Can americans own gold?
 

Someone just walked in here saying they heard some doomsdayer on the old Art Bell show last night & the guy "Makes me want to buy gold"


I know in the 40's or something it was illegal for Americans to own gold other than for jewelry... but does that rule still apply to this date?

A friend of mine goes to switzerland once in awhile to visit his girlfriend out there & he's always telling me about their little bazooka joe bubble gum sticks of gold....

http://goldprices.com/images/Gold%20Bars%20120tall.jpg

and how they are used "just like money" there :)


So can we own gold ingots like that? If not, what is/was the rule called that prevents us from it?

wtfe

eh?

You can own as much as you want.. the restrictions in the 40s was for the war effort, precious metals like Gold and even not so precious metals like Copper were needed by the military. Two years in the 40s pennies were actually made of steel.

Ok found more information....

It was 1933, the FRB recalled all gold and made gold ownership illegal until 1971.

So now I guess people can own gold again?

But If it was for the war effort, why did it last till 1971?

Yeah and everyone tells the government that they own a untraceable metal that is valuable everywhere... yup you know I do.

it wasnt owning the gold that was illegal... it was using as currency... it was hurting the economy so they made it illegal

because MR T told them he was gona pound that ass intill they changed it

Mr T pities the fools who don't accept gold as currency?

:1orglaugh I pity da fool who gonan take away my chains :Graucho

yes , and he allso pittys the fools who don't use 1-800-collect

You can have gold. The Gov't will even sell it to you...

http://catalog.usmint.gov/wcs/wcs_co...egory;,00.html


Hell..you can even get platinum if you want...

http://catalog.usmint.gov/wcs/wcs_co...egory;,00.html

my friend got one of these it's fuckin cool

http://us.st8.yimg.com/store4.yimg.c...f_1762_5434042

Yeah.... no restrictions anymore. I own a lot of silver. I like silver. :)

Me too. :winkwink:

Exactly.. you can own as much as you want, but it is illegal to demand gold as payment for goods or services. Reason being it undermines fiat money.

The deal with 1971 is that the US Govt. didn't want foreign central banks to be able to convert their dollar holdings to gold.

What that accomplished is the US dollar became completely removed from any redeemable value, which gives the Fed precise control (through money supply and interest rates) over inflation and other economic factors. Economically speaking, it was a pretty good idea.

i think u can have as much as you want

Sure I can :helpme