On April 5, 1933, under the pretext of a national emergency, President Franklin D. Roosevelt issued Executive Order 6102, making it illegal for U.S. citizens to own gold.<\/p>\n
The decree forced Americans to sell their gold at an artificially low \u201cofficial price.\u201d If they refused, the government could hit them with stiff penalties: a $10,000 fine (equivalent to $180,000 today) and\/or up to 10 years in prison.<\/p>\n
The government blatantly stole wealth from the American people.<\/p>\n
Many worry the U.S. government might confiscate gold again if it becomes desperate enough. I don\u2019t think those fears are unfounded. The U.S. government\u2019s abysmal financial situation is only getting worse.<\/p>\n
But would it really do a 1933-style grab again?<\/p>\n
I don\u2019t think it will. However, there is another growing threat to your gold.<\/p>\n
Today, only a tiny fraction of the U.S. population owns gold. Heck, I\u2019d bet most Americans have never even seen a gold coin, much less appreciate its value.<\/p>\n
This wasn\u2019t the case in 1933, when the U.S. was still on a variation of the gold standard. That\u2019s why the government probably won\u2019t repeat the 1933 rip-off. It\u2019s simply not worth the effort.<\/p>\n
If the government wants to confiscate wealth, it\u2019s far more likely to go for the easy option\u2026 steadily debasing the currency by printing money. It\u2019s a stealthy way to confiscate from savers.<\/p>\n
That doesn\u2019t mean gold owners are in the clear.<\/p>\n