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Confiscation of Gold Coins, Bars

30 Nov

During the Great Depression the United States government confiscated all gold coins and bars held by its private citizens, under threat of fines and imprisonment. Gold in most monetary forms was illegal to own in the U.S. until 1975. Even today laws remain on the books that make instituting another such mandatory seizure of your wealth just one executive order away.

via Wealth Protection – The Heirloom Collection – 24K Pure Gold Jewelry.

 

It’s no secret that gold is an unmatched hedge against inflation. Unlike paper currency, over the past 75 years gold has actually increased its buying power – while the dollar has lost more than 95% of its value.

In 1935, when an ounce of gold was worth $35, you could buy:

* a good tailored suit for $19.75 – or 0.56 ounces of gold
* a family car for $500 – or 14.3 ounces of gold
* a house for $7,150 – or 204.2 ounces of gold

Today, with gold in the area of $1,400 an ounce:

* that same good tailored suit costs $600 – or 0.43 ounces of gold
* the family car now costs $17,000 – or 12.1 ounces of gold
* the house averages $181,100* – or 129.3 ounces of gold

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Posted by on November 30, 2010 in economy, gold, investing, money

 

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