One concern of retail precious metals investors is the possibility of a gold confiscation.
Imagine having the forethought to buy gold to shield your finances from an economic or monetary crisis—only to have it taken away from you by your government. You’d lose not just the protective buffer you put in place but potentially a chunk of your net worth.
Gold confiscation may sound preposterous to investors used to securities or real estate. But it’s happened in the past enough times to make it a reasonable concern for those uneasy about unsolvable debt levels, runaway government spending, and continual central bank money creation. Watch this video for the complete history of gold confiscation and what you can do to protect yourself or read on below:
When a grab is made for people’s savings, governments don’t bother to confiscate instruments like stocks and bonds and savings accounts—those can be wiped out by simply devaluing the currency. But when times are really tough, governments have “requested” citizens turn over their gold—the one asset they’ve historically been unable to control, since it’s not someone else’s liability.
When a gold confiscation happens, there unfortunately aren’t a lot of viable solutions. If your government declares it illegal to own a meaningful amount of bullion, you’d have little choice but to comply. Either that or play the role of a fugitive—with the prospects of financial penalties, forcible confiscation of your metal, and even jail time waiting for you.
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Many investors believe gold won’t be confiscated today because it’s not part of the monetary system like it was during the U.S. nationalization in 1933, under Roosevelt. While it’s…