U.S. Will Not Hesitate To Confiscate Gold Again?
Marc Faber, the highly respected publisher of the Gloom, Boom and Doom report is saying that Americans should buy gold but should store gold overseas, out of reach of a government that has shown its willingness to confiscate gold from its citizens before.
The problem is that so few people own gold that their will be no public backlash if they force-ably take it away from the “1 Percent” who are going to be perceived to be wealthy. And with what the price of gold will be if that ever happens, they probably are going to be rich.
Faber continues to buy gold, and prefers to accumulate some each month since one never knows what manipulation or events will drive the price up or down.
Why Does Faber Think The U.S. Will Confiscate Gold?
As reported in MoneyNews, Faber says:
“Like in 1933, gold will be purchased back by the government” because eventually the financial mess will be so bad that gold prices “will go ballistic, and the government will take away something from a minority, and not many people own gold.”
“When gold prices shoot up, it will be quite a popular measure to take it away from these rich people,” Faber says. “It’s happened before.”
From the U.S. Government’s perspective, here are the reasons to take your gold (at a lower price than what it will be once they are done with the gold confiscation – just like 1933):
- The gold price will skyrocket, making the Federal Reserve and other government officials (and Warren Buffett) look like idiots; they can’t have you getting rich from “their” gold.
- Very few Americans will own gold, even after the price goes ballistic. Whether it’s 1 percent or 5 percent; anyone who complains about the government confiscating gold will be deemed to be the rich “1 percent”.
- There is precedent for U.S. Government gold confiscation; FDR got away with it and maintained super popularity and even got elected 4 times.
- Politicians promoting the confiscation of gold will likely be applauded by not only the press (that’s a given) but by the average Joe who chose to listen people like Mitt Romney and Barack Obama instead of Ron Paul. (No, we don’t expect the average American to know who Marc Faber is.)
Note: Besides just taking citizens gold right before they dramatically revalued its price upward, they made CRIMINALS out of anyone “hoarding” gold. Notice that word spin is everything. You are not protecting your hard earned wealth, you are HOARDING!
So HOW Do You Store Gold Overseas?
It’s one thing for a guy like Marc Faber, globetrotter that he is, to say Americans should buy gold and store it overseas – out of reach of their loving government, but many Americans have no idea how to do that.
In fact, as we have written just recently in our OnlyGold Review, many Americans do not even have the benefit of a few good coin shops in their community to compete for their business with favorable prices and product availability.
While there are many options for storing gold overseas for those wealthy enough to jump on an airplane and fly to Vienna, Hong Kong, or Zurich, there are millions of Americans with enough wealth they would like to protect that really cannot afford the time or travel expense to fly to – what is to them – an exotic locale.
The easy way to buy gold and store it overseas is to open an account with BullionVault or GoldMoney in the comfort of your own home.
You can buy gold, silver or other precious metals in increments as small as 1 gram (1/32 of an ounce, about $65 today), buy at the lowest gold prices available in the world, and pay very minimal storage fees to have your gold safely and securely stored offshore and out of reach of Uncle Sam – LEGALLY!
With each of these companies you have a couple of choices as to which country you want to have your gold stored in, Switzerland is probably the most popular.
At any point in time you can sell your gold held at BullionVault or GoldMoney (again, at some of the best prices ANYWHERE) and have the money transferred to your bank account.
We personally think BullionVault has a few advantages over GoldMoney, but we use both ourselves. At BullionVault you can buy gold with limit orders too. Here is our full BullionVault Review.
