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A Bad Week For Metals

August 24, 2011 by  

This week in history was a bad week for the private ownership of gold. On August 28, 1933, President Franklin Delano Roosevelt issued an executive order prohibiting the “hoarding” of gold by Americans. Private citizens were required to surrender any “gold coin, gold bullion, and gold certificates” they owned. The order also placed limits on the export of precious metals.

More than a century earlier, on August 28, 1814, Philadelphia banks stopped all payment of specie (gold or silver). The young nation was in the midst of the War of 1812. The British had burned the White House four days earlier and seemed to be looting the country at will.

August 29, 1862, is the birthday of the Bureau of Engraving and Printing. Congress authorized the Secretary of the Treasury to issue paper currency because genuine silver coins were disappearing from circulation. A flood of greenbacks soon followed.

The printing presses have never stopped since.

–Chip Wood

 

 

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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  • CanCan

    One good book I read is entitled “Pictures Of The Socialistic Future” by Eugen Richter & Henry Wright, copyright date 1907, with a first edition date of 1893-as indicated on the inside cover. Situated in Germany, the book talks about Socialism coming to Germany, and how the old “for the good of the whole/community” was greatly touted as a way to rip people off and redistribute wealth. Ironically enough, gold was soon outlawed, and their own currency-much like the dollar today-slid into worthlessness. Those who smuggled themselves out of Germany? Yep, they used the gold they refused to surrender, to bribe border guards in exchange for freedom. It is ironic in how history repeats itself.

  • s c

    People who lust for control over others (politicians, that is), have long proven that they are not to be trusted. The potential for America seeing a second confiscation of gold is too high for anyone to assume that the government wouldn’t do such a thing again.
    That is an “option” for our anal retentives in Washington. Central banks around the world are buying GOLD. China and India lust after gold. We have been told for at least 90 years that gold is archaic. Greenspan told us gold is a barbaric relic (he’s the same hypocrite who used to understand why gold is an asset that has value and remains after everything else fails).
    If this government ever tries to confiscate gold a second time, it will serve as an eternal proof that government is not to be trusted, and that any citizen will be justified in proving to would-be confiscators that they aren’t paid enough to risk their lives for a traitorous government.

    • JimH

      sc, The ones that come to collect the gold may also find alot of lead heading their direction too.

  • BUCK CROSBY

    As gold prices continue to climb and as the economy continues to fail I am sure that sooner or later there will be a repeat of that azecutive order by Obama .

  • JimH

    In the late 1800′s if a Norwegian wanted to leave and imigrate somewere else they couldn’t take any money with them.
    They melted silver down and made spoons and forks and took the family silverware with them.
    My Grandma gave some of the family silver to each of us before she past away.
    We also found the gold coins that my Great Grandfather hid away.

  • Donna Jo Ebeling

    If you own gold without a paper trail I suppose the way the government will punish you is charge a tax when you go to use it, prohibit getting gold out of country. All kinds of ways of “confiscating” gold. I’m thinking it might be best to send gold coins out of the country now while you still can. Do you agree?

    • JimH

      Donna, Like the Norwegian silverware, gold can be worn out of the country in the form of jewelry. Many people in unstable parts of the world have gold and presious gems(in the form of jewelry) in case they need to leave in a hurry. Gems are easy to smugle out and have a high value to wieght ratio.

  • s c

    According to H L Mencken, one of the ways Lenin’s Bolsheviks tried to ‘import’ western technology into old Russia was through selling off some of their GOLD. Isn’t it peculiar how some foreign governments understand gold so much better than our ‘leaders’ and the retards at the Fed?
    Today, both India and China are lusting after gold. Do you think our government has something to hide? If any other governments can have reasons to value and buy gold, we would be beyond stupid to listen to our “experts.” It should be obvious that paper that is not ‘backed-up’ by anything of value can’t ever match silver or gold!

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