Martin Armstrong discusses the possibility of GOLD CONFISCATION and the collapse of confidence in the banking system in his latest update.
IF the government does attempt to confiscate gold or silver during this crisis, The Doc strongly believes that the feds will NOT come personally knocking on your door looking for your phyzz. What is likely to be confiscated is gold and silver mines (nationalized), ETFs such as SLV and GLD, 401k's, and at the extreme- bullion held in official vaults and safety deposit boxes.
The way gold was confiscated under FDR was whatever gold deposits the banks had they too were seized and replaced with dollars. They did not go house to house. The key here seems to be not leaving your gold in banks, and it may come down to even cash based upon this latest European trick and MF Global.
What good is gold or cash as a hedge if it was at MF Global? What about any bank for that matter?
Trading futures has been based upon the confidence that the exchange stood between all parties. The disgraceful confiscation of all assets at MF Global and the refusal to honor the client segregation of funds from those of the brokerage house is beyond belief.
The MF Global incident, US tracking of all bank wires, the confiscation of Greek’s assets in Switzerland is all showing we have very serious problems far beyond what people are arguing about with gold standard nonsense. We are at the threshold of a systemic collapse that no change of what we call money is about to prevent. We may be at the Fall of Rome Stage where people buried their money and didn’t trust banks at all.
Read more by clicking the PDF file below:
Will Gold Be Confiscated?