{"id":26871,"date":"2019-10-02T14:26:59","date_gmt":"2019-10-02T21:26:59","guid":{"rendered":"https:\/\/www.itmtrading.com\/blog\/?p=26871"},"modified":"2021-01-04T10:39:28","modified_gmt":"2021-01-04T17:39:28","slug":"gold-laws-revealed-what-you-didnt-know-about-gold-laws-by-lynette-zang","status":"publish","type":"post","link":"https:\/\/www.itmtrading.com\/blog\/gold-laws-revealed-what-you-didnt-know-about-gold-laws-by-lynette-zang\/","title":{"rendered":"GOLD LAWS REVEALED: What You Didn’t Know About Gold Laws… by Lynette Zang"},"content":{"rendered":"

PLEASE NOTE<\/span>:
\nWe highly recommend you watch this video in its entirety to fully understand<\/span> the many different Laws on this subject (and the roles they played in the past).<\/h2>\n

What laws are currently in place regarding government power over gold and numismatic coins? What legal precedence establishes what is considered \u00e2\u20ac\u0153rare and unusual\u00e2\u20ac\u009d? How might the past influence the future? The following video and links below are for you to verify the facts yourself and formulate an educated opinion.<\/p>\n

Government Precedence on the Treatment of Gold:<\/h2>\n

What legal precedence establishes what is considered \u00e2\u20ac\u0153rare and unusual\u00e2\u20ac\u009d? How might the past influence the future? The following are links for you to verify the facts and formulate an educated opinion.<\/p>\n

The \u00e2\u20ac\u0153Trading with the Enemy\u00e2\u20ac\u009d Act authorizes the President to regulate, investigate, and prohibit \u00e2\u20ac\u0153under such rules and regulations as he may prescribe\u00e2\u20ac\u00a6any transactions in foreign exchange, export or earmarking of gold or silver coin or bullion or currency\u00e2\u20ac\u00a6by any person within the United States\u00e2\u20ac\u009d \u00e2\u20ac\u0153During time of war or during any other period of national emergency declared by the President.\u00e2\u20ac\u009d http:\/\/www.treasury.gov\/resource-center\/sanctions\/Documents\/twea.pdf<\/a> And while it was modified by the \u00e2\u20ac\u0153International emergency economic powers act of 1977\u00e2\u20ac\u2122 to clean up multiple previously declared emergencies, it did not remove the Presidents executive powers or repeal the \u00e2\u20ac\u0153Trading with the Enemy\u00e2\u20ac\u009d Act which is still good law. In addition it gives any US president the power to freeze accounts, seize assets, nationalize banks and take other radical steps to fight economic collapse in the name of national security. http:\/\/www.treasury.gov\/resource-center\/sanctions\/Documents\/ieepa.pdf<\/a> Recently those powers have been expanded by the March 2012 executive order titled \u00e2\u20ac\u0153National Defense Resources Preparedness Act\u00e2\u20ac\u009d which empowers the President, during a state of emergency, to seize control, on US soil, of all resources as referenced in \u00e2\u20ac\u0153PART II \u00e2\u20ac\u201c PRIORITIES AND ALLOCATIONS\u00e2\u20ac\u009d http:\/\/www.whitehouse.gov\/the-press-office\/2012\/03\/16\/executive-order-national-defense-resources-preparedness<\/a><\/p>\n

The Exchange Stabilization Fund (ESF) is operated by the New York Federal Reserve. \u00e2\u20ac\u0153The Act authorized the Secretary of the Treasury, to deal in gold, foreign exchange, securities, and instruments of credit, under the exclusive control of the Secretary of the Treasury subject to the approval of the President.\u00e2\u20ac\u009d http:\/\/www.newyorkfed.org\/aboutthefed\/fedpoint\/fed14.html<\/a><\/p>\n

Here is the 1995 FOMC meeting minutes discussing this participation in the Gold Swap market http:\/\/www.federalreserve.gov\/monetarypolicy\/files\/FOMC19950201meeting.pdf<\/a> and James Turk\u00e2\u20ac\u2122s discussion on the subject in 2000. http:\/\/kingworldnews.com\/kingworldnews\/KWN_DailyWeb\/Entries\/2012\/10\/25_James_Turk_-_The_Entire_German_Gold_Hoard_Is_Gone.html<\/a><\/p>\n

