Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.
Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.
I do not feel it wise.
Last year I got a new .50 cal rifle, then I began the search for ammo. Since there is an extreme ammo shortage right now. I got a lead melting furnace and molds for .50 caliber.
Pure soft lead sells for $2 a pound, and cast into bullets lead sells for $42 a pound.
Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.
Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.
I do not feel it wise.
Last year I got a new .50 cal rifle, then I began the search for ammo. Since there is an extreme ammo shortage right now. I got a lead melting furnace and molds for .50 caliber.
Pure soft lead sells for $2 a pound, and cast into bullets lead sells for $42 a pound.
Now I am stocking up on lead.
Plus, when this all settles down, you can open a bait shop and make a fortune selling sinkers.
Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.
Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.
I wonder if “confiscation” is the correct word to use.
Here’s several definitions of confiscate I found on the internet:
take or seize (someone's property) with authority; take (a possession, especially land) as a penalty and give it to the public treasury; to seize without compensation as forfeited to the public treasury — compare criminal forfeiture.
According to Wikipedia – people were somewhat “compensated” (though compensate is probably not the correct word to use either – since “compensate” means to make an appropriate and usually counterbalancing payment to...how about they were given something for their gold...anyway here's the excerpt from Wikipedia) :
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $413 in 2020) per troy ounce. Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $200,000 in 2020), up to ten years in prison, or both.
The order specifically exempted "customary use in industry, profession or art," a provision that covered artists, jewelers, dentists, signmakers, etcetera. The order also permitted any person to own up to $100 in gold coins, a face value equivalent to 5 troy ounces (160 g) of gold valued at approximately $10,000 in 2020. The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins", which protected recognized gold coin collections from legal seizure and likely melting.
The price of gold from the Treasury for international transactions was then raised by the Gold Reserve Act to $35 an ounce (equivalent to $700 in 2020). The resulting profit that the government realized funded the Exchange Stabilization Fund, established by the 1934 Gold Reserve Act.
From: Executive Order 6102
Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.
Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.
I do not feel it wise.
Last year I got a new .50 cal rifle, then I began the search for ammo. Since there is an extreme ammo shortage right now. I got a lead melting furnace and molds for .50 caliber.
Pure soft lead sells for $2 a pound, and cast into bullets lead sells for $42 a pound.
It's up to the individual but for me, I believe the cost of silver and gold will be rising at some point so if I buy some now, it can be sold later and make a little profit. For that part to work you've got to know that you're buying low or know you're getting a good buying deal otherwise it doesn't make sense. Second, if the dollar crashes/ becomes worthless, the silver and gold will have value to either get the new cash value for it or barter for other goods/ commodities privately. If bartering I'd like to have the smallest denominations, dimes.
That would certainly decrease your LTV ratio and allow you to borrow more against the property and buy more land . . . a cycle that could be repeated . . .
It's up to the individual but for me, I believe the cost of silver and gold will be rising at some point so if I buy some now, it can be sold later and make a little profit. For that part to work you've got to know that you're buying low or know you're getting a good buying deal otherwise it doesn't make sense. Second, if the dollar crashes/ becomes worthless, the silver and gold will have value to either get the new cash value for it or barter for other goods/ commodities privately. If bartering I'd like to have the smallest denominations, dimes.
Some people buy 'certificates'. Which are only paper.
If you spend money to buy PMs, make sure that you hold PMs, and not paper to PMs.
Agree. Someone once said "if you can't defend it with an AR-15, don't buy it." Makes sense.
Or you could hope for some help from a kid in another town - provided his mommy can drop him off in time…not that I’m an advocate of that - but that was used as a successful defense strategy in court…not that I agree with the verdict either…just thinking about unintentional consequences.
Apparently an asteroid struck Greenland area on March 11-12. Places like that must have cheap land? As temperatures rise I'm sure that land value will skyrocket.
I dunno, gold is so important we destroy the land for it. Where does the mercury come from to find the gold? I'm sure there's a market for mercury . . . that business could make one mad . . .
Now, is gold more valuable than the gold-mining company stock? Stock is usually harder to steal.
I have seen first hand the damage left as the aftermath of mining (mainly coal) in southern Ohio, water and soil that will forever be unusable do to arsenic concentrations, in addition to copper, zinc and selenium contamination. At times, you would swear you had struck an aquafer of thick tomato soup.
I have seen first hand the damage left as the aftermath of mining (mainly coal) in southern Ohio, water and soil that will forever be unusable do to arsenic concentrations, in addition to copper, zinc and selenium contamination. At times, you would swear you had struck an aquafer of thick tomato soup.
Don't need much marketing for coal - kinda sells itself. Do see marketing for gold occasionally. With such a limited quantity on earth you'd think there would be none to go around.
Don't need much marketing for coal - kinda sells itself. Do see marketing for gold occasionally. With such a limited quantity on earth you'd think there would be none to go around.
There is quite a bit of gold scattered throughout some areas of Ohio. The individual concentrations in any particular area tend to be rather small, though.
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Twinky
Good lord. Is your "gas" only $5/gallon? To answer the question about "extra cash" - right now, people are buying food. Or electricity. Or maybe "gas" for their cars. Nothing stretches to buy
Twinky
I just bought six new windows for my house with my spare cash. They look very nice.
