Comments on: e-gold Under Attack by U.S. Govt., Could the U.S. Ban Gold Again?

By: Justin

Justin — Wed, 29 Jul 2009 01:21:33 +0000

Unless the government decides to voluntarily give up its monopoly over the issue of 'banknotes', which I think it is safe to say is at best unlikely, then it is inevitable that the government will at some point confiscate, ban the sale of etc, precious metals. In fact, 'Australian law already has a mechanism in place to require delivery of gold to the Reserve Bank of Australia (RBA) - Part IV of the Banking Act 1959'. (see goldchat.blogspot.com/2008/11/australian-gold-confiscation.html) I'm sure this will also include the nationalisation of gold mines, or a requirement that the mines sell first to the government, like in Venezuela and Kevin Rudd is a socialist. The key is in the bond market, so far the trillions of dollars, pounds, yen etc, have taken refuge there. To be sure its a ponzi scheme but so far supply is meeting demand in order that longer term rates do not fall to zero overnight. The spread between short and long term can't go to zero though and gold is saying that overall, rates are too low.

By: ram

ram — Wed, 29 Jul 2009 00:08:02 +0000

Last I checked, all modern electronics IC's use gold in their manufacture, as do many other industrial goods - so it would be hard to ban the sale of gold in even a pseudo-capitalist economy.

As for gold as an investment or store of wealth, I highly recommend that people or companies take physical possession and store it on their own premises.

By: Bernard

Bernard — Tue, 28 Jul 2009 13:41:31 +0000

If the government dare to confiscate gold off their people. We need to rise up and fight for this. It is unbelievable how corrupt politicians can be, the only serve the rich and large corporation interest while rob the poor of the last penny they have. Politicians are the Biggest thieves and criminals there is!

By: George

George — Fri, 03 Apr 2009 15:47:24 +0000

I just wanted to say that I love this site

By: Neil Sutton

Neil Sutton — Wed, 29 Oct 2008 10:12:42 +0000

In reply to comment from Murray S "They will do it in a heartbeat. All it will take is a BIG crisis, and our gold will be gone. The creatins that are our politicians know that they will lose very few votes" Due to the fact that the word "Greed" is fashionable at the moment, all they have to do is have a current affairs program to show a story on some prudent person who prepared for this financial downturn and hedged with gold or silver, making it clear that while everyone else is hurting (due to their credit card debt and loosing all of the equity in their house)they are still living the "high life" due to their Greed. The hords will soon be out like a lynch mob. Can't see too much resistance to Govt confiscation myself.

By: Henry Cohen

Henry Cohen — Wed, 01 Oct 2008 03:27:11 +0000

Until your essay above, I was not planning to sell the gold coins, bought as recommended by many "gurus", I own. I find myself wondering whether owning the stock GLD constitues owning gold. As a shareholder of an organization (albeit an ETF) that buys gold bullion, am I not a partial owner of this gold and as such have to sell it if the gov't bans gold ownerwhip? What about gold mining stocks? This would be a perverse interpretation of such a ban, but we do live in "interesting" times. Can anyone help me with this?

By: Fred Rabin

Fred Rabin — Sat, 07 Jun 2008 07:18:13 +0000

It is a great irony that for fiscal security in the future you must look to "Communist" China, or once basket case socialist countries like India.

By: Robyn

Robyn — Mon, 21 May 2007 02:59:37 +0000

I'm no expert at this but other internet services, banks make or have contact transactions for crimnals an don't always know it. Like the hackers an scammers. If they have a service where someone investigates the indiviual by going by their license, address e.t.c before accepting their service. Why not have that for e-gold?

By: Robert

Robert — Tue, 15 May 2007 08:57:45 +0000

After selling gold coins to the public how would any government have the cheek to later confiscate them? I suspect most wouldn't comply anyway (neither did they in 1930s either!) knowing full well most prisons are full already! Just in case, buy silver instead!

By: Timbakto

Timbakto — Thu, 10 May 2007 19:52:02 +0000

Hello

In my view everything will be back but with some new terms and conditions

All USDOJ did is allegations not final judgement so now case will be procced in routine and its hard for us gov as well to delcare all accounts misused. US govt cannot eat the whole bunch of money just by allegations. The account which will be guilty and found bad will be closed but they have no reason to freeze or seize money of exchangers which are operating outside USA. Out of states companies are out of jurisdiction of US courts. alot of questions will raise on Govt that why they didn't stopped it for last 10 years. Is USDOJ and USSS and FBI was sleeping for 10 years and now today when e-gold is spreaded worldwide they suddenly make allegations and freeze whole money its very funny . no?

Finally i think if Govt stands at their point of view and if they already have decided under table to close egold then no power can stop them but if it happen then no other company can take place for alternate of E-gold. No doubt e-gold is leader in E-currency business.

I love E-gold and i m sure if USA jurisdiction is free and not under pressure of USSS final verdict will be in favor of e-gold.

USSS FBI allegations are more then two and half years old within this time alot of improvments e-gold already have taken.

One suggestion to e-gold. Now you leave this land this country is not good for good peoples and businessmens. Leave this country for only USSS and DOJ DONKEYS

This is what i think what you think your coments are welcome

Bbye