The Daily Reckoning

In this clip from RT’s Capital Account, federal tax practitioner, David Selig, blows the whistle on the US government’s nascent efforts to sink its talons into the gold holdings of American citizens:

The Daily Reckoning

It's hard to believe that more than ten years have gone by since we began writing The Daily Reckoning out of a Paris office back in July of 1999?

Since then, a lot has changed. We have seen the dot com boom and bust... a massive expansion of credit...real estate mania and meltdown?and epic highs and lows in the markets.

Nothing about the past ten years has been boring. And we have been there throughout, trying to help readers make some sense out of our global economy. And hopefully providing a few laughs along the way.

In short, we pen The Daily Reckoning each day -- for free -- to show you how to live well in uncertain times. We aim to make each article the most entertaining 15-minute read of your day.

  • manuel a

    thats what i thought would happen with all the gold commercials ect and sit back and laugh how they are conning people to buy gold & silver just so they can take it away from them that how they are going to come to a one world currrency collapes the dollar then take your gold and silver from you and give you nothing in return and then they wonder why everyone is angry, thats why all the exceitive orders just read some of them and youll realize we dont own nothing we think we own like your house cars ect we paid for them but the government owns everything or can take your stuff and use it anyway they feel nessecery so why do we even bother buying houses cars and so forth if we dont own them even if we paid for it ? i could go on but that like beating a dead horse

  • Wags

    They really are a gang of thieves so you gotta keep an eye on them.

  • GovernmentMan

    if its out of the governments reach they cannot take it:

  • Starving Steve

    No, at $1700+/troy oz, I don’t think the govn’t wants your gold. The govn’t may well want to unload some gold off at this price on you, however.

    You kids don’t remember $ 35/oz. gold, and that wasn’t all that long ago. Those days were the days when silver dollars were still in the banks, even-Steven at any teller window for one paper dollar. You could convert any amount of paper money as you wanted to; it was a tacit bet with the Arthur Burns’ Federal Reserve Bank in America that the dollar would stay good. That all ended about 1964, but that wasn’t all that long ago….. And do you all mean to tell me ( or to tell yourselves) that there has been 1700 : 35 inflation since 1964? Do you mean to tell me (or to tell yourselves) that gold is now worth almost fifty times what it was worth in 1964; i.e, that the cost of living has gone up 50 fold since 1964?

    No, I think gold now is as much of a sell to-day as it was a buy in 1964….. I think Bernanke would just love selling the U.S. gold reserve at Ft. Knox for $1700 per ounce, brick-by-brick, first ounce to last….. Am I wrong?

    Gold is no different than any other investment, FIFO ( first-in, first-out ) and that so-called, “moron” walks-out the winner in whatever.

    Yes, in Argentina and Brazil, FIFO wasn’t always the way to gain real wealth, but do you believe the U.S. is the next Brazil and the next Argentina, both starting in 1964?

    Ever play Monopoly? Notice the inflation toward the end of the game? That inflation is due to the money ($200 per travel around the board) engineered by the bank at the passing of Go. But try playing Monopoly with zero new money, or even a cost of maybe $100 for each passing of Go, and then you have a deflation engineered into the game. And this might be something equivalent to what the Federal Reserve Bank might be engineering into our real-world Monopoly game right now.

  • FR

    Nope, Gold is not worth fifty times what it was in 1964, there you are right. What you’re missing I think, is that the value of paper money has dropped by fifty times, making it seem like Gold is worth fifty times what it was.. Capiche ?

  • stephenjacobs

    If I could take the bet and do the deal, that is to say: sell gold at $1700 for one ounce of gold, I would do so. But here is the rub: the IRS. Another rub: Revenue Canada. Another rub: the drug mafia ( and their RCMP ) on Vancouver Island that make the rules and govern who gets to keep the $ and who doesn’t. But in principle, if you and I were above 60 degrees north latitude and no-one were around ( as is usually the case there ) selling gold at $1700/ounce I think would be a very smart move….. I would fill my pants pockets with bundles of hundred-dollar bills and then drive home laughing my head off.

    I love no-brainers in life, and that’s a no-brainer! (One gets very few of these opportunities.)

    The outer Aleutian Islands and Greenland might also be ideal places to sell gold at 17 bills/oz, so long as the weather holds-out and isn’t too stormy.

  • Charles

    Since January 2011 I’ve been attempting to obstruct plans to nationalize
    gold/silver. My method? The government is not the threat, the apex
    organization behind the government is the threat. They call themselves
    “The Pilgrims Society” it’s heavily documented in 460 pages profusely
    illustrated at also where I have a 312 page review of
    Roosevelt’s gold/silver grab. I am grateful to Silver Investor, Bullion
    Bulls Canada, Silver Bear Cafe, Silver Strategies, Don’t Tread On Me, TF Metals Report, Implode-O-Meter, Silver Is The New, The Silver School
    and the many other sites who’ve boosted this 100% nonprofit effort.
    Others could have done so; after reading the sites, please ask them
    why! To summarize–unknown to the public, the President is an
    “honorary” member of The Pilgrims Society; the President can nationalize
    metals by executive order and already did so in 1933-1934; all they
    have to do is jerk his chain to dispossess us; founded from the wills of
    diamond magnate Cecil Rhodes, this group exists to effect “the seizure
    of the wealth necessary” Review of Reviews May 1902, pages 557-558.
    Paul Volcker, a Pilgrims VP, is Obama’s top economic adviser and
    arranged for the Hunts to be stripped of 59 million hard silver ounces
    by 1986, still overshadowed by FDR’s theft of 113MOZ silver from
    Americans! David Rockefeller has been a member since at least 1957, and
    was identified as a gold price suppressor in public letters to
    President Kennedy, Life Magazine, July 6, 1962, pages 30-34.
    The group, the only major globalist group still refusing to release
    membership rosters, is sponsored by the British Crown, the world’s
    largest landowners. This Orwellian group only came out with a website
    in summer 2011 after 7 years of agitation from myself and Joel Van Der
    Reijden. If what I’m accusing them of is false, why haven’t they sued
    me? They have the top attorneys in Wall Street, like James Zirin, who
    married into the Amerada Hess oil and gas fortune, as members!

  • Andrew_S

    What you may say may have a ring of truth, but the fact is, if you are a US citizen owning gold in any amount worth noting it requires some form of authorization, valuation and certification with excise duties. The state probably has a tab on any stash of value. Secondly who told you there was gold in fort knox., are you really going to tell me that you eyeballed it and have a full faith and credit certificate for what is actually owned. As far as I can tell that was all the gold was monetized or hocked a long time ago or is simply held as surety for other debts. The reality is as long as the petro dollar has a main peg as the reserve currency of preference through it’s alter ego, oil, in the world of commerce and industrialized production and the US fiscal and federal empire can maintain or retain control of it through force of arms and big bat diplomacy, the domestic dollar will continue to be printed ad infinitum. It is only when the former fails to supply a balance sheet offset that a rush on gold will realize it’s value. Unfortunately most Americans will have a hard time exchanging paper gold, just as paper dollars for real gold. So in the future, for a loaf of bread are you going to exchange this barrow full of dollars, a gold bond certificate or this piece of gold.

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