking and taxing even small cash transactions has already been put into place.
My conclusion is to advise you to keep an eye on what is happening in Washington via sources like this one, make your buys in small quantities (under 600 per transaction) and above all find a place to store those physical metals you are holding in a place that can't be found if someone comes looking!
Cross Posted at The Silver Advisor