Could gold coins be confiscated again?

Many investors who are new to gold and silver are shocked to learn that the US government once confiscated the gold bullion coins of its citizens. Things like time, partisan rhetoric and spinsters who call themselves gold salesmen have blurred the truth about the historic gold confiscation. We sat down with Gold Silver Senior Advisor Paul O’Sullivan to get the facts; Paul has been in the gold industry for almost 50 years, including 11 years during which the prohibition on gold bullion was in place.

Q: How did you get into the gold industry?

A:  In 1965 I started working with a local gold dealer in Chicago. I was 15 years old and I delivered his lunch almost every day. One day I walked in and he had a Saint (Gaudens gold coin) on his desk. It was the first time I had ever seen real gold. I asked him if I could have it, but instead he gave me a job. That job ended up meaning a lot more to me than one gold coin.

Q: What do you remember, in terms of the gold confiscation, between 1965 when you got your start in the industry and 1976 when that ban was lifted?

A: Lots of people want you to believe that it was an outright crime to own gold. Not true. Citizens could own up to five ounces of gold bullion at any one time, and Roosevelt’s Order specifically excluded rare gold coins. By that time the ban had been in place for decades and everyone had grown accustomed to it. There was no widespread witch-hunt, but if somebody wanted to hoard gold they basically had to sit on it for over 40 years, so it had no spending power in large quantities.

Q: Some people have said that gold will definitely be taken again. Just as many people believe that our nation has moved too far forward for such an order to pass. What do you believe?

A: That’s all speculation and I never like to speculate. Of course it could happen again so on the one hand you want to protect your portfolio from the possibility but it is irresponsible to base one’s entire investment strategy around something that has so many variables. A smart investor will assess the current geo-political climate for oneself and make the best possible decisions at that time. The worst thing you can do as an investor is let an advertisement or a salesman make your decisions for you.

The historic gold confiscation clearly had an effect on Paul’s outlook on life and investing. Could gold coins be confiscated again? Yes. Whether or not another gold coin confiscation will take place within US borders is anyone’s guess. Call Gold Silver today at 1-800-394-3337 or email us using the link below for a free brochure that contains ONLY the facts surrounding gold confiscation.

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