U.S. seizes gold again

Discussion in 'Economics' started by zdreg, Sep 7, 2012.

will U.S. government make private ownership of gold coins illega in the next 4 years

  1. yes

    1 vote(s)
  2. no

    3 vote(s)
  3. maybe

    2 vote(s)
  4. I don't care

    2 vote(s)
  1. zdreg



    The family of Philadelphia coin dealer Israel Switt hoped to cash in on the $80 million fortune they discovered when they drilled open a safety deposit box that had belonged to their father, uncovering 10 rare gold coins. But a judge ruled Wednesday that the coins belong to Uncle Sam.

    According to Courthouse News Service, the 1933 Saint-Gaudens double eagle coins are "one of the most sought-after rarities in history," one of which was owned by King Farouk of Egypt and ultimately fetched some $7.5 million at a Sotheby's auction in 2002.

    When the Philadelphia Mint pulled the coins back following President Theodore Roosevelt's 1933 order that banks abandon the gold standard, however, all but two of the coins -- which are housed at the Smithsonian -- were melted into gold bars.

    ABC News reports that Switt's daughter, Joan Langbord, gave the coins she'd found to the Philadelphia Mint for authentification at which point they were seized by the government without any compensation for the family.

    Citing another seizure of the 1933 double eagle, the Langbords filed a lawsuit against the government, claiming that it had previously split the proceeds with another owner after the coin sold for $7.59 million in 2002, and that the coins they owned had escaped the Mint legitimately through a "window of opportunity" between March 15 and April 5, 1933.
  2. At this stage of the game is it irrelevant under current modus. Nothing change the path that is taken. Hope and luck are are four letter words which do not change the output, sentiment or culture stateside. There is not even enough gold here in most likely hood to make difference. The only thing the US has to offer the world is more nonsense. China is building new roads and infrastructure. The rest of the BRICS are gaining ground on the states every second. Any leadership here will have a near impossible task on hand.
    Most US citizens do not own very much gold anyways. What does is matter.