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Thread: Executive Order 6102 - Gold Confiscation

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    Default Executive Order 6102 - Gold Confiscation

    Looked this up and got to thinking...It's a good thing the worthless relic isn't considered 'money' anymore...

    Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.

    Rationalization

    The order was rationalized on the grounds that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse.[1] The New York Times, on April 6, 1933 p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he forbade the hoarding 'of gold or silver coin or bullion or currency,' under penalty of $10,000 and/or up to five to ten years imprisonment."[2]

    Effect of the order

    Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $371.10 today[3]) per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.[citation needed]

    Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewellers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins (a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $7800 as of 2011). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting.

    The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce ($587 in 2010 dollars). The resulting profit that the government realized funded the Exchange Stabilization Fund established by the Gold Reserve Act in 1934.

    The regulations prescribed within Executive Order 6102 were modified by Executive Order 6111 of April 20, 1933, both of which were ultimately revoked and superseded by Executive Orders 6260 and 6261 of August 28 and 29, 1933, respectively.[4]
    [edit]

    Invalidation and reissue

    There was only one prosecution under the order, and in that case the order was ruled invalid by federal judge John M. Woolsey, on the grounds that the order was signed by the President, not the Secretary of the Treasury as required.[5]
    The circumstances of the case were that a New York attorney, Frederick Barber Campbell, had on deposit at Chase National over 5,000 troy ounces (160 kg) of gold. When Campbell attempted to withdraw the gold Chase refused and Campbell sued Chase. A federal prosecutor then indicted Campbell on the following day (September 27, 1933) for failing to surrender his gold.[6] Ultimately, the prosecution of Campbell failed, but the authority of the federal government to seize gold was upheld, and Campbell's gold was confiscated.

    The case forced the Roosevelt administration to issue a new order under the signature of the Secretary of the Treasury, Henry Morgenthau, Jr., which was in force for a few months until the passage of the Gold Reserve Act on January 30, 1934.
    [edit]

    Abrogation and subsequent events

    The Gold Reserve Act of 1934 made gold clauses unenforceable, and changed the value of the dollar in gold from $20.67 to $35 per ounce. This price remained in effect until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock).

    The private ownership of gold certificates was legalized in 1964. They can be openly owned by collectors but are not redeemable in gold. 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,[7][8] which went into effect December 31, 1974. P.L. 93-373 did not repeal the Gold Repeal Joint Resolution,[9][10] which made unlawful any contracts that specified payment in a fixed amount of money or a fixed amount of gold. That is, contracts remained unenforceable if they used gold monetarily rather than as a commodity of trade. However, Act of Oct. 28, 1977, Pub. L. No. 95-147, 4(c), 91 Stat. 1227, 1229 (originally codified at 31 U.S.C. 463 note, recodified as amended at 31 U.S.C. 5118(d)(2)) amended the 1933 Joint Resolution and made it clear that parties could again include so-called gold clauses in contracts formed after 1977.[11]

    The myth of a safe deposit box seizures order

    According to a folk rumor on the internet, President Roosevelt ordered all the safe deposit boxes in the country seized and searched for gold by an I.R.S. official. A typical example reads:

    By Executive Order Of The President of The United States, March 9, 1933.

    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, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; that the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.

    Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government.

    All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.

    Your possession of these proscribed metals and/or your maintenance of a safe deposit box to store them is known by the government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service.

    By lawful order given this day, the President of the United States.

    Franklin Roosevelt – March 9, 1933

    Most of this text does not appear in the actual Executive Order.[12] In fact, safe deposit boxes held by individuals were not forcibly searched or seized under the order and the few prosecutions that occurred in the 1930s for gold hoarding were executed under different statutes. One of the few such cases occurred in 1936, when a safe deposit box containing over 10,000 troy ounces (310 kg) of gold belonging to Zelik Josefowitz, who was not a U.S. citizen, was seized with a search warrant as part of a tax evasion prosecution.[13] Approximately 500 tonnes of gold were sold to the U.S. Treasury in 1933 at the rate of $20.67 per troy ounce.[14] although other sources refute this amount stating that 56 tonnes (1.8 million ounces) as a more accurate amount [15], based on calculations using US Treasury data as well as from Milton Friedman’s book, "The Monetary History of the United States".

