From the Nov. 10 Numismatic News E-Newsletter:
Do you think the U.S. government may repeat the gold recall that happened in 1933?
Here are some answers sent from our e-newsletter readers to Editor Dave Harper.
I don’t believe we will ever have a gold coin recall like in 1933. Patrick Heller gives three good reasons in his article. I also see society moving farther and farther into electronic currency and transactions, along with the digital currencies that are in existence now.
Not only would it be a logistical nightmare, I don’t think that the American people would stand for it. The conspiracy theorists would go into overdrive.
Dallas-Fort Worth, Texas
No. It will not happen.
No need to do that because almost everybody knows that gold isn’t really worth hardly anything. I recently sold most of mine and am considering buying into bonds, stocks, foreign currency, stuff like that which is safe and solid for the long-term.
Colorado Springs, Colo.
The purpose of the 1933 act was to replace gold in U.S. bank reserves with productive assets. Banks do not use gold as their reserves today, so there is no purpose to a recall. Also, the U.S. government sells about a million ounces of gold each year to Americans and other investors and collectors, which earns the Mint a profit. Congress has an interest in keeping a market open for U.S.-mined gold; who would profit from a new ban on gold hoarding, and why would Congress support them?
No, it would devastate the market and lower prices.
No. There would be only one reason, theft. Gold is no longer backing our dollar. We have no Gold standard, so any U.S. government recall such as Roosevelt did back in the 30’s would be nothing more than stealing from the savings of citizens to further the government handouts that have decimated our Treasury and made the entire world’s currencies virtually worthless paper.
The world is so far into the trillions in debt. There really is no way out for us. We will never see this debt paid off. One day, people will wake up and finally realize that gold, silver and other real assets require labor and investment to find, build, manufacture/produce, to actually soar in value, versus the ever more worthless currencies of the world.
I’m not sure that this would happen. If it does, an uproar may occur. I can see some being had for retirement purposes. This would be in the form of coinage. As for bullion, this will be the area of debate. Coins, and 5 ounces (or less) of bars and rounds, should be allowed. Ten ounces or higher is debatable. One to five ounces is easy to store for most.
Silver is easier to purchase for most. Get what you can afford of this commodity!
I do not believe the gold recall of 1933 will be repeated as long as we stay off the gold standard. As long as fiat money is accepted, the government does not need our gold.
Gold recall? I doubt that it would even be feasible today.
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