Reader Jonny (I believe the one in Bahrain) sends along this note that he asked to be put up as a Post, a sort of "mini-Guest Post" if you will. He is interested in comments. Comment here or by email to me, and I will pass them along to him.
Before I let him rip, I offer the below comments on his note:
1) I do not think that .gov will seize the gold. They only got some 10% in 1933... FOFOA believes they will not even try either. In one of his articles he explains why (fofoa.blogspot.com). After Freegold arrives, our .gov will actually welcome private holdings of gold as an important step in re-capitalizing America. That said, it certainly IS possible they will try to seize or otherwise smother gold. Having gold and/or other assets outside your home country is a good thing. We have assets in Peru (our bearing business).
2) Land is not liquid and they tax it. If you live on it or work it (farm it, grow trees, pasture for livestock, etc.), well then OK. Farming will not work for me and my wife, we're too old...
3) His comment re capital controls is SPOT ON! If you want to have a nest outside the country, NOW is the time to do it. Do not wait until you think you see storm clouds. By then, it may be too late. Remember what the Nazis did to the Jews. The smart ones left early. THE textbook example.
Robert, Given the increasing fascist tendencies of your government - with your rights and constitution being obliterated and it not eliciting any response from the people - and seeing it did so during the previous depression, why do you think there is only a low probablility they will interefere with private gold holdings? TPTB will clearly see the gold price rising like crazy in the final stages of TSHTF. I'm reasoning they are pretty savvy types and therefore they will not be willing to let everyone that opted out of their fiat/fractional reserve system benefit. So to me it's only logical they almost certainlywillinterfere with private gold holdings in one way or another. I think that with the chaos that will likely be occuring they will implement a set of rules in the name of stabilizing things and maintaining order and congress will not say a word (not that they do these days anyway!). They don't have to go so far as confiscating it: they could limit transactions by price or weight, introduce huge taxes on sales, or ban private gold sales all together. Despite being a PM enthusiast this is my primary concern about gold, particularly if I lived in the US. Incidentally just prior/after TSHTF I am sure there will be capital controls and halts to foreign exchange transactions implemented to force people to keep using the $; I also think they could limit cash with drawls and transactions in cash and force people to use their ATM cards to prevent bank runs, which would suit TBTB as they allegedly want everyone to use ATM cards so their purchases and whereabouts can be monitored at all times. I recall reading a very good article about the similarities to the US now and France just prior to the French revolution. It is worth reading to see how the government reacted and to demonstrate the extaordinary measures a government will take to try to prevent its ruin.http://goldnews.bullionvault.com/french_revolution_money For instance in the UK gold sovereigns are exempt from capital gains tax because they are still considered legal tender. I am sure that loop hole will be closed in the near future. Seeing as readers of this blog want to be ready for anything, surely it makes sense to factor this in to their planning? To me it is necessary to either sell out prior to controls being implemented (which would be pretty tricky to get the timing right) or hang on to the gold until (hopefully!) the law is retracted. Obviously if you intend to sell your gold holdings how do you then choose to hold your wealth? Buy land? Please post this as I would welcome people's comments.