    The U.S. Treasury came into possession of a large number of safe deposit boxes due to bank failures. During the 1930s, over 3,000 banks failed and the contents of their safe deposit boxes were remanded to the custody of the Treasury. If no one claimed the box, it remained in the possession of the Treasury. As of October 1981, there were 1,605 cardboard cartons in the basement of the Treasury, each carton containing the contents of one unclaimed safe deposit box.[16]
    [edit]

    Similar laws in other countries

    In Australia part IV of the Banking Act 1959 allowed the Commonwealth government to seize private citizens' gold in return for paper money where the Governor-General "is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth.[17]" As of January 30, 1976, this part's operation is "suspended".[18]

    http://en.wikipedia.org/wiki/Gold_confiscation_order
    "...a Republic, if you can keep it!" Ben Franklin

    Derivatives are contracts whose value is derived from stocks, bonds, loans, currencies and
    commodities, or linked to specific events such as changes in interest rates or the weather.

    "Money is the future idea of value." Armstrong

    "Pretend inferiority and encourage his arrogance." Sun Tzu
    Be the change you want to see in the world. Gandhi

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    Default Re: Executive Order 6102 - Gold Confiscation

    Quote Originally Posted by Goldhedge View Post
    Looked this up and got to thinking...It's a good thing the worthless relic isn't considered 'money' anymore...

    Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.

    Rationalization

    The order was rationalized on the grounds that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse.[1] The New York Times, on April 6, 1933 p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he forbade the hoarding 'of gold or silver coin or bullion or currency,' under penalty of $10,000 and/or up to five to ten years imprisonment."[2]

    Effect of the order

    Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $371.10 today[3]) per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.[citation needed]

    Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewellers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins (a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $7800 as of 2011). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting.

    The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce ($587 in 2010 dollars). The resulting profit that the government realized funded the Exchange Stabilization Fund established by the Gold Reserve Act in 1934.

    The regulations prescribed within Executive Order 6102 were modified by Executive Order 6111 of April 20, 1933, both of which were ultimately revoked and superseded by Executive Orders 6260 and 6261 of August 28 and 29, 1933, respectively.[4]
    [edit]

    Invalidation and reissue

    There was only one prosecution under the order, and in that case the order was ruled invalid by federal judge John M. Woolsey, on the grounds that the order was signed by the President, not the Secretary of the Treasury as required.[5]
    The circumstances of the case were that a New York attorney, Frederick Barber Campbell, had on deposit at Chase National over 5,000 troy ounces (160 kg) of gold. When Campbell attempted to withdraw the gold Chase refused and Campbell sued Chase. A federal prosecutor then indicted Campbell on the following day (September 27, 1933) for failing to surrender his gold.[6] Ultimately, the prosecution of Campbell failed, but the authority of the federal government to seize gold was upheld, and Campbell's gold was confiscated.

    The case forced the Roosevelt administration to issue a new order under the signature of the Secretary of the Treasury, Henry Morgenthau, Jr., which was in force for a few months until the passage of the Gold Reserve Act on January 30, 1934.
    [edit]

    Abrogation and subsequent events

    The Gold Reserve Act of 1934 made gold clauses unenforceable, and changed the value of the dollar in gold from $20.67 to $35 per ounce. This price remained in effect until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock).

    The private ownership of gold certificates was legalized in 1964. They can be openly owned by collectors but are not redeemable in gold. 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,[7][8] which went into effect December 31, 1974. P.L. 93-373 did not repeal the Gold Repeal Joint Resolution,[9][10] which made unlawful any contracts that specified payment in a fixed amount of money or a fixed amount of gold. That is, contracts remained unenforceable if they used gold monetarily rather than as a commodity of trade. However, Act of Oct. 28, 1977, Pub. L. No. 95-147, 4(c), 91 Stat. 1227, 1229 (originally codified at 31 U.S.C. 463 note, recodified as amended at 31 U.S.C. 5118(d)(2)) amended the 1933 Joint Resolution and made it clear that parties could again include so-called gold clauses in contracts formed after 1977.[11]

    The myth of a safe deposit box seizures order

    According to a folk rumor on the internet, President Roosevelt ordered all the safe deposit boxes in the country seized and searched for gold by an I.R.S. official. A typical example reads:

    By Executive Order Of The President of The United States, March 9, 1933.

