Will the Government Confiscate Your Gold?

The question that keeps popping up is will the government come after my gold? The short answer is yes, the government can take your gold as long as they give you “just compensation.” I’ll go into detail on the history of gold confiscation first but make sure you don’t miss the section below that dives into what the government could do today to enrich themselves at your expense by confiscating your 401k’s, IRA’s or pretty much anyhing else by giving you worthless dollars in return.  

The government confiscated gold in 1933. They gave the person turning in the $10 gold coin a $10 Federal Reserve Note. But they changed the language on the Federal Reserve Note from “Redeemable in Gold Coin” to “Redeemable in Lawful Money.” Not only did they give you paper money that is redeemable in nothing but more paper money, but they artificially moved the price of gold from $20.67 an ounce to $35 an ounce. This move devalued the dollar by 40.94%. This means your paper dollars or Federal Reserve Notes bought you 40.94% less in things than if you held onto your gold. Was the government in your best interest? Are they ever? Stay tuned.

The Fifth Amendment Takings Clause allows the federal government to take private property only for public use and only if it provides “just compensation”.

Below is an excerpt from my book Buy Gold and Silver Safely, Chapter 8 on confiscation and why all laws pertaining to gold confiscation have been rescinded. After this section I’ll dive into other ways the government may try to confiscate in times of economic turmoil.

Confiscation

The confiscation story, which is hard for most to overcome, is
rather convincing. But after reading the following, the investor will
possess the power to just say no to their confiscation ploy.

Gold salespeople will say things like, “Are you aware that in 1933,
the government took gold coins away?” Most people don‘t realize this
is true.

The gold salesperson will then ask, “What kind of gold do you
want, the gold that can be confiscated, or the gold that can‘t?” Or word
the question this way: “Do you want government gold or private
gold?” “Government gold” would be the bullion gold like American
Eagle gold bullion coins and bars and ―private gold‖ would be the
coins like the European coins or others with a high markup over the
spot price of gold (these latter ones are all the gold sales person wants
to sell as it pays them the most commission).

Many gold salesmen will try and convince you that if you buy gold
bullion coins, the government will confiscate them like they did in
1933 with an executive order. They‘ll say that pre-1933 coins didn‘t
get confiscated and if you buy these pre-1933 coins, the government
won‘t confiscate them from you today. This is pure speculation on
behalf of the gold salesperson. Yes, gold was confiscated in 1933.
However, those laws and executive orders are no longer valid. They
have all been rescinded. Don‘t let gold dealers convince you
otherwise.

The following explains the facts of the gold confiscation. The only
people who will probably read this in detail are gold salespeople, who
won‘t be too happy about their hand being exposed. Quite a bit of their
profit comes from this one tactic alone.

Executive Order 6102 was signed by President Roosevelt on April
5, 1933, “forbidding the Hoarding of Gold Coin, Gold Bullion and
Gold Certificates.”

Executive Order 6260, August 28, 1933 amended 6102 by saying:

“…no returns (of gold to the government) are required to be filed with
respect to Gold coin having a recognized special value to collectors of rare
and unusual coin;”

Gold salespeople will say there was an amendment to this
executive order on December 28, 1933 “Exempting Pre-1933 Gold
Coins from Confiscation.” No such executive order amendment from
that date exists, although there were other amendments to Executive
Order 6260.

Finally, Executive Order No. 11825, written December 31st, 1974,
revoked Executive Orders 6102 and 6260.

So, what does this mean? It means no executive order exists today
to confiscate anyone‘s gold.

Many gold dealers will say the following is of significance
regarding which coins are considered “collectible” and thus would be
exempt from confiscation:

Title 31 of Code of Federal Regulations Sec. 54.20 Rare Coin:

(b) Gold coin made prior to April 5, 1933, is considered to be of recognized
special value to collectors of rare and unusual coin.

While it is true that these coins may be collectors‘ coins, it is
irrelevant because again, all executive orders pertaining to confiscation
of gold have been rescinded.

End

Note: I did help the Santa Monica City Attorney Adam Radinsky get $6 million from a gold dealer that was using government confication as a tool to get investors in gold and silver to buy high commissioned coins they claimed would not be confiscated.

Fast forward to 2024 and let’s examine what the government will do in their own interest. First understand that the government doesn’t care about you. They spend your money and straddle your children and children’s children with debt in perpetuity. There is now way out of this debt except for the U.S. to go bankrupt or to tax every dollar you earn at a much higher rate. They of course could simply lower the inheritance tax and take 50% or more of everything you have worked hard for in your life. Meanwhile, the rich get to keep their wealth because they set up Foundations under the guise of promoting the well-being of humanity.

