As The Euro Tumbles, Spaniards Look To Gold


Suverans2's picture

Easily Revoked Privilege

The privilege, not right, to own gold was restored to U.S. citizens[1] on the 15th August 1974.

Congress could easily revoke the privilege again. In fact, at no time during this century has the U.S. government recognized the right of private gold ownership. The Trading with the Enemy Act, which President Roosevelt invoked in 1933 to restrict private gold transactions, remains law. Although private ownership of gold in the United States was legalized on August 15, 1974, the power to confiscate gold remains in the hands of the President. The President still retains the right, under the Emergency Banking Relief Act, to "investigate, regulate or prohibit...the importing, exporting, hoarding, melting or earmarking of gold" in times of a declared national emergency. It is highly unlikely that either the Courts or Congress would successfully argue that confiscatory powers are not implicit in the Emergency Banking Relief Act if a currency crisis or other fiscal emergency prompted the President to, once again, nationalize gold.
[1] Non-citizens, i.e. nonpersons, never lost their natural right to "justly acquired property".

Glock27's picture

I wondered whyI never got into the gold buying project, now I know why. My main reason was that 1) it is just too damned expensive to buy and 2) you can't eat it. Liquor and beer are my monitary moneies. In an ecoonomical crisis I would rather have food and barter materials rather than gold. I do collect silver, but only in nickles. I read on a Survivalist blog that silver would be the better metal to invest in, but silver, as I understand it, is taking a dive right now. If we get through the economic crisis, I will have a big party with a free bar!