    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, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; that the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.

    Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government.

    All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.

    Your possession of these proscribed metals and/or your maintenance of a safe deposit box to store them is known by the government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service.

    By lawful order given this day, the President of the United States.

    Franklin Roosevelt – March 9, 1933

    Most of this text does not appear in the actual Executive Order.[12] In fact, safe deposit boxes held by individuals were not forcibly searched or seized under the order and the few prosecutions that occurred in the 1930s for gold hoarding were executed under different statutes. One of the few such cases occurred in 1936, when a safe deposit box containing over 10,000 troy ounces (310 kg) of gold belonging to Zelik Josefowitz, who was not a U.S. citizen, was seized with a search warrant as part of a tax evasion prosecution.[13] Approximately 500 tonnes of gold were sold to the U.S. Treasury in 1933 at the rate of $20.67 per troy ounce.[14] although other sources refute this amount stating that 56 tonnes (1.8 million ounces) as a more accurate amount [15], based on calculations using US Treasury data as well as from Milton Friedman’s book, "The Monetary History of the United States".

    The U.S. Treasury came into possession of a large number of safe deposit boxes due to bank failures. During the 1930s, over 3,000 banks failed and the contents of their safe deposit boxes were remanded to the custody of the Treasury. If no one claimed the box, it remained in the possession of the Treasury. As of October 1981, there were 1,605 cardboard cartons in the basement of the Treasury, each carton containing the contents of one unclaimed safe deposit box.[16]
    [edit]

    Similar laws in other countries

    In Australia part IV of the Banking Act 1959 allowed the Commonwealth government to seize private citizens' gold in return for paper money where the Governor-General "is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth.[17]" As of January 30, 1976, this part's operation is "suspended".[18]

    http://en.wikipedia.org/wiki/Gold_confiscation_order
    the planing of ww2 is what i'm reading here .
    IF YA CANT DAZZLE THEM WITH BRILLIANCE BAFFLE THEM WITH BULLsh!t.

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    Default Re: Executive Order 6102 - Gold Confiscation

    Relax Hedge, NO ONE is gonna take ur gold.

    The AntiChrist will order 'death by mutilation' if you try to spend it,,, that's all.

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    Default Re: Executive Order 6102 - Gold Confiscation

    I am not quite sure where the president has authority to make such an order to the people of the united states.

  5. Post #5

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    Default Re: Executive Order 6102 - Gold Confiscation

    Quote Originally Posted by Mujahideen View Post
    I am not quite sure where the president has authority to make such an order to the people of the united states.
    Ah, and there is the rub...
    "...a Republic, if you can keep it!" Ben Franklin

    Derivatives are contracts whose value is derived from stocks, bonds, loans, currencies and
    commodities, or linked to specific events such as changes in interest rates or the weather.

    "Money is the future idea of value." Armstrong

    "Pretend inferiority and encourage his arrogance." Sun Tzu
    Be the change you want to see in the world. Gandhi

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    Default Re: Executive Order 6102 - Gold Confiscation

    Quote Originally Posted by Mujahideen View Post
    I am not quite sure where the president has authority to make such an order to the people of the united states.
    EO I0U12 .
    IF YA CANT DAZZLE THEM WITH BRILLIANCE BAFFLE THEM WITH BULLsh!t.

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    Default Re: Executive Order 6102 - Gold Confiscation

    QWAK,Obama made a deal with NIKI to use there slogan after the Nov. election!

    Starting next December all new rules and laws will include this statment at or near the end --- "Just do IT!" and if people have a problem with THAT there will be another statment added -- "If you DON'T -- you will WISH you HAD!"

    the DUCK
    "ALL is ONE" What we DO to and FOR others we DO "TO and FOR" our selves ultimitly!

    People SELDOM look for TRUTH! What they look for is CONFERMATION that what they have chosen to believe IS TRUTH! This is why people will believe almost ANY THING and also WHY the WORLD is SO MESSED UP!

    IT is never realy OVER -- things just CHANGE!

    You can QUOTE me on ALL! It IS what I believe to be TRUE!

