How Obama Could Steal Your Gold

[20MillionDinar]

How Obama Could Steal Your Gold

Dear Sovereign Investor,

On a miserable spring day in 1933, smack dab in the middle of the Great Depression, President Franklin D. Roosevelt signed one of the most dangerous laws ever to grace the U.S. statute books.

With Executive Order 6102, he criminalized the possession of gold coin, bullion and gold certificates by any U.S. individual, partnership, association or corporation.

Roosevelt justified his radical move with the spurious claim that “hoarding" of gold was stalling economic growth. This law remained in effect until 1975, when President Gerald R. Ford re-legalized private ownership of gold coins, bars and certificates.However, because of Roosevelt’s law, Americans were forced to surrender their gold in exchange for U.S. paper currency.

They later discovered that not only would they never get their gold back, but those paper dollars would be devalued far below the intrinsic value of the confiscated gold.

Roosevelt based his executive order on the 1933 Emergency Banking Relief Act, which gave the president power to curb gold hoarding in any “declared national emergency” - an eerie historic echo of the PATRIOT Act.

While national emergencies can be real, as the terrorist attacks for September 11, 2001, proved all too well, they can also be manipulated and even manufactured by power-hungry politicians.

The Government Wants Your Wealth

Mark Nestmann, an expert who has written extensively on presidential emergency powers, says that President Obama has the power to “pull an FDR” and order the confiscation of gold. The legal authority that Roosevelt used to confiscate gold and silver, issuing executive orders without consulting congress, remains one of the president’s powers.

Under the radical Foreign Account Tax Compliance Act (FATCA) the IRS has the power to force foreign bankers to act as their spies on U.S. clients or suffer a 30% tax on their U.S. sources if they refuse.

And apparently there is nothing to stop the IRS from using FATCA to impose restrictions on foreign gold purchases by Americans.

In October 2010, I reported that U.S. Immigration and Customs agents and Border Protection officers at the Houston/George Bush Intercontinental airport seized almost $160,000 in gold and silver in 14 separate incidents from individual travelers, none of whom had been involved in criminal activity.

My colleague, Andy Hecht, revealed that in 2011, “...central banks and governments around the world purchased a staggering 450 tons of the yellow metal.” He wrote, “Indeed, 18% of all of the gold mined in 2011 found its way into central bank vaults. Central banks now realize that owning gold as a reserve asset beats low-yielding U.S. dollars or debt-riddled euros any day.”

In other words, the big-spending governments not only covet thebillions in your retirement plans and pensions, but your precious metal holdings as well.

Recent Developments Require

Your Diversification

A few days ago, The Real Asset Co, an online exchange platform for precious metals, revealed in a report that the governments of Germany and Switzerland have requested the return of the U.S. gold they own that is held in the U. S. Federal Reserve Bank of New York.

The repatriation of gold is a hot topic since Venezuela recently received the last of their 160 tons of repatriated gold reserves from Europe.

With the price of gold at $1,669, the U.S. government has recently followed an unofficial policy of the confiscation of gold by U.S. government agents, not only from innocent travelers but by lawsuits against legitimate gold coin owners.

It has never been more important for you to diversify your assets offshore.

At the moment, metals held in an offshore private vault and not as part of a bank account are not reportable to the IRS. Whether that will change under pending FATCA rules is an open question.

One of the major benefits of membership in the Sovereign Societyis our extensive offshore banking advisory service and our banking connections in diverse jurisdictions. We can help you “go offshore” financially, including recommending storage vaults andprecious metal courier services.

Gold Confiscation Could Happen Again

Roosevelt’s gold confiscation order of 1933 is one of the most draconian economic acts in U.S. history, but could it happen again?

Well, let’s see - back then, there were failing financial institutions, a suffering dollar, huge government deficits and rising gold prices.

Today we have a sinking currency, a ballooning national deficit and a revenue-hungry IRS accosting taxpayers, suing foreign banks and harassing foreign governments for allegedly owed taxes.

I wouldn’t put it past President Obama to justify confiscating gold as a means of stabilizing the country’s monetary system.

My advice is simple: Plan and act accordingly.

Faithfully yours,

Bob Bauman

[WallyWeaver]

I believe it 20mil.