In 2005 GATA (Gold Anti-Trust Action Committee) contacted the Treasury in an effort to clarify the US Treasury\u00e2\u20ac\u2122s position on Gold and Silver. They said, \u00e2\u20ac\u0153The Treasury Department was surprisingly candid in that correspondence, asserting the U.S. government\u00e2\u20ac\u2122s authority, in declared emergencies, to confiscate precious metals and to restrict ownership of mining shares \u00e2\u20ac\u201c and to confiscate and restrict every other financial asset as well.\u00e2\u20ac\u009d Here is a link to that communication. http:\/\/www.gata.org\/node\/5606<\/a><\/p>\n

Part of what is in question is the definition of \u00e2\u20ac\u0153rare and unusual\u00e2\u20ac\u009d. Treasury Secretary Woodin http:\/\/en.wikipedia.org\/wiki\/William_H._Woodin<\/a> was an avid coin collector and influenced the clause in Executive Order 6102 that created the avoidance of confiscation and prosecution exemptions for collectors. Scroll to April 5, 1933 and you will see that according the Treasury, all coins minted prior to 1933 that were considered rare and unusual, were exempt from confiscation and the holders from prosecution.<\/p>\n

Of course the statement is quite broad and needed some clarification. This is the issue from 1973 where in \u00e2\u20ac\u0153gold regulations\u00e2\u20ac\u009d section 54.20 there is a clear definition of what constitutes a \u00e2\u20ac\u0153rare and unusual\u00e2\u20ac\u009d coin according to the Treasury \u00e2\u20ac\u0153Gold coin of recognized special value to collectors of rare and unusual coin may be acquired, held and transported within the United States for numismatic purposes without the necessity of holding a license therefore. Such coin may not be acquired for the purpose of acquiring the gold bullion contained therein.\u00e2\u20ac\u009d \u00e2\u20ac\u0153(b) Gold coin made prior to 1934 is considered to be of recognized special value to collectors of rare and unusual coin.\u00e2\u20ac\u009d http:\/\/books.google.com\/books?id=YvY6AAAAIAAJ&pg=PA91&lpg=PA91&dq=gold+regulations+section+54.20(e)&source=bl&ots=AZO6lG9d9h&sig=Cfl77meKC9BlPql6UwQvwpXeQg8&hl=en&sa=X&ei=OnX7T_qHIaaC2AXE3ezqBg&ved=0CEoQ6AEwAg#v=onepage&q=gold%20regulations%20section%2054.20(e)&f=false<\/a><\/p>\n

David L. Ganz, managing partner and principal litigator in the law firm of Ganz, Hollinger & Towe, has been an award-winning writer in the numismatic field for more than 30 years. Pulling historic records from the Director of the Mint and Treasury Department, he has pieced together the number of coins originally minted, how many were recorded as melted, and how many likely remain.<\/p>\n

This does not address the quality of the individual coins, but it does give us a good idea of what \u00e2\u20ac\u0153rare and unusual\u00e2\u20ac\u009d is. Please note that the numbers are in millions of coins. Also note that these numbers are not guaranteed, but are the best available from the Mint and Treasury data from that time.<\/p>\n

\"\"<\/a><\/p>\n

Since the known gold stock in or above ground is 6,802,592,911 according to the World Gold Council http:\/\/www.gold.org\/about_gold\/story_of_gold\/demand_and_supply\/<\/a> and the US Department of the Interior http:\/\/minerals.usgs.gov\/minerals\/pubs\/mcs\/2012\/mcs2012.pdf<\/a> . The total gold content of all pre 1933 coins is less than 2% of total known gold and approximately .0003% for common and better dated $20 gold coins based on coins graded by PCGS and NGS.<\/p>\n

Here is a legal case adjudicated in 1962 that supports what is classified legally as \u00e2\u20ac\u0153rare and unusual\u00e2\u20ac\u009d \u00e2\u20ac\u0153Section 54.20 of the regulations issued by the Secretary of the Treasury, pursuant to the authority granted in the act, draws a sharp distinction between gold coins made prior to April 5, 1933, and those made thereafter. The former are considered to be of recognized value to collectors of rare and unusual coins; the latter may be presumed not to be.\u00e2\u20ac\u009d http:\/\/www.leagle.com\/xmlResult.aspx?page=2&xmldoc=196267028PaDampC2d642_1556.xml&docbase=CSLWAR1-1950-1985&SizeDisp=7<\/a><\/p>\n