    I AM, the DUCK

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    Lightbulb Re: Executive Order 6102 - Gold Confiscation

    dear zioniest financier .... wish in one hand and sh!t the other & see witch one fills up first. poo poo ka ka doo doo.
    IF YA CANT DAZZLE THEM WITH BRILLIANCE BAFFLE THEM WITH BULLsh!t.

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    Default Re: Executive Order 6102 - Gold Confiscation

    Quote Originally Posted by Goldhedge View Post
    Looked this up and got to thinking...It's a good thing the worthless relic isn't considered 'money' anymore...

    Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.

    Rationalization

    The order was rationalized on the grounds that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse.[1] The New York Times, on April 6, 1933 p. 16, wrote under the headline "Hoarding of Gold", "The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he forbade the hoarding 'of gold or silver coin or bullion or currency,' under penalty of $10,000 and/or up to five to ten years imprisonment."[2]

    Effect of the order

    Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $371.10 today[3]) per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.[citation needed]

    Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewellers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins (a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $7800 as of 2011). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting.

    The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce ($587 in 2010 dollars). The resulting profit that the government realized funded the Exchange Stabilization Fund established by the Gold Reserve Act in 1934.

    The regulations prescribed within Executive Order 6102 were modified by Executive Order 6111 of April 20, 1933, both of which were ultimately revoked and superseded by Executive Orders 6260 and 6261 of August 28 and 29, 1933, respectively.[4]
    [edit]

    Invalidation and reissue

    There was only one prosecution under the order, and in that case the order was ruled invalid by federal judge John M. Woolsey, on the grounds that the order was signed by the President, not the Secretary of the Treasury as required.[5]
    The circumstances of the case were that a New York attorney, Frederick Barber Campbell, had on deposit at Chase National over 5,000 troy ounces (160 kg) of gold. When Campbell attempted to withdraw the gold Chase refused and Campbell sued Chase. A federal prosecutor then indicted Campbell on the following day (September 27, 1933) for failing to surrender his gold.[6] Ultimately, the prosecution of Campbell failed, but the authority of the federal government to seize gold was upheld, and Campbell's gold was confiscated.

    The case forced the Roosevelt administration to issue a new order under the signature of the Secretary of the Treasury, Henry Morgenthau, Jr., which was in force for a few months until the passage of the Gold Reserve Act on January 30, 1934.
    [edit]

    Abrogation and subsequent events

    The Gold Reserve Act of 1934 made gold clauses unenforceable, and changed the value of the dollar in gold from $20.67 to $35 per ounce. This price remained in effect until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for foreign exchange (see Nixon Shock).

    The private ownership of gold certificates was legalized in 1964. They can be openly owned by collectors but are not redeemable in gold. 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,[7][8] which went into effect December 31, 1974. P.L. 93-373 did not repeal the Gold Repeal Joint Resolution,[9][10] which made unlawful any contracts that specified payment in a fixed amount of money or a fixed amount of gold. That is, contracts remained unenforceable if they used gold monetarily rather than as a commodity of trade. However, Act of Oct. 28, 1977, Pub. L. No. 95-147, 4(c), 91 Stat. 1227, 1229 (originally codified at 31 U.S.C. 463 note, recodified as amended at 31 U.S.C. 5118(d)(2)) amended the 1933 Joint Resolution and made it clear that parties could again include so-called gold clauses in contracts formed after 1977.[11]

    The myth of a safe deposit box seizures order

    According to a folk rumor on the internet, President Roosevelt ordered all the safe deposit boxes in the country seized and searched for gold by an I.R.S. official. A typical example reads:

    By Executive Order Of The President of The United States, March 9, 1933.

    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, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; that the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.

    Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government.

    All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.

    Your possession of these proscribed metals and/or your maintenance of a safe deposit box to store them is known by the government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service.

    By lawful order given this day, the President of the United States.

