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Daily Gold Bullion Update

December 16, 2009 - Gold bullion bars have been legal to own for US citizens since 1971, when President Richard Nixon removed the United States from the Gold standard. On the flip side of the coin, Nixon’s move also legalized the full-time and overtime running of the printing presses housed at the US Treasury. Gold bullion bars and coins were illegal for us to own for almost 40 years, and our government stored trillions of dollars in gold at Fort Knox, Kentucky from 1933 to 1971.

President Franklin Roosevelt made hoarding gold bullion a criminal act in 1933, when the great Depression was in full swing and the US government needed the gold to prevent the collapse of our dollar. The Gold Standard was a way of backing US currency with physical gold, which has been valued for over 5000 years, unlike the fiat paper we use as currency today.

While investors started to fortify their portfolios with gold bullion bars and coins in 1971, our lawmakers immediately started a spending spree that has continued to our day. Our government’s ability to print and spend is almost limitless, as evidenced by the debt “ceiling” that has increased hundreds of times over the years. This limit will be raised yet again in the near future, because the current debt limit of $12.1 trillion is almost breached.

Our leaders have relentlessly disregarded the responsibilities that they accepted by increasing the amount of debt that our nation has become buried under. A handful of other nations have beckoned for the United States to shore up or eliminate the US dollar entirely. Historically, our government backed up the weak dollar by confiscating gold bullion, and it appears highly likely that such a confiscation will occur again.

There is no way to know what our government will do, but there are ways to protect your portfolio if such a confiscation were to occur again. Certain gold coins have been deemed non-confiscatable by Executive Order 6102, Section 2-B. US coins that hold special value to “collectors of rare and unusual coins” coins were not confiscated historically, so investors have cornered the investment side of this market to secure their wealth privately.

Contact Gold-Bullion.org by requesting one of our free investment starter kits if you would like to learn more about gold bullion bars, gold bullion coins, or non-confiscatable certified coins. 

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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