Gold Bullion Pictures

Question about Gold confiscation?

I am wondering about how the federal government is able to confiscate peoples personal gold coins. I was told by a broker that the government is legally able to confiscate “public” gold, which is what the broker referred to as “bullion” coins like the eagle. But the broker also said that the government is not legally able to confiscate a citicens “private” gold coin, and by “private” this broker I was speaking to was referring to “neumismatic” or collectible coins made from 1933 and before like the liberty. I still am not really getting the picture of what this broker was talking about, and could someone please explain this process to me? Is this “law” that this person was referring to in writing somewhere? thanks for the time

First off the broker is wrong to this extent.It is true there was a gold confiscation in 1933 that lasted until 1975. It is unlikely that would occur again. In 1933 we were on a gold standard. That is no longer the case. That gold in 1933 that was confiscated was used to pay the Federal Reserve for the New Deal projects of the 1930s.

The broker is correct in the fact that pre 1933 gold is where you want to be but for other reasons then he stated. Bullion coins such as the Gold Eagle are reportable on a 1099 to the IRS when you sell them. Pre 1933 US gold coins such as the Liberty and St. Gaudens are not reportable to the IRS on a 1099. If you are going to buy pre 1933 gold (like I do) then you want the ungraded coins such as the Liberty or St. Gaudens in XF (extra fine) or AU (almost uncirculated) condition. Stay away from the graded coins at this time. The Liberty’s and St Gaudens are currently running between $1200 and $1300 for AU condition ungraded.

In 1933 FDR did embark on a bank closure and did outlaw every ones savings and confiscated it..then devalued the dollar by 41%

Don’t worry about gold and silver confiscations in this country. Its not likely to occur again with out a revolution. People in this country know know…unlike in 1933…not to trust the government.

http://www.knology.net/~bilrum/goldconfiscation1933.htm

http://www.knology.net/~bilrum/fdrgoldaudio.htm

http://forums.collectors.com/messageview.cfm?catid=26&threadid=666786&STARTPAGE=1

It should be reported as capitol gains by you on your taxes when you sell them but the dealer will not inform the IRS of such sale. Its exactly like a car sale, gun sale etc. Any profit should be reported by the seller but in reality how is the IRS going to know unless you tell them. How many people have bought am item then sold it for more then they paid and claimed it as a capital gain. Ebay transactions are the best example of this.

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