The treasury doesn’t need your gold, they have plenty…the world’s largest reserve. All they need to do to monetize it is to call the gold certificates held by the Federal Reserve at a stated value of $42/oz and re-issue them at let's say…$14000/oz and bingo it just created $3,660,972,559,398 of money, real money, not debt-based federal reserve notes currency (32150.7 troy ounces per metric ton * 8133.51 metric tons of US gold reserves * $14000 per troy ounce = $3,660,972,559,398)
All the examples cited in this article about gold confiscation are archaic and don’t apply to our current situation. The current Bretton Woods international monetary agreement is collapsing now due to too many trends to specify in this short post — but I didn’t read any responders to this article that seemed educated about this issue.
There will be a reset, maybe including a private debt jubilee and Treasury gold reset described above, but more likely people will simply increasingly use gold and silver, a blockchain version* of both, and maybe bitcoin to replace traditional currency with people power so that governments will be forced to re-establish monetary constraint. National currency doesn’t have to disappear. All that will disappear is the US privilege of being able to print unlimited amounts of the world’s reserve currency out of thin air, and what also will disappear is the modern warped mentality of thinking of how many dollars one can obtain with an ounce of gold instead of thinking how many lowly dollars are required to get an ounce of gold. Gold and silver allow one to leave the “casino” of debt-based currency. Currency has counter-party risk and real money such as gold and silver do not.
In our current system, no one is ever allowed to truly extinguish debt and instead are only allowed to exchange one form of debt for another. This is why we are addicted to growth since only constant growth provides the extra currency necessary to pay the growing interest associated with debt-based currency. When this is the case then ultimately what happens is the gross misallocation of resources to business dependent on constantly rolling over debt who would go bankrupt if rates went up, repressed interest rates which punish savers and pension plans, and increased wealth and income inequity. Past production gains based upon high EROEI oil supported this system at higher interest rates. We not longer have such oil and we have been trying to prop up the decline in productivity with debt. This unsustainable path is ending soon. Everyone should own some gold and/or silver as insurance against the disruption which is coming.
One of the best explainers on the web concerning the continued importance of gold in our economic system has this YouTube channel. Mike Maloney is also a good place to start educating yourself about gold. Keith Wiener is another superb teacher about the function of gold in trade and commerce.
You can’t eat gold, but you can’t eat rotten food either. There will always be someone willing to trade their surplus food for your gold. It is better to have gold and no food than no gold and no food.
Now is a good time to start owning some gold. The consensus is that it will appreciate compared to the dollar 10%–20% over the next 18 months. When first starting to accumulate gold and to understand what you are doing it is nice to see the dollar value of your holdings increase. Some people make the mistake of buying gold for the short term instead of as insurance against monetary collapse and they can be spooked if their gold holdings decrease at all in dollar value in the near term. That is why now is a good time for beginners to buy.