Executive Order 6102 was a presidential order signed by Franklin Roosevelt that prohibited the hoarding of gold coins, gold ingots, or gold certificates. The reasoning behind the order was to try to combat depression. Times had been difficult, and the hoarding of gold only caused economic growth to stagnate even more. In addition, the order was designed to help the Federal Reserve increase the money supply during the depression, since the Federal Reserve Act required that the Federal Reserve have 40 percent gold backing on the banknotes it issued.
The IRS knows you sold gold, so it's important to keep accurate records of your transactions. The important difference about this gold ban is that it occurred when Britain did not have a gold standard. In other words, we have a historical precedent that gold was confiscated without it being part of the monetary system. Gold is not part of the current monetary system either. 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. Are there any limits to the amount of gold I can own? No, there are no restrictions on private ownership of gold in the United States. You are only limited by your budget and your common sense. Storing gold and silver where the government is least likely to be able to access them quickly and easily is a smart solution.
When the gold investor considers the number of ways in which a confiscation could be carried out, how long it could last, the ease with which the government could change the rules and how far it could reach everyone in a context of economic or monetary crisis, he underlines the need to establish a viable strategy. One can research this topic and draw one's own conclusions; however, it seems that the idea of the confiscation of gold by the government is a bit of an exaggeration in today's world. They chose to do so instead of having taxpayers shoulder the burden of the rescue because of the large amount of foreign investment in their banks. It also seems highly unlikely that the rich in this country who own gold or silver will allow the government to confiscate their metals.
“It encouraged the public to “voluntarily donate their gold rings, necklaces and other forms of gold to the government.”. The law, which was part of the Banking Act of 1959, allowed private citizens to seize gold if the governor determined that it was “appropriate” to do so, to protect the Commonwealth's currency or public credit. There is a logical thought process for excluding collectible coins, as the government was trying to gain monetary control over gold bars. In 1933, U.S.
President Franklin Roosevelt created the Emergency Banking Act, which stated that those who owned gold must hand it over to an approved bank. However, what the government has done in the past is not necessarily indicative of what it will do in the future. The country's treasurer stated in a press release that followed: “All gold (except forged gold and coins, on a limited basis) had to be delivered to the Reserve Bank of Australia within one month of its arrival in the hands of a person. If gold is recognized as legal tender in some states, confiscation would amount to the government confiscating your money.
No, there is no branch of the federal, state or local government that is interested in how much gold you may own. Worse yet, the ban on private ownership of gold in the United States, the home of the free, lasted more than four decades. Just as important, during the modern “bailouts” we've seen in debt-ridden countries, banks used to work hand in hand with governments to confiscate assets long before citizens knew what was happening. .