Bolshevik
lol . . not sure this is how they do it I analyze wells from many states. In each case the state decides where to drill, I think, if not the EPA. Sometimes industrial waste gets into the ground
Galen
PMs I am hesitant to collect any PMs.
Keeping in mind Executive Order 6102 required the confiscation of all gold from May 1, 1933, on up into the 1970s.
Knowing that in an economic crisis our government will once again begin confiscating all gold, and possibly silver too.
I do not feel it wise.
Last year I got a new .50 cal rifle, then I began the search for ammo. Since there is an extreme ammo shortage right now. I got a lead melting furnace and molds for .50 caliber.
Pure soft lead sells for $2 a pound, and cast into bullets lead sells for $42 a pound.
Now I am stocking up on lead.
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waysider
Plus, when this all settles down, you can open a bait shop and make a fortune selling sinkers.
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T-Bone
I wonder if “confiscation” is the correct word to use.
Here’s several definitions of confiscate I found on the internet:
take or seize (someone's property) with authority; take (a possession, especially land) as a penalty and give it to the public treasury; to seize without compensation as forfeited to the public treasury — compare criminal forfeiture.
According to Wikipedia – people were somewhat “compensated” (though compensate is probably not the correct word to use either – since “compensate” means to make an appropriate and usually counterbalancing payment to...how about they were given something for their gold...anyway here's the excerpt from Wikipedia) :
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $413 in 2020) per troy ounce. Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $200,000 in 2020), up to ten years in prison, or both.
The order specifically exempted "customary use in industry, profession or art," a provision that covered artists, jewelers, dentists, signmakers, etcetera. The order also permitted any person to own up to $100 in gold coins, a face value equivalent to 5 troy ounces (160 g) of gold valued at approximately $10,000 in 2020. The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins", which protected recognized gold coin collections from legal seizure and likely melting.
The price of gold from the Treasury for international transactions was then raised by the Gold Reserve Act to $35 an ounce (equivalent to $700 in 2020). The resulting profit that the government realized funded the Exchange Stabilization Fund, established by the 1934 Gold Reserve Act.
From: Executive Order 6102
Other websites of interest:
Ampex – price of gold today
Historical gold prices 30 BC to today
The Relationship Between Gold and the US Dollar
Edited by T-Bonethe price of a good editor is as good as his Word docs
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Rocky
Why?
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Rocky
6 Then Peter said, Silver and gold have I none; but such as I have give I thee: In the name of Jesus Christ of Nazareth rise up and walk.
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WordWolf
No, but I may stock up on tinfoil. I'm thinking there may be a run on it once people start making hats out of it.
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waysider
Sorry to report. It's been flying off the shelves for quite some time now.
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Bolshevik
You can't eat gold or silver.
You can throw it at people trying to rob you.
I don't see its advantages over buying land. You can do stuff with land.
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T-Bone
True…you can bury the gold and the bodies.
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oldiesman
good idea...
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oldiesman
It's up to the individual but for me, I believe the cost of silver and gold will be rising at some point so if I buy some now, it can be sold later and make a little profit. For that part to work you've got to know that you're buying low or know you're getting a good buying deal otherwise it doesn't make sense. Second, if the dollar crashes/ becomes worthless, the silver and gold will have value to either get the new cash value for it or barter for other goods/ commodities privately. If bartering I'd like to have the smallest denominations, dimes.
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oldiesman
Agree. If you've got enough cash to buy land that's best. Also, cans of food as the preppers do.
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Bolshevik
That would certainly decrease your LTV ratio and allow you to borrow more against the property and buy more land . . . a cycle that could be repeated . . .
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Galen
There are areas where land is still cheap.
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Galen
Some people buy 'certificates'. Which are only paper.
If you spend money to buy PMs, make sure that you hold PMs, and not paper to PMs.
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oldiesman
Agree. Someone once said "if you can't defend it with an AR-15, don't buy it." Makes sense.
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Bolshevik
Is your aim to generate wealth or prep against a meteor strike? Cause those things are often loaded with gold and other stuff.
More land means more chances of catching one.
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T-Bone
Or you could hope for some help from a kid in another town - provided his mommy can drop him off in time…not that I’m an advocate of that - but that was used as a successful defense strategy in court…not that I agree with the verdict either…just thinking about unintentional consequences.
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Bolshevik
Apparently an asteroid struck Greenland area on March 11-12. Places like that must have cheap land? As temperatures rise I'm sure that land value will skyrocket.
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waysider
Or you could invest in a good metal detector and become a detectorist.
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Bolshevik
https://news.mongabay.com/2020/08/amazon-gold-mining-wipes-out-rainforest-regeneration-for-years-study/
I dunno, gold is so important we destroy the land for it. Where does the mercury come from to find the gold? I'm sure there's a market for mercury . . . that business could make one mad . . .
Now, is gold more valuable than the gold-mining company stock? Stock is usually harder to steal.
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waysider
I have seen first hand the damage left as the aftermath of mining (mainly coal) in southern Ohio, water and soil that will forever be unusable do to arsenic concentrations, in addition to copper, zinc and selenium contamination. At times, you would swear you had struck an aquafer of thick tomato soup.
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Bolshevik
Don't need much marketing for coal - kinda sells itself. Do see marketing for gold occasionally. With such a limited quantity on earth you'd think there would be none to go around.
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waysider
There is quite a bit of gold scattered throughout some areas of Ohio. The individual concentrations in any particular area tend to be rather small, though.
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