Today, more than a few people are choosing to invest their money in gold and other precious metals. Investors are now looking for ways to safeguard their savings because of the current economic climate and fears about another economic collapse. As a tangible asset, gold is an excellent way to protect your investment dollars. You can get the best gold IRA in this sites.
Many investors have begun to withdraw money from their 401Ks and IRAs, or even liquidate all of their retirement accounts. They are then able to move the money into precious metals IRAs. Although this is a great investment, others warn that it could lead to your gold being confiscated by the government. Many people are hesitant to move their 401K to a Gold IRA or buy gold bullion.
In reality, the fear that the government could or would seize your gold is just a marketing tactic used by certain gold companies to convince you to buy numismatic or collectible coins. If a Presidential order, similar to the one that President Roosevelt issued in 1933, is passed, then numismatics coins are not subject to government seizing. Citizens were allowed to keep collectible gold coins. This loophole is used by unscrupulous dealers to encourage you to purchase overpriced collectible coins.
Can the government seize your gold?
There is currently no order that would allow the government to seize gold. The order of 1933 did not allow the government the right to seize your gold. They required that citizens surrender their gold. For this, they were compensated. This was in an age when the US dollar was backed up by gold. The US dollar has been devalued and is no longer supported by gold. Therefore, the government has no incentive to confiscate or require citizens to turn over their gold.
How many Americans do you think turned in their gold? And how many people continued to hold onto gold? If you take the number of pre-1933 common gold coins as an indicator of compliance, then it is clear that many people remained loyal to their gold. Remember that these coins were made of gold and were intended to be used as currency. They were not collectible coins.