This is the first part of a series of articles that looks at the possibility of the confiscation of gold by one government or more. The complete series will be featured in coming issues of the Gold Forecaster.
Mr Levine of HSBC in a recent gold conference pointed out that some top U.S. Asset Managers were fearful of the possibility of government confiscation of gold. He explained, that on being told that the bank's U.S. vaults had sufficient space available for their gold he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country's strategy in dealing with the nation's economic problems.
Who are these Asset Managers?
For a start, they are highly qualified capable men who understand the ins and outs of investment management. Such knowledge usually encompasses monetary matters of the sort that would include gold. As such we would suggest their opinions have value.
Why did Roosevelt confiscate U.S. citizens Gold in 1933? The U.S. was fighting to come out of the Depression and U.S. banks were struggling in a not to dissimilar way that they are today. The Federal Reserve was fully aware that U.S. money supply was closely related to the gold they held. Money supply had to expand. Hitler had gained power in Germany. The potential for war now exi...
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