It is a common misconception among pm investors that FDR only confiscated gold. The fact is 1 year later, in 1934, silver was also confiscated (as was pointed out to me not long ago here on DV).

So now what? I'm not sure. I have also been buying physical Yuan hoping that their gold accumulation will help give value to their currency once they decide to revalue it. I feel pretty good about that.

As far as storing my pm's offshore: I confess I don't know much about that. I will admit, though, that it would make me nervous if I didn't have direct, immediate access to my pm's. After what the US has pulled with Chavez's gold how can you trust anyone but yourself with a true asset like pm's?

Arrrgggghhh.

[RSTEFAN]

When they come and ask for my gold and silver

I will have to be honest and tell them I SPENT IT. HEHEHE

Have a Great Day

Bob

[SgtFuryUSCZ]

***///

'Ol Sarge sez:

Let him start by yankin' it off the necks n' fingers of rappers n' pimps 1st....

Okay, that takes care of the deficit...

...[picks up gold bar and walks off....]

[TennesseeCherokee]

This gold scare is a ruse and those who are misleading the public and customers are paying for it....Glenn Beck's Favorite Gold Company Forced to Refund $4.5 Million to Customers

—By Stephanie Mencimer| Thu Feb. 23, 2012 10:54 AM PST

19

Glenn Beck shilling for Goldline in 2010.

As Glenn Beck goes, so goes his favorite gold company. For years, the Santa Monica-based precious metals company, Goldline International, has helped keep the conservative talk show host on the air by sponsoring his radio show and now-defunct Fox News show. Goldline stuck with Beck even after most of his other advertisers fled in light of the host's increasingly inflammatory rhetoric. Beck, for his part, lavishly praised the company, telling listeners and viewers that he personally bought gold from the company and calling its executives "people I trust."

Those were the golden days. Since Beck's Fox News heyday, his fortunes and Goldline's have fallen sharply. Beck parted ways with Fox in June, and in November prosecutors in Santa Monica charged six of Goldline's executives with fraud and accused the company of running a bait-and-switch operation that lured customers into buying overpriced antique coins as investments—coins that Beck promoted on his shows. Mother Jones documented this scam in a 2010 story about the company and its relationship with Beck. The former New York congressman Anthony Weiner helped bring national attention to the company's business practices. Beck went on the defensive, attacking Weiner and defending his favorite gold dealer.

On Wednesday, the Santa Monica city attorney obtained a judgment and injunction against Goldline that requires the company to radically overhaul its practices and to stop deceiving customers about prices, among other things. The company must refund up to $4.5 million to defrauded customers, and pay $800,000 into a fund for future claims. The judgment also requires the company to give up one of the staples of its marketing tactics, and one that was hyped routinely by Beck: the idea that the government's coming for your gold. For years Beck and Goldline insisted customers should buy its "numismatic" (or antique) coins rather than standard government-issued bullion because, they claimed, in 1933 President Franklin Roosevelt had ordered the government to confiscate private citizens' gold bullion; antique coins were spared from the seizure. The claim was a huge stretch, as was the notion Beck perpetuated that Obama was plotting to seize Americans' gold. Now, Goldline has to quit talking about bullion confiscation lest it face further trouble from prosecutors.

To make sure that the company abides by the injunction, Goldline has to pay the cost of hiring a former federal prosecutor to monitor its operation. The monitor will have full access to company records and will perform undercover test calls to ensure that the myth of the 1933 gold confiscation has been banished from Goldline's sales pitch.

Adam Radinsky, the head of the consumer protection unit at the Santa Monica city attorney's office said of the injunction:

This is a new day. Consumers in California and elsewhere, many of whom invested thousands of dollars and their life savings in the belief that the gold they were buying was a valuable and safe investment, will now get substantial relief. No one should have to suffer from predatory and deceitful sales practices. Whether they are buying gold or anything else, consumers expect a fair deal. We insisted that Goldline give them just that. We hope this case is a wake-up call to other large coin dealers and to other businesses. They need to know that it’s against the law to mislead consumers with false fears and misinformation. And consumers need to be especially careful when investing in this uniquely unregulated industry.

This is the second time that a gold dealer associated with Beck has been sanctioned by prosecutors. In December 2010, Santa Monica prosecutors put the Superior Gold Group into receivership, freezing its assets and seeking restitution for its customers. Prosecutors alleged that the outfit had engaged in deceptive practices similar to Goldline's, and had also taken money from customers and then failed to deliver any coins.

