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Old 12 April 2008, 09:11 AM
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LadyLockeout LadyLockeout is offline
 
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Icon605 Illegal to own more than $100 worth of gold?

I've searched snopes, and not been able to find any references to this, but someone in a deviant art chat tonight was claiming that it is illegal in the United States to own more than $100 worth of gold. To back up this claim, he linked me to this:

http://users.rcn.com/mgfree/Economics/goldHistory.html

which, if I'm understanding it correctly, says that the president way back when recalled the gold of private citizens for the use of the country. (Money backing?) I'm not fully coherent right now so I'll candidly admit that I only skimmed the article. I don't understand what I did read anyway, so I'd like a more enlightened opinion, and hopefully an explanation that my poor muddled brain can understand.

I cry bunkum. Not only do I own several gold artifacts that in sum total well over $100, but jewelers would be out of business, anyone of the artistic persuasion (painter, sculptor, potter, whoever) who uses gold either as a base, or as an accent, could be arrested, especially with the gold prices skyrocketing. If I'm understanding this correctly, the government could order the seizing of all assets that are made of gold, and this would include (just as an example) some of my family heirlooms, and some of my business inventory.

Can anyone shed any light on this? My google fu is lacking, and the person who made this claim is as eager as I am to learn more about this peculiar situation.

TIA!

ETA: He has also just linked me to this site:

http://news.goldseek.com/GoldSeek/1196605589.php

If that helps any. It references the patriot act, and how apparently on page 17 it says the government can up and take private gold for its own use.

Last edited by LadyLockeout; 12 April 2008 at 09:25 AM.
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Old 12 April 2008, 09:44 AM
songs78
 
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Quote:
Originally Posted by LadyLockeout View Post
If I'm understanding this correctly, the government could order the seizing of all assets that are made of gold, and this would include (just as an example) some of my family heirlooms, and some of my business inventory.

Can anyone shed any light on this? My google fu is lacking, and the person who made this claim is as eager as I am to learn more about this peculiar situation.

TIA!
If I read it correctly it doesn't apply to gold jewelry or art work.

Quote:
RELATING TO THE HOARDING, EXPORT, AND EARMARKING OF GOLD COIN, BULLION, OR CURRENCY AND TO TRANSACTIONS IN FOREIGN EXCHANGE
So you are allowed to own all the gold you want as long as its not in coin, bullion or certificate form.

And if you are a artisan you have to get a license.

Quote:
(c) Gold bullion which the Secretary, or such agency as he may designate, is satisfied is required for legitimate and customary use in industry, profession, or art by an applicant regularly engaged in such industry, profession, or art, or in the business of furnishing gold therefor.
And finally gold coins which have value as collectibles or heirlooms are also exempt.

Quote:
provided that no returns are required to be filed with respect to-

(a) ...

(b) Gold coin having a recognized special value to collectors of rare and unusual coin,'
So even if this order was still in effect it wouldn't effect the above examples.

The Wikipedia article here states that president Ford repealed that order in 1971.

Quote:
The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373 [1] [2] which went into effect December 31, 1974. P.L. 93-373 does not repeal the Gold Clause Resolution of 1933, which makes unlawful any contracts which specify payment in a fixed amount of money or a fixed amount of gold. That is, contracts are unenforceable if they use gold monetarily rather than as a commodity of trade.
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Old 14 April 2008, 01:31 AM
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LadyLockeout LadyLockeout is offline
 
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Song78, Thank you very much for your help.
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