Current price of Gold

 

 

 

 

Should I buy "non-confiscateable" gold?

 

There is no such thing as "non-confiscateable" gold. Although various telemarketers and dealers will tell you there is.

 

The whole notion of the government being able to confiscate gold from its citizens comes from the Executive Order that President Roosevelt issued in 1933 calling in gold. The Executive Order exempted "gold coins having a recognized special value to collectors of rare and unusual coins”.

 

Yes, Roosevelt forced US citizens to hand over their gold. And yes, he exempted various types of collectible gold coins and gold jewelry.

 

However, that order was repealed in 1974 by President Gerald Ford.

 

And what does this have to do with what might happen tomorrow or next year or in ten years?

 

Unscrupulous dealers would have you believe that today’s government might do the same as what Roosevelt did. And that the current president would write an order exactly the same as Roosevelt’s, with the exact same exemptions.

 

This is nonsense.

 

First, it is extremely unlikely that any government would even try to do what Roosevelt did back in 1933. Second, if it did happen, nobody knows what exemptions might or might not be made.

 

The point here is that dealers tell this story as part of a high-pressure sales pitch. They instil fear in people and persuade them to pay high premiums for collectible gold coins.

 

And it is all based on fear and lies.

 

Ignore these people. Your best bet is always to buy .9999 pure bullion coins.