FDR made gold ownership illegal in 1933. Everyone had to turn it into the banks for fiat or face prison sentences and $10,000 fines. If they were caught of course. Could it happen again? I suppose that depends on whether you think we will ever return to a Gold Standard or not and whether you trust governments to let gold-holding private citizens to hold onto the wealth they would gain if that ever happened..
*correction* they had to turn gold in for the currency of the day which was actually still backed by gold **
Often quoted , yet i have not seen any evidence that people were forced out of their ownership of gold. Sure it was a different time and people trusted (lol) their government. I will say i do not think it will ever happen. But i never though oil would be in the $30's either Other than metals at home and cash we have no real skin in this game anymore. I like to come on here and share a comment or 2 but i do very little research compared to when we were heavily invested in markets.
As far as the private vault facilities go they don't particularly know or care what's in your box anyway. Privacy is key. In the event of insolvency they will ask each box owner to remove their items. They do have sniffer dogs come through every few months looking for contraband (drugs) also. I have no doubts about using a private vaulting facility. Ymmv. I do have doubts that the government guarantee they have in place would actually be sufficient to payout if the need arose. Perhaps the underwriters would go bankrupt. Does anyone have more info on this and how well funded the guarantee is?
People that put their money in banks were once referred to as depositors now they are know as investors. If the bank goes down, join the long line in trying to get your money back. Does the $250k apply only to depositors. Better get it right fellows, you may not get another chance. Where have the financial gurus put your super? Some super funds were mouthing off that they made 10% on your super last year.. I wonder which stockmarkets your $$$$$$ were invested in. I wonder how those that have SMSF will fare? Lets hope that you have gold and silver. Regards Errol 43
From another thread: ".. anyone with over $250,000 in any one account, or held offshore, will have their money automatically subject to bankruptcy dispursements from the courts based on a much lower rank of priority, and a much lower percentage of return." And from another discussion on the forum about the introduction of 31 day lockins for term deposits: "In response to new regulations designed to maintain the strength of Australian banks" we have decided that you will need to provide 31 days notice to us if you want to access your funds in a (name of bank) Term Deposit." So if there is any sign of trouble, people may not able to withdraw their funds, and then those funds will be subject to low priority bankruptcy disbursements. http://forums.silverstackers.com/message-738102.html
Focus on the bit above: all member nations of the G20 will immediately submit and pass legislation ... where banks no longer recognize your deposits as money, but as liabilities and securitized capital owned and controlled by the bank or institution.
Of course Joe and Jane Bloggs have NO idea that this is the case as it is not widely publicised. Thank goodness for SS site and even though we are a bunch of know it all, conspiracy nut bars (and house) we at least have a lot more information than poor old Joe and Jane.
