Let's not keep you in suspense. If you're not careful, your government can confiscate your gold. Also, you can probably do it without compensating it. The governments of the United States, Great Britain, Australia and many more have done so over the past 100 years.
So the clear answer to whether the government can confiscate your gold is yes. The real question is how can you avoid it? Under current federal law, the federal government can confiscate gold ingots in times of national crisis. As collectibles, rare coins do not fall within the provisions that allow confiscation. To prevent the government from finding out about their investments in precious metals, many investors are happy to know that their purchases will not be declared and they will end up buying overvalued currencies.
Gold coins and old European gold coins are not “subject to confiscation”, giving the impression that modern gold bullion coins are. It remains true that governments will take extreme measures to undo the effects of a financial crisis, for example. Another idea holds that coins that are one hundred years old or older are antiques and are therefore not subject to confiscation. The most commonly used technique to promote high-priced currencies is to raise the issue of confiscation.
Gold coins that are promoted as “not confiscable” have a “special value” recognized by collectors of rare and unusual coins. As noted above, the premise of “non-confiscable gold” lies in Roosevelt's Executive Order, which exempted “gold coins from a special value recognized to collectors of rare and unusual coins.” In that case, be prepared for the government to try to accumulate gold as quickly and cheaply as possible. So why is gold hoarding a problem? Well, under the Federal Reserve Act (191), the government needed to back paper money with 40% of its value in gold.