    Franklin Roosevelt – March 9, 1933

    Most of this text does not appear in the actual Executive Order.[12] In fact, safe deposit boxes held by individuals were not forcibly searched or seized under the order and the few prosecutions that occurred in the 1930s for gold hoarding were executed under different statutes. One of the few such cases occurred in 1936, when a safe deposit box containing over 10,000 troy ounces (310 kg) of gold belonging to Zelik Josefowitz, who was not a U.S. citizen, was seized with a search warrant as part of a tax evasion prosecution.[13] Approximately 500 tonnes of gold were sold to the U.S. Treasury in 1933 at the rate of $20.67 per troy ounce.[14] although other sources refute this amount stating that 56 tonnes (1.8 million ounces) as a more accurate amount [15], based on calculations using US Treasury data as well as from Milton Friedman’s book, "The Monetary History of the United States".

    The U.S. Treasury came into possession of a large number of safe deposit boxes due to bank failures. During the 1930s, over 3,000 banks failed and the contents of their safe deposit boxes were remanded to the custody of the Treasury. If no one claimed the box, it remained in the possession of the Treasury. As of October 1981, there were 1,605 cardboard cartons in the basement of the Treasury, each carton containing the contents of one unclaimed safe deposit box.[16]
    [edit]

    Similar laws in other countries

    In Australia part IV of the Banking Act 1959 allowed the Commonwealth government to seize private citizens' gold in return for paper money where the Governor-General "is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth.[17]" As of January 30, 1976, this part's operation is "suspended".[18]

    http://en.wikipedia.org/wiki/Gold_confiscation_order
    Not all of this information is accurate. There were multiple people prosecuted for owning gold between 1934 and 1975. There is a law review article that discusses this and provides citations. Your article suggests there was only one prosecution - this may be technically correct if limited to the surrender of coins as distinguished from continued ownership, but that is a distinction without any real meaning. That inaccuracy leads me to question the suggestion that IRS agents didn't require the opening of vault boxes.

    See “How Americans Lost Their Right to Own Gold and Became Criminals in the Process” Brooklyn Law Review 39 (1973) 517-559: http://www.fame.org/HTM/Holzer%20Hen...Own%20Gold.HTM

    if you read this article, you can see that over 40 years the government came at several people. the cases that are cited are merely those that were appealed - there is no record of enforcment if the victim didn't take his case to an appellate court that reports their legal opinion.

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    Default Re: Executive Order 6102 - Gold Confiscation

    Ever feel like the last guy to get it?

    I've never put much thought into the threats of modern confiscation. I know some bullion sellers pitch this to get you to buy overpriced pre-33.

    But I am thinking. The govt may not be able to solve any financial crisis by confiscating gold for the value itself, but they may be able to stop people from 'fleeing' to it and put their money into stocks, bonds etc. to keep the economy healthy. That's a nice thought until you consider that people should have the right do this if they darn well please.

  12. Post #11

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    Default Re: Executive Order 6102 - Gold Confiscation

    How about a 90% capitol gains tax on PM's?
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  13. Post #12

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    Default Re: Executive Order 6102 - Gold Confiscation

    Quote Originally Posted by <===Foolsgold View Post
    How about a 90% capitol gains tax on PM's?
    QWAK,Foolsgold,HUmmmmmmmmmm How will or would they know WHEN you bought it and how much you payed for that ounce of GOLD or SILVER you sold?

    Just take 90% of what you sell it for???

    If you bought it recently there would be no gain to tax.

    the DUCK
    "ALL is ONE" What we DO to and FOR others we DO "TO and FOR" our selves ultimitly!

    People SELDOM look for TRUTH! What they look for is CONFERMATION that what they have chosen to believe IS TRUTH! This is why people will believe almost ANY THING and also WHY the WORLD is SO MESSED UP!

    IT is never realy OVER -- things just CHANGE!

    You can QUOTE me on ALL! It IS what I believe to be TRUE!

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  14. Post #13

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    Default Re: Executive Order 6102 - Gold Confiscation

    Quote Originally Posted by GOLD DUCK View Post
    QWAK,Foolsgold,HUmmmmmmmmmm How will or would they know WHEN you bought it and how much you payed for that ounce of GOLD or SILVER you sold?

    Just take 90% of what you sell it for???

    If you bought it recently there would be no gain to tax.

    the DUCK
    I ordered 10 400oz gold bars from tulving, because my local guy was all out. Tulvings records will be seized by the IRS.
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    "Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants but debt is the money of slaves." Norm Franz, Money and Wealth in the New Millenium

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