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Originally posted by beaverg
Well just for the record it was April 3, 1933 that gold was ordered to be confiscated under FDR. That's tomorrow here, or today for many already. But the answer, of course, I think it took a 3% hit yesterday and if you just search for articles with "gold IMF" there are quite a few other articles on the topic.
Could they be looking forward to a gold revaluation?
The Gold Confiscation Of April 5, 1933
From: President of the United States Franklin Delano Roosevelt
To: The United States Congress
Dated: 5 April, 1933
Presidential Executive Order 6102
Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled
An Act to provide relief in the existing national emergency in banking, and for other purposes~',
in which amendatory Act Congress declared that a serious emergency exists,
I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations
Originally posted by huckfinn
Yes, gold is weak at its current price. It's been artificially propped up for quite some time.
Soon, I don't the exact date but I'd guess May 22, 2009, gold is gonna come down faster than the Dow last October.