U.S. Law Still May Authorize Seizure of Gold And Silver

[cthrumatrix]

U.S. Law Still May Authorize Seizure of Gold And Silver
Thursday January 27, 11:30 am ET
GATA Queries Treasury


MANCHESTER, Conn.--(BUSINESS WIRE)--Jan. 27, 2005--Despite recent assurances to the contrary from the U.S. Treasury Department, U.S. law still appears to empower the president to seize gold and silver coins, bullion, and shares in mining companies from private citizens, the Gold Anti-Trust Action Committee says.

While GATA believes that the law may violate the U.S. Constitution's prohibition against the government's taking private property for public use without paying fair compensation, precious metals investors may still be in some jeopardy here. So GATA has written to the Treasury Department seeking clarification and a meeting with department officials.

snip

http://biz.yahoo.com/bw/050127/275585_1.html?printer=1

With the falling $USD I thought you might like to know this.

[da_chimperor]

1. So does that mean they can swipe my gold rolex too?

:wtf:

[DulceDecorum]

2. And your dental fillings

and your all your other bling.

[montana_hazeleyes]

19. They'll get

my dental fillings when they pry them from my cold, dead mouth!

[jjtss]

23. that has bee done before...........

Depends on who is being ethnically cleansed this time.
I gave 2 generations ago

[KansDem]

22. "All you gold are belong to me!"

Bush's new domestic policy.

Now he'll go to "Whire a Whore" to promote it for him...

[BrightKnight]

27. Can they take wedding rings?

[babylonsister]

3. I wonder if this applies to coin collectors.,

and people who buy and sell coins for a living?

[sportndandy]

see my post #4

[sportndandy]

4. That has always been a misinterpretation!!!!!

The executive order which authorized the collection of gold bullion gave specific exceptions. Gold for collecting purposes has always been exempt from seizure. See section (b) below.

Section 2. All persons are hereby required to deliver on or before May a, 1933, to a Federal Reserve Bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; and gold coins having a recognized special value to collectors. of rare and unusual coins.

(c) Gold coin and bullion earmarked or held in trust for a recognized foreign Government or foreign central bank or the Bank for International Settlements.

(d) Gold coin and bullion licensed for other proper transactions (not involving hoarding) including gold coin and bullion imported for reexport or held pending action on applications for export licenses.

[DulceDecorum]

6. The bullion was taken LONG AGO

we are down to wedding rings now.

[sportndandy]

8. I sell bullion gold

in the form of coins. US gold eagles , SA Krugerrands, Canadian Maple Leafs. There is bullion everywhere and it is protected by law. You can even put US Eagles into your IRA.

[DulceDecorum]

12. Do you sell

real real gold
or just those derivative certificate thingies?

[sportndandy]

13. Real Gold

Hold it your hand take it home and put in your safe gold.

Currently a 1ounce gold eagle will cost you about $480.00

If I could figure out how to post images I would send you some pictures.

Here is the link to the US mints site:

http://catalog.usmint.gov/wcs/wcs_command/0,,cginame_a=CategoryDisplay&querystring=cgmenbr;1000+cgnbr;1000,00.html

They offer an uscale version of what I sell. They don't bother with the bullions side at the mint, they aim for the collectors. The bullion goes to 12 superdealers who redistribute the product. I am about 3 fish down the food chain.

[TahitiNut]

14. Here...

[Chicago Democrat]

16. pretty! my precious!

[Chicago Democrat]

17. Thank you!

With so much really going on what we dont need are (more)fake crises...

[GoddessOfGuinness]

18. While I understand the gist of your message,

we can't ignore the fact that misinterpretation is Dumbyass' forte. If I had any gold other than jewelry, I'd be tempted to cash it in.

[NuttyFluffers]

30. exactly, law doesn't mean anything to criminals.

why just look at... well gee, fucking anything, including war and torture.

if this was the united states of america i'd say yes, the law defends such transactions. too bad that nation was stolen from us in 2000.

[grasswire]

5. oboy

I have a friend who is a coin dealer specializing in old U.S. money, with a huge inventory. I goddam hope he isn't going to take a bath on this.

[Skidmore]

7. Does Pat Roberston know this?

All that thievery he does in Africa will be for naught.

[sendero]

9. I noticed....

... here a while back when I bought some gold and silver bullion coins that they were really interested in getting a positive ID.

Whatever. Anyone comes asking for it - I already sold it, take a look around if you must :)

[sportndandy]

10. Who wanted your ID?

If you buy from a bank they must take your ID. If you buy from a coin dealer they just want your money. If you spend less then 10K in cash in a calendar year then there are no federal forms to fill out. You should never have to give your ID to buy gold. You may have to give it to sell gold, but that is only to protect the buyer from purchaseing stolen goods. It won't matter because if you report your sale you can always inflate your base.

[sendero]

24. Tell that...

.... to Dillon Gage. They absolutely insisted on ID ing me.

[sportndandy]

25. Then Fuck Them

Never buy gold from anyone who requires an ID for cash purchases less than 10k. They don't need it and you shouldn't give it.

[sendero]

26. I'll remember that..

... for next time. They really acted like it was not optional, and that it was Federally required.

[Megahurtz]

11. Wow, ANYTHING for another buck,

Seig Heil!!!:(

[Chicago Democrat]

15. THis is a OLD DEAD LAW .... There are many old laws that are

not enforced with good reason. I believe it was Gerald Ford, if memory serves me correct, that overturned the 1933 ban on US citizens owning gold bullion. A non-story.

[pilgrimsoul]

20. Any Opinions/Recommendations

on buying or selling right now? I've been trying to educate myself on gold investment, but am having a hard time understanding the factors affecting its price. Some seem to think it will go much higher, but others think that it won't due to the price being held down deliberately to prop up the dollar. That level of manipulation makes me reluctant to invest. I also read that silver might be a better investment vehicle than gold right now. I'd appreciate any input from those in the know.

[Chicago Democrat]

21. Its a decent bet that it would go up...but I like my "investments"

to pay dividends or interest. If you want to invest $1000 to $5000 I would put it in a mutual fund.

[slackmaster]

28. I'll give up my Maple Leafs when they pry them from my cold, dead hands

Same goes for my silver dollars.

:nuke:

[mom cat]

29. Oh my Gawd! What about the gold leaf on my BIBLE!

:evilgrin:

[robertpaulsen]

31. There may never be a better time to own gold than right now, MY ASS!

It seems like every day before I go to work in the morning when I flip on Headline News to see if the world ended, there's some British lady pimping gold with this slogan. It sounds so trustworthy and reassuring.

Now we see the hidden agenda. The easier for Herr Bush to TAKE YOUR HARD EARNED MONEY AWAY FROM YOU!

[slackmaster]

32. No, those are just fear-mongering shysters trying to make money

The "gold bugs" crawl out from under the rug every few years. The biggest gold price runup in my memory was in early 1980. I know ONE person who made a killing on gold because he sensed the precise moment to bail out.

Anyone old enough will remember how the Hunt brothers of Texas hyped the price of silver to unprecedented levals about the same time.

The following chart has no adjustment for inflation.