Goldline is trying to put a unique spin on the injunction. It issued a press release declaring, "All Charges Dismissed, Goldline Announces; Precious Metals Company Will Continue to Set Standard for Customer Disclosures." The company highlighted the fact that the prosecutors had dismissed the criminal charges against its executives and it claimed that prosecutors only turned up a handful of dissatisfied customers in their investigation. The company also noted that the judgment was not a finding of wrongdoing, which the company expressly denied.

"This is a great outcome for our customers and for the company," said Goldline CEO Scott Carter. "Customers have chosen Goldline for over 50 years because of our high quality service, transparency, fairness and reputation of integrity. Goldline is proud to raise the bar once again by enhancing disclosures and procedures that are unprecedented in the precious metals industry."

But Yuri Beckelman, a former staffer for Weiner who worked on the Goldline investigation, felt vindicated by the injunction. He said in an email:

Goldline can try to spin it any way they want. But when you have to agree to change your business model and then pay a court ordered attorney to monitor your progress for the next five years, you're admitting that what you were doing was wrong. While the millions in refunds Goldline was ordered to make will be meaningful to the people that were ripped off, the executives got off easy, and they know it.

http://motherjones.com/mojo/2012/02/glenn-beck-gold-compay-forced-refund-45-million-defrauded-customers

Edited March 14, 2012 by TennesseeCherokee

[Bongalow]

I bet he DON'T!! I would rather melt it down and shoot him in the FACE!!! While I respect the Office of the President of the United States of America, This man can blow me!!

How does the old saying go? "FROM MY COLD DEAD HANDS"!!

Thanks for the Post!!!

[WallyWeaver]

Goldline can try to spin it any way they want. But when you have to agree to change your business model and then pay a court ordered attorney to monitor your progress for the next five years, you're admitting that what you were doing was wrong. While the millions in refunds Goldline was ordered to make will be meaningful to the people that were ripped off, the executives got off easy, and they know it.

This is the risk when you purchase numismatic coins. I don't advise people buy numismatic as an alternative like Goldline did, but that is a viable and lawful option. Numismatic coins are always worth more because they are considered collectible. Therefore they are really worth what ever a buyer is willing to pay. For instance, how is the price of a Babe Ruth baseball card determined? It's ultimately determined to be worth what someone will be willing to pay for it....

Using this as a criteria I can't say I see anything wrong with what Goldline did. If it were me and I had a customer who was deadset on acquiring gold, but wanted protection from the government, I would steer them towards numismatic also.

As far as gold being a ruse I will have to disagree. Fiat currencies are a ruse; real assets like pm's are just that: real assets.

[TennesseeCherokee]

Never said that gold was a ruse..........only the manner at which dealers present it to the public for sale. Scare tactics were being used by Glen Beck. He knew that he was misleading people and Goldline just went along for the ride.

[Bongalow]

HAHAHAHA!! You mean the 1% over cost and the fact that it takes 10 days to get there!! Pffffftttt!!!! Ok turn up truck is in a ditch and upside down!!!

Roll Rv!!

Kinda like putting up a sign in Texas that says FREE BEER AND BBQ. Outta business in 3 MINUTES!!!!

[RSTEFAN]

This is the risk when you purchase numismatic coins. I don't advise people buy numismatic as an alternative like Goldline did, but that is a viable and lawful option. Numismatic coins are always worth more because they are considered collectible. Therefore they are really worth what ever a buyer is willing to pay. For instance, how is the price of a Babe Ruth baseball card determined? It's ultimately determined to be worth what someone will be willing to pay for it....

Using this as a criteria I can't say I see anything wrong with what Goldline did. If it were me and I had a customer who was deadset on acquiring gold, but wanted protection from the government, I would steer them towards numismatic also.

As far as gold being a ruse I will have to disagree. Fiat currencies are a ruse; real assets like pm's are just that: real assets.

