Bank refuses to return clients gold

originally posted by: Gothmog
Does anyone know or remember , it is still illegal in the US to own precious metals ?
It was signed into law during WW 2 and never rescinded

That law was so that the US could pay for the oil to run the army and navy on oil from Saudi Arabia, paid for in actual gold.

a reply to: Winterpain

In times of depression , war , or greed ,

banks can legally seize anything they want.

.... and they do .

Which/witch is why we can't have nice things anymore .

originally posted by: dragonridr

originally posted by: Gothmog
Does anyone know or remember , it is still illegal in the US to own precious metals ?
It was signed into law during WW 2 and never rescinded

Yes it was by Gerald Ford in 1977. You can legally buy and sell gold in fact if you want some from the US mint you cant buy it here.
catalog.usmint.gov...

I rescind my other post . It was President Ford in 1974 (it went into effect in 1977) that reinstated the right to buy and sell gold for the civilian population .
So , you were partly right.

Er. If they (the client) deposits physical gold in a bank for safe keeping, then they can take it out, but cannot then say the gold is with the bank. If they are investing in gold as a speculation then they can cash it in, take the cash and go and buy gold as they see fit, but the bank won't convert that speculation into gold that the client can collect. Yet another YouTube video that shows a person who does not really understand how things work, yet thinks he does.

originally posted by: paraphi
Er. If they (the client) deposits physical gold in a bank for safe keeping, then they can take it out, but cannot then say the gold is with the bank. If they are investing in gold as a speculation then they can cash it in, take the cash and go and buy gold as they see fit, but the bank won't convert that speculation into gold that the client can collect. Yet another YouTube video that shows a person who does not really understand how things work, yet thinks he does.

Your right most don't understand wall street and how trading works. They buy gold futures thinking they are buying gold. They are not,When you take a position, you’re speculating on the metal’s rise or fall in value, rather than taking actual ownership. If your prediction is correct, you’ll make a profit. If not, you’ll make a loss.

a reply to: Winterpain

Exactly.

If you invest in transportation, real estate and commodities you cant go wrong IMO

so...here's a case where Banks are confiscating physical Gold then claiming their act of paying the off the former Gold Stacker of physical bullion in Fiat Money... as being Legal and Ethical


I counter the Banker position... the Physical Bullion had a special Vault in which it was held, by necessity.

counter-party COMEX Futures, which are highly manipulated paper products...are used to manipulate the 'Spot' price of mined Gold...are not an Equal or Fair Exchange between Gold Bullion and Gold Futures/Derivative......We all know that Gold Bullion (in the form of stackable Kilograms of Gold Bars) have a 'Premium' attached to the Sale/exchange between buy & Seller...
the Bankers/Gold Vaults operate the paper Gold Markets to purposly keep the spot price of gold as low-as-possible to the cost of mining the ore, which by virtue of a rigged speculation model... will Never be Equal or Fairly priced to real-Physical bullion which has the added cost of a universal 'Premium' attached to the 'cost' (a cost which will always be more than any fraudulently derivived 'spot' price conjured by faulty leveraged Put & Calls held by the 'Bankers & Bullion Banks' in opposition to the Public.


the seizing of the physical bullion, held in trusted security by the institution, becomes a matter of Fraud & Theft when replaced by the Fiat Money 'payoff' in a rigged gold value system controlled by the banks itself







IN REPLY TO: originally posted by: Riffrafter



Actually, I see this type of chicanery as how it all might 'go down' for lots of the preppers/ bullion stackers who have squirreled away gold and-or silver coins or bars over the years


the individuals who stacked silver or gold at home instead of a vault will eventually need to 'cash-in' their small Cache'


it's at that point of exchange where the rip-off will happen to the small time stackers


the bankers, the future Crypto Exchanges will Demand-and-Get excessive Premiums to convert the 500 silver Eagles or Maples into the only spendable money that's in use at the time

so, if silver increases 10 fold from the present day $16 spot... so to will the 'premium' to convert that bullion into the new system's money

I am certain that 'Fake News' will Question the Purity and Weight of ALL coins/bars so that the 'wealth' flows into the Stronger Hands into the Future as it does now in the Present

a reply to: anonentity

That's why I keep my own physical gold.

It's not an awful lot of $$, but it's worth in the low 6 figures as of Friday's close.

I keep it in both coin and small gold bars. They were given to me by my father many years ago. And I'll give it to my son when he's old enough.

Forget banks, gold vaults, all of it.

If/when the sh#t hits the fan - if you can't touch it, it's not yours.

People today have been conditioned that gold is old money that has passed it's time. In our day to day life its true, gold won't buy you much at the store. The time of gold doesn't exist in living memory but it has only been the last 100 years or so that gold been untethered to our currency.

Ironically the most technically advanced type currency, cryptocurrency, began with Bitcoin that very closely follows the cycle of gold. Energy must be expended for it's discovery, demand is the only thing that gives it substantial valuation, most people either hoard it or trade it as in investment. That is not good for a currency, and so some cryptos are coded to be more fluid and a bad store of value, like the USD, to encourage economic activity.

There will be a future contagion with USD, you can bet on it. It's easy to be so confident of that because it is a system ran by humans. Thousands of currencies have come and gone throughout history because they were managed by imperfect humans. Gold has disappeared and reappeared as money countless times because its qualities as money are timeless. Banks have been separating the peasants from gold since banking began.

Never forget the Golden Rule: 'He who has the gold makes the rules.' You can chisel it in stone that someday gold will be the monetary standard again.

a reply to: toysforadults

Maybe back in the Gold Back Dollar days, but gold's price does indeed, inflate and deflate. A Nation dumping tons and tons of gold, say for a war, will depress what the open market will pay for any more of it. When the Chinese let their immense population own personal gold, that inflated it's price worldwide. The California Gold Rush deflated the classical values of gold, as did the Conquest of Hispanic America, by Cortez and Pizzaro.

Back in the Sixties, the word was that .$460 was about the break even point for extracting it from seawater. So today's pathetic dollar, probably cannot let the price of Gold go above $2000 or so. That means only 1 % is left of the value of the Yankee dollar when FDR called in all the gold, and our Gold Backed paper currency, which valued a Troy Oz. of Gold at $20.65.

originally posted by: anonentity
a reply to: Winterpain


Which means that the face value of gold should go up by four times. The reasoning being that if four people paid a million dollars each, which is four million, for one million dollars worth of gold, then the price will move accordingly because supply cant make demand.

Based on historical records, Gold has kept it's value for over 2000 years. Back then a couple of gold coins would let a Roman Centurion buy clothes. The same applies today. Gold increases in value because countries keep deflating their currency relative to each other.

This guy bought around $120,000 worth of Gold coins back in the 1960's It's worth over $7 million now.

www.foxnews.com...

In the beginnings of the Sixties, an Encyclopedia had an illustration of gold production. A very large cube of this metal came from the Spanish Conquest of the New World. A much smaller cube of gold came from the California Gold Rush, Alaska barely mattered. Of course all that gold never came in one huge block of metal.

a reply to: toysforadults

I beg to differ it's used in almost all high end electronics and in most of the jewelry or there.

Jaden