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J.P. Koning: Could gold confiscation happen again?
11:17a ET Thursday, March 5, 2020
Dear Friend of GATA and Gold:
Bullion Star's J.P. Koning today reviews the history of gold confiscation in the United States and United Kingdom and concludes that the circumstances used to justify confiscation no longer exist and so confiscation is unlikely.
Koning's commentary is headlined "Gold Confiscation -- Could It Happen Again?" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/jp-koning/gold-confiscation-could-it-h...
Back in 2005 GATA repeatedly pressed the U.S. Treasury Department to provide its position on confiscation, eventually extracting a remarkably candid statement from Sean M. Thornton, chief counsel for the department's Office of Foreign Assets Control.
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While Thornton indicated that confiscation was unlikely, he acknowledged that the U.S. government claims the power, under two laws and with a proclamation of emergency by the president, to seize or freeze any gold- or silver-related asset.
As some consolation, Thorton added that gold and silver investors shouldn't feel too picked on, because under the same two laws and with a proclamation by the president, the government claims the power to seize or freeze any damned thing it wants.
Call it "the land of the free and the home of the brave" if you want, but you also might want to diversify the locations of storage of your monetary metals.
The Treasury Department's position is reported at GATA's internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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