If someone was really worried about the government taking their Gold and Silver

melt it down and make Jewelry , fishing lures painted of course, car parts something,

or do what Warren Buffet did Buy Jewelry stores

when they confiscated gold they did not take the Jewelry

There used to be a Jewelry store that made jewelry by melting down your coins just for that purpose

but they are no longer in business that i could find

Just some thoughts

Bob

[WallyWeaver]

Never said that gold was a ruse..........only the manner at which dealers present it to the public for sale. Scare tactics were being used by Glen Beck. He knew that he was misleading people and Goldline just went along for the ride.

That was the point I was trying to make with my earlier post. I'm pretty sure Goldline got in trouble because they convinced customers to buy numismatic (collectable) coins at "inflated" prices. But my argument is how can you sell a collectable item at an inflated price?

That's why I used the Babe Ruth baseball card example. How much is a Babe Ruth card worth? Whatever someone is willing to pay for it. That's how price is determined for collectables. My thinking is the same holds true for collectable coins. How much is a gold coin worth from a spanish galleon sunk in the 1500's? Hard to say exactly. How rare it is is a factor as is the condition of the coin. But the bottom line is how much will a buyer be willing to spend to acquire it?

That is why I have difficulty with this particular court case. But hey, that's just how I see it. I'm not a Beck supporter I just think what's right is right.

This is not meant to be disrespectful to you at all TC., and I'm not looking to pick a fight, it's just how I see it.

WW.

My "ruse" comment had to do with the opening of your article: "This gold scare is a ruse and those who are misleading the public and customers are paying for it."

I thought those were your words and that's what I was responding to.

Please accept my apology.

[Butifldrm]

OK, did Roosevelt confiscate Gold and Silver? I have never been Clear on that issue. I know he raised income tax to 100% over incomes of 25,000, which many feel kept our country in the Great Depression much longer than necessary. Imore worried abut taxation increases with the present government, than confiscation of Gold and Silver!

During World War II, Congress introduced payroll withholding and quarterly tax payments, Franklin D. Roosevelt tried to impose a 100% tax on all incomes over $25,000[citation needed] to help with the war effort. For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 1963.[24]

http://en.wikipedia.org/wiki/Taxation_history_of_the_United_States

[WallyWeaver]

OK, did Roosevelt confiscate Gold and Silver? I have never been Clear on that issue. I know he raised income tax to 100% over incomes of 25,000, which many feel kept our country in the Great Depression much longer than necessary. Imore worried abut taxation increases with the present government, than confiscation of Gold and Silver!

It just keeps getting better doesn't it B.?

FDR did, in fact, confiscate gold in 1933 and silver in 1934. Thanks for the other info. +1 from me

Gold:

http://www.presidency.ucsb.edu/ws/index.php?pid=14611#axzz1p8RyoAdx

Silver:

http://www.presidency.ucsb.edu/ws/index.php?pid=14741#axzz1p8RyoAdx

[RSTEFAN]

OK, did Roosevelt confiscate Gold and Silver? I have never been Clear on that issue. I know he raised income tax to 100% over incomes of 25,000, which many feel kept our country in the Great Depression much longer than necessary. Imore worried abut taxation increases with the present government, than confiscation of Gold and Silver!

During World War II, Congress introduced payroll withholding and quarterly tax payments, Franklin D. Roosevelt tried to impose a 100% tax on all incomes over $25,000[citation needed] to help with the war effort. For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 1963.[24]

http://en.wikipedia.org/wiki/Taxation_history_of_the_United_States

http://en.wikipedia.org/wiki/Executive_Order_6102

this should help

bob

[WallyWeaver]

If someone was really worried about the government taking their Gold and Silver

melt it down and make Jewelry , fishing lures painted of course, car parts something,

or do what Warren Buffet did Buy Jewelry stores

when they confiscated gold they did not take the Jewelry

There used to be a Jewelry store that made jewelry by melting down your coins just for that purpose

but they are no longer in business that i could find

Just some thoughts

Bob

Not a bad idea. What if I attached a string to all of my bullion and called it a necklace?

On a serious note, I have been considering digging out a large hole in my back yard and putting it there if confiscation looks more like it will be a reality. Either that or I'll jump on my post-Rv yacht and "sail the seven seas with all me gold and silver."

ARRRGGGHHH Matey.

[sillyjilly]

Watch out for pirates!

[WallyWeaver]

Watch out for pirates!

Who? Them or me?

ARRRGGGGHHHH....

[40oz]

Edited March 15, 2012 by 40oz