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The Best Gold As An Investment – Part Three

Blog Mar 18, 2014
An Old U.S. $1 Gold Coin, In Extra Fine Condition

An Old U.S. $1 Gold Coin, In Extra Fine Condition

In part one of this article blog – The Best Gold As An Investment – I shared with you how my boss said that there were only two reasons that people bought gold; fear and greed. He may have been right, but throughout the banking crisis and stock market crash, I witnessed old gold coins, rare gold coins, and gold bullion, as well as silver coins, serve another purpose – peace of mind. Peace of mind is the opposite of fear, just as the head of a coin is the opposite of the tail of the coin. Greedy people will always be greedy, there is no one true cure for this affliction, I believe. There is however a cure for fear, and if bank failures, currency collapse, and financial loss are fears of yours, then gold and silver coins can be your cure.

Old Gold Coins And Rare Gold Coins And Executive Order 6102
During a financial crisis, a banking crisis, and economic collapse, gold coins, rare gold coins, old gold coins, and gold bullion all have different and separate uses. After the Great Depression, the United States was technically insolvent, and in debt. In order to keep our international trade afloat and our government running, an infusion of wealth into the financial systems was “needed”. President Theodore Roosevelt issued Executive Order 6102 which demanded that the people of the United States submit their U.S. issued gold currency to approved banking institutions in exchange for paper Federal Reserve Notes. The order decreed that an individual could keep up to five ounces of gold coin, and any gold coins that were “rare or unusual”. The penalty for failing to turn in the appropriate gold coins was ten years in prison, a $10,000 fine, or both. Roosevelt was serious about his decree. The decree did not apply to non U.S. Citizens that held American gold overseas, and of course many who had under five ounces of gold turned in nothing. Anyone who had more than five ounces of gold, usually kept as much as they could, and turned the rest into silver coin rather than trade it for for paper money. You should note that during the early days of the United States, Americans watched as one paper currency after another became totally worthless, and because of this they were less than likely to trust any paper currency, no matter who issued it or what picture was on the bill. The coins that are sold today as U.S. old gold coins and U.S. Rare gold coins are coins that survived this confiscation.

Gold Confiscation Today
There is much speculation as to whether or not a gold confiscation could happen again in the United States. The best answer I have is that the United States is now the World’s largest debtor. Our major creditors are The Federal Reserve Bank, China, and Japan. All three hold gold as wealth. If they ever decide that paper printed by the U.S. Government, or worse yet, digital currency created by the U.S. Government, is no longer a suitable form of payment, then the gold option will be on the table. To read the final part of The Best Gold As An Investment, and read about how gold coins, old gold coins, rare gold coins, and gold bullion will function during banking failures and an economic collapse, follow this link.

Thumbnail Photo We believe that everyone deserves a properly developed strategy for financial safety.

Lynette Zang

Chief Market Analyst, ITM Trading

Sources & References In This Article

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