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Legal

Legal Tender Forces Gold Out

Keith Weiner

Keith Weiner is founder of the Gold Standard Institute USA in Phoenix, Arizona, and CEO of precious metals fund manager Monetary Metals. He created DiamondWare, a technology company which I sold to Nortel Networks in 2008.

The government has many ways of forcing us to use their paper dollar as money. The tax on capital gains on gold is one bullet in their gun. The legal tender law—U.S. Code Title 31 §5103—is another. As with the tax, legal tender does not outright force anyone. It works by a subtler mechanism.

Tags: 
Legal
Goverment
Keith Weiner

Gold Confiscation: Legal situation in the U.S.

Josephine Mason

Gold ownership was made illegal on 1st May 1933. U.S. citizens, under Order 6102, were allowed to own up to $100 in gold coin [+5 ounces]. Today that would be worth under $8,400, a mere token gesture to real gold owners. It acted as a tiny escape valve to the general body of citizens and did not detract from the fact that effective gold ownership was abolished.

The privilege, not right, to own gold was restored to U.S. citizens on the 15th August 1974 not 1971, when Nixon floated the USD against gold and stopped foreign central banks from converting USD to gold).

Tags: 
Confiscation
Gold
Legal
Josephine Mason