In Executive Order 11037 dated July 20, 1962, second paragraph, President Kennedy expanded the definition to include foreign gold coins. http:\/\/www.presidency.ucsb.edu\/ws\/index.php?pid=58976#axzz20B7WRP4e<\/a><\/p>\n

\u00e2\u20ac\u0153Rare and Unusual\u00e2\u20ac\u009d was further reinforced with the auction of the only legalized 1933 Saint Gaudens $20 gold coin. http:\/\/www.usmint.gov\/pressroom\/?action=press_release&id=280<\/a> And when other 1933 Saints were later discovered, they were confiscated on the basis that they were stolen from the Treasury. This case is ongoing with the current update found here. \u00c2\u00a0http:\/\/www.coinworld.com\/insights\/1933-gold-double-eagle-case-continues-as-court-vacates-earlier-ruling.html#<\/a><\/p>\n

The current issue of \u00e2\u20ac\u0153Money and Finance: Treasury\u00e2\u20ac\u009d and refers to the ability of the Secret Service to seize gold looping back to the \u00e2\u20ac\u0153Gold Reserve Act\u00e2\u20ac\u009d of 1934, http:\/\/en.wikipedia.org\/wiki\/Gold_Reserve_Act\u00c2\u00a0 which is still in force. See page 513 of this attachment http:\/\/www.gpo.gov\/fdsys\/pkg\/CFR-2004-title31-vol2\/pdf\/CFR-2004-title31-vol2.pdf<\/a><\/p>\n

And while it is perfectly legal to own any form of gold in any quantity in the US today, including inside of IRA\u00e2\u20ac\u2122s, the IRS supports all of the above referenced laws in form 590 http:\/\/www.irs.gov\/pub\/irs-pdf\/p590.pdf<\/a> by clearly defining the difference between monetary and collectible gold.<\/p>\n

Precious metals and Numismatic Coins were also addressed on page 33716 C. Section 103.140 (a)(1)(iv) and pursuant to the provisions in the USA PATRIOT Act of 2001 under Financial Crimes Enforcement Network: Anti-Money Laundering Programs for Dealers in Precious metals, Stones or Jewels, a rule by the Treasury Department on 06\/09\/2005.\u00c2\u00a0 http:\/\/www.gpo.gov\/fdsys\/pkg\/FR-2005-06-09\/pdf\/05-11431.pdf<\/a><\/p>\n

Finally, in Ben Bernanke\u00e2\u20ac\u2122s outline of how to fight deflation he believes that devaluing the dollar against gold, \u00e2\u20ac\u0153enforced\u00e2\u20ac\u009d by gold confiscation and additional monetary inflation which increased prices across the board and reflated the stock market was successful in pulling the US out of the depression in 1934. Considering the fact that most of what he outlined has already been or is being executed on a global basis, it is certainly possible that the entire outline may be executed. http:\/\/www.federalreserve.gov\/BOARDDOCS\/SPEECHES\/2002\/20021121\/default.htm<\/a><\/p>\n

Henry Holzer is a constitutional lawyer and professor who has written numerous historic articles with a focus on constitutional law. http:\/\/henrymarkholzer.blogspot.com\/2009\/01\/will-private-gold-be-confiscated_25.html<\/a> This is a direct link to the referenced article. http:\/\/www.fame.org\/PDF\/Holzer%20Henry%20Mark%20How%20Americans%20Lost%20Their%20Right%20to%20Own%20Gold.pdf<\/a><\/p>\n

Historic as well as current legal precedence reinforce the differences between numismatic, semi numismatic and bullion gold. Since different assets support different goals, as in any positioning, it makes sense to have a diversified portfolio to support different goals. This traditional investment logic works with every asset class, including gold.<\/p>\n

 <\/p>\n

Slides and Links:<\/strong><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.constitution.org\/mon\/greenspan_gold.htm<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.bis.org\/publ\/arpdf\/archive\/ar1932_en.pdf<\/a><\/p>\n

https:\/\/www.govinfo.gov\/content\/pkg\/USCODE-2011-title50\/pdf\/USCODE-2011-title50-app-tradingwi.pdf<\/a><\/p>\n

https:\/\/www.treasury.gov\/resource-center\/sanctions\/documents\/twea.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.federalreservehistory.org\/essays\/roosevelts_gold_program<\/a><\/p>\n

https:\/\/web.archive.org\/web\/20120426013733\/<\/a><\/p>\n

http:\/\/www.fame.org\/pdf\/White%20House%20Statement%20on%20Proclamation%202072.pdf<\/a><\/p>\n

