There seem to be more discussions about a 1932 style bank holiday/confiscation of gold in the US. Does anyone know if that happenned in Australia in 1932 as well? If so what are your opinions of it happenning here again? Does anyone know of other secure sites to store gold? I am thinking of spreading mine around a bit to spread the risk. Up until last month I was satisfied that this wouldn't happen but now Im starting to reevaluate it. Any thoughts?
So what does that mean exactly - will not process payments? Does it mean that it's like a normal "non-business" day so any transfers, bill payments, etc will not be processed til the next working day or does that mean that ATM's will be closed and you will not be able to access your money?
For those unfamiliar with the background for my question. Governments declare an unscheduled "bank holiday" in times of currency crisis. Essentially you wont be able to access your money for that day while all currencies of the world are depreciated over night. This includes safety boxes, which will be locked. In 1932 FDRs US govt declared a BH and all gold was confiscated from private hands (ie safety deposit boxes) and then revalued higher (thereby depreciating the then gold backed currency and scr*wing the public). It is obvious all governments around the world are engaging in currency depreciation. If they chose to revert to a gold standard then it makes sense that they would follow the "bank holiday" play book. Here is a link of US VP Joe Biden admitting they were discussing it a few years ago. It concerns me that it is still on the table as an option .. and that JB is stupid enough to admit it publicly. http://www.youtube.com/watch?v=xm3VMrKqJSA (BTW this video is proof that John Corzine will not go to jail for "confiscating" MF Globals client protected segregated account gold positions .. but thats a different topic altogether) Not sure if the BH was ever done in Oz in 1932.
Check your facts - all gold was not confiscated in 1933, and safe deposit boxes were NOT raided under EO 6102. There is a single documented case where gold in a SDB was confiscated, and it was part of a larger tax investigation I believe. If you only had 5oz of gold coins or less, you were allowed to keep it, and you were better off after the revaluation because it went up in nominal value 75%!!!I
On a side note, wouldn't Christmas just be a top day to do a world wide currency devaluation across the western world?
According to Dr Edwin Vieira, this is not quite correct. http://www.theinteramerican.org/about-us/fellows/154-dr-edwin-vieira.html He gives the exact details in this talk http://goldsilver.com/goldsilver-ra...win-vieira-confiscation-and-the-constitution/
What specifically does he say to refute this? $100 face value in gold coins were allowed to be retained, as well as jewellery and coins of collectors significance - $100 FV in US gold coins would have netted 4.8385oz actual gold content - a $20 double eagle contains 0.9677, and the gold content is relative to face value for contemporary US gold coins denominated $2.50 to $20. 5oz is commonly stated, but the actual amount is "$100 face value". There are hoax Executive Order statements circulating on the internet about safe deposit box seizures - they are fake.
His explanation is slightly convoluted, as the government order appears to have been changed mid-stream. Start listening at 5mins, 30 seconds.
I would like to see a reference for that - I'm not sure whether the Gold Reserve Act of 1934 (which was essentially a bunch of changes to the Federal Reserve Act) removed the provision for retaining $100 face value of gold.
If you want to debate gold confiscation in Australia do it from historical Australian experiences. https://www.igolder.com/glossary/perth-mint/ http://www.bullionmark.com.au/gold-research/blog/2009/6/00/26-Gold-confiscation-in-Australia.html
Hmm, Husband + wife + kids (assume 2) = 20 ounces you can openly own (on top of jewellery *sovereign ring* and numismatic coins)
I just hope that there will be enough advance warning for those looking for the signs. I can dig a deep hole if need be.
Bank holiday= take some fiat Xmas paper to get by over the next week or so. Keep fiat notes in your hands because the ATM may stop due to "issues". Hoard the coins you hold. May you all enjoy & be safe over the festive season.
thanks, this is the info I was looking for. Personally I think it would be unlikely for this to happen, but nothing surprises me any more
At least in Australia you can buy gold now from several sources..Up until around 1982, gold bullion such as bars were not available for purchase.. If you wanted to buy gold, you would have to purchase gold sovereigns which were legal tender. That act of 1959 re confiscation of gold means that indeed the government or the Governor General can steal your gold at will..Even if you do manage to hold on to it, who do sell it to, if it means breaking the law. We let these laws come into existence and what do we do about it....NOTHING..What do I do ? Nothing/ Next time I see my local politician at a public meeting I will ask the question about the act of 1959.. I already know his answer...I don't know anything about it but I will look into it. Don't put you trust into the hands of any politicians when it comes to matters such as these.. Regards Errol 43
.. And if that were to happen, than the Media would have an 'excuse' for the public. ( This 'excuse' is akin to Heavy Water being used in nuclear reactors ) and the excuse would be what Phone companies say as a response to why the SMS took 15 mins to arrive in the first hour after the New Year celebration, and parts of public would be like " it can be fixed ! "
This time around they do not have to confiscate gold, so little of it is in the public's hands. They only need to ban sales of gold. Imagine if the the RBA said that it would buy any gold from the public at , say, $2,500 per ounce and that sales of gold were banned !
IMO its highly unlikely that India would EVER ban gold ownership from their people. (1) They are very independently minded. (2) References to gold in ancient Indian mythology and religious scriptures. (3) "Research shows that over 16000 tons of gold is there in Indian households predominantly in the form of jewellery". So... if country "A" bans gold ownership, all you need to know is that if you can smuggle it to country "B" you'll make a fortune. And while we're at it, the government may as well confiscate shares; eg. all gold shares worth more than $5.00 each, must have handed to the government, who will buy them for $0.10 each, etc, etc. You can get quite absurd about this whole thing. The human race is going to have to try and learn to *grow up*. Gold confiscation would be a step backwards for any country doing it.
