Is Gold Confiscation on the Cards?
Monday, October 03, 2011
According to independent reports the law was passed to stop the illegal sale of stolen metals like copper, steel, etc. The fact that gold and silver were included in this cannot be ignored. This new law makes it illegal to buy even one ounce of gold or around 18 ounces of silver in cash.
It makes you wonder when other countries will use a similar excuse of the rise in the theft of metals to introduce similar draconian laws?
Central banks are presumably so concerned that more people are getting out of fiat currencies and are trying to preserve their wealth through gold and silver that governments are cracking down on the anonymous purchase of gold and silver.
Be aware that USD$600 isn’t even enough to purchase a half ounce of gold at today’s prices. This guarantees that people who transfer their savings over to precious metals will be known to the authorities, leaving them vulnerable to government confiscation of their gold and silver later on down the line. Let’s not forget that the US government confiscated gold in 1933 and this could so easily happen again.
What can you do proactively right now:
- Buy precious metals anonymously with cash while you still can
- Store some of your precious metals outside the country in which you live
- Be aware of small changes in laws around the world that may give you clues as to what do with your assets in advance
- Consider buying gold and silver now while the price has fallen
- Watch out for the “man in the
street” buying gold and silver. That’s the point you should probably sell.