https:\/\/en.wikipedia.org\/wiki\/William_H._Woodin<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.bis.org\/publ\/arpdf\/archive\/ar1934_en.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

http:\/\/allthatstreaming.com\/pdf\/how-americans-lost-their-right-to-own-gold-and-became-criminals-in-the-process-by-mark-holzer.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.treasurydirect.gov\/instit\/statreg\/fraud\/fraud_5118.txt<\/a><\/p>\n

http:\/\/www.opn.ca6.uscourts.gov\/opinions.pdf\/08a0322p-06.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/presidency.ucsb.edu\/documents\/executive-order-11037-amendment-section-12-executive-order-no-6260-august-28-1933-amended#axzz20B7WRP4e<\/a><\/p>\n

https:\/\/www.govinfo.gov\/content\/pkg\/FR-1969-04-26\/pdf\/FR-1969-04-26.pdf<\/a><\/p>\n

https:\/\/books.google.com\/books?id=4hFjDwAAQBAJ&pg=PT102&lpg=PT102&dq=section+54.20(e)+gold+regulations+all+foreign+gold+coins+minted+1934+through+1959&source=bl&ots=zYqhPmLog7&sig=ACfU3U3d4OQubhqP2yGL6uWoCVjpfxhVZA&hl=en&sa=X&ved=2ahUKEwjS54iuyvbkAhWOvZ4KHSntDboQ6AEwE3oECAkQAQ#v=onepage&q=section%2054.20(e)%20gold%20regulations%20all%20foreign%20gold%20coins%20minted%201934%20through%201959&f=false<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.leagle.com\/decision\/196267028padampc2d6421556.xml<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.moneyfactory.gov\/images\/FactSheet_GoldCertificate_20130502.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/presidency.ucsb.edu\/ws\/?pid=27108<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.archives.gov\/federal-register\/codification\/executive-order\/11825.html<\/a><\/p>\n

https:\/\/www.govinfo.gov\/content\/pkg\/HMAN-112\/pdf\/HMAN-112-pg1119.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

http:\/\/www.goldensextant.com\/Resources%20PDF\/Gold%20Commission%20Report%20Volume%20I.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/mises-media.s3.amazonaws.com\/Case%20for%20Gold_2.pdf<\/a><\/p>\n

http:\/\/www.goldensextant.com\/Resources%20PDF\/Gold%20Commission%20Report%20Volume%20I.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.newyorkfed.org\/aboutthefed\/fedpoint\/fed14.html<\/a><\/p>\n

https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/FOMC19950201meeting.pdf<\/a><\/p>\n

https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/FOMC19930518meeting.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/www.govinfo.gov\/content\/pkg\/CFR-2004-title31-vol2\/pdf\/CFR-2004-title31-vol2.pdf<\/a><\/p>\n

\"\"<\/a><\/p>\n

http:\/\/www.gata.org\/node\/5606<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/obamawhitehouse.archives.gov\/the-press-office\/2012\/03\/16\/executive-order-national-defense-resources-preparedness<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/abcnews.go.com\/Business\/judge-10-rare-gold-coins-worth-80-million\/story?id=17159793<\/a><\/p>\n

https:\/\/www.courthousenews.com\/Unearthed-Gold-Coins-Belong-to-Uncle-Sam\/<\/a><\/p>\n

https:\/\/www.coinworld.com\/news\/precious-metals\/supreme-court-declines-1933-double-eagle-case.html<\/p>\n

https:\/\/www.pcgs.com\/news\/1933-20-st-gaudens-sets-new-world-record-price-of<\/a><\/p>\n

https:\/\/www.coinworld.com\/news\/precious-metals\/roy-langbord-divulges-details-on-1933-double-eagles.html<\/a><\/p>\n

\"\"<\/a><\/p>\n

https:\/\/fas.org\/sgp\/crs\/natsec\/R45618.pdf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PLEASE NOTE: We highly recommend you watch this video in its entirety to fully understand the many different Laws on this […]<\/p>\n","protected":false},"author":6,"featured_media":26987,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1709],"tags":[64,95,104,164],"class_list":["post-26871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-101-series","tag-gold-confiscation","tag-numismatic-gold","tag-rare-gold-coins","tag-numismatic-gold-coins"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/26871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=26871"}],"version-history":[{"count":12,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/26871\/revisions"}],"predecessor-version":[{"id":29489,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/26871\/revisions\/29489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media\/26987"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=26871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=26871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=26871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}