On a side note, think about how forward thinking the elite were in 1913 and continued through Woodrow Wilson’s administration. What did we get under the Wilson administration?

World War 1 – “make the world safe for democracy.”

Espionage and Sedition Acts – criminalized any “disloyal, profane, scurrilous, or abusinve language” about the U.S.

Federal Reserve – Allows Congress to borrow from it by paying interest on money they print out of thin air thus paving the way for Congress to bury its citizens in $35.7 trillion of debt with an interest payment of $658 Billion (2023) and higher for 2024 with higher interest rates.

Federal Income Tax – Set up to tax the wealthy but has devolved into taxing the middle class and even those in poverty.

Foundations for the wealthy – the rich will always get richer. Only obligated to give 5% of total assets each year. Note: I am not knocking charitable endeavors. Many farmers and business owners have been forced to sell to cover taxes on their wealth that Foundations don’t have to pay. Foundations pay no state or federal income taxes, only a nominal 1.39% on their net investment income.

Railroad Act – we have the fastest trains in the world right?

Labor Department – Organized labor.

Wilson was by far the worst President ever. Bar none.

My first blog article I ever wrote in 2008 said this before the Presidential debate:

By eliminating one of these Left and Right tools of destruction, The Federal Reserve, and thus inflation and the ability to fund undeclared wars, our government will have to live within its means and thus we all will have the Freedom to live a more prosperous life, maintaining our wealth and we’ll also be able to pass that prosperity on to our heirs. Isn’t this the way our forefathers envisioned America to be?

Nothing has changed. The Evildoers on both sides of Congress won’t change. They will continue to go into more and more debt. You have to eliminate entire departments of Congress if you want to make any headway and only one side of the aisle is even talking about reducing Leviathan by putting Elon Musk in change of cutting government. Some say it will just make him richer. Could be. If it is at the expense of government then your children and children’s children just may stand a chance.

As it is today, if your children can do simple math, it’s no wonder that so many youth want to just play video games and disappear into fantasyland.  A college education aint what it used to be and those who have chosen to work and not be a debt slave with student loans for decades are doing better for the most part. The Student Loan system is another government failure as they gave permission for Universities to raise tuition every year and have a government guarantee the increase in tuition would be covered by the loan to the student ($1.7 trillion owed).

Add in credit card debt ($1.3 trillion) to the equation of all the above and you have almost everyone in America except for the ones who know debt is evil in debt to banks or government. Is this what J.P Morgan envisioned when he met with other bankers at Jekyll Island where they started the Federal Reserve and passed the Federal Reserve Act while most of Congress was on Christmas vacation? You bet it was.

Romans 12:9 ” Abhor that which is evil.”

Gold and silver represent honest money. They both keep pace with purchasing power no matter what banks and government in collusion with the Federal Reserve who allow the printing to go on unabated want to do to try and maintain a sane monetary system. The truth of the matter is, they will fail. They always do. Throughout the history of mankind every government paper money experiment has failed because governments screw it up. What’s left standing? Gold and Silver.

Our forefathers knew what they were doing when they wrote the Constitution.

Article I, Section 10, Clause 1

“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.”

If Government today tried to confiscate gold or even silver, they would have to get rid of the 2nd amendment first.

It’s much easier for the government with the stroke of a pen, just like with Executive Order 6102 and the confiscation of gold, to simply ask their right arm, the IRS to hand over 40% of your IRA or 401k to them before taking a withdrawal. Don’t worry, you will get Federal Reserve Notes as “just compensation.”

If you are the goverment, do you send out census taker type employees to knock on everyone’s door asking them if they have any gold? Especially with the 2nd amendment in force? Or do you simply tell the IRS to give them a portion of that wealth? There is $7.8 trillion in 401k’s and $14.3 trillion in IRA’s. The average household in the U.S. owns anywhere from $600 to $1,800 worth of gold.

It’s an easy answer who the U.S. government will choose to steal from.

NOTE: I am in the process of lowering the price of my How To Profit In Up and Down Markets book as I want everyone to read it. It will be available again soon on Amazon and you can look for the announcement by going to profitinupanddownmarkets.com

You can also sign up for the trading service that is almost ready for the public.

I am taking some time off to work on my next book “You Can Make A Difference,” a book that will be free for every Church in America to help make the Church and Church schools last forever. It is non-denominational and the concepts in the book will help local communities strive during times of government failure, just in case our monetary system fails us.