Gold Confiscation UK ?

[Bumble]

In the UK, under the provisions of the 1966 Exchange Control (Gold Coins) Act, private individuals were limited to owning no more than four gold coins, unless they were certified by the Bank of England as collectors of numismatic coins. The provisions remained in place until 1979. Legally, owners of gold coins in the UK were obliged to dispose of any coins over this number, though in practice I doubt many people did, since it is easy enough to hide them. Indeed, it is so easy these days to store gold in overseas vaults, either as coins, bars, or as part of a fund, that it would be difficult for a government to do anything similar.

If governments are going broke, it is easier for them to raid your bank account than to take your gold. The only scenario under which governments would be interested in gold is one in which a new global trade or reserve currency is created, and gold forms a component of it. Under those circumstances, governments would be desperate for gold and might make all private ownership illegal.

[HighlandTiger]

8 hours ago, Bumble said:

governments would be desperate for gold and might make all private ownership illegal.

Its never going to happen. Lets see anyone telling any of the Asian community in the UK that they are going to have their gold confiscated. The human rights lawyers would have a field day. 

[vand]

Confiscation is not something that could ever be policed or enforced, that's why I think the possibility of it is minuscule. How would they ever prove otherwise if you claim you just "lost it?"

The worst laws are those that are unenforceable, for all they do is make a mockery of otherwise law-abiding citizens and increase our resentment towards the State.

 

[ilovesilverireallydo]

8 minutes ago, vand said:

Confiscation is not something that could ever be policed or enforced, that's why I think the possibility of it is minuscule. How would they ever prove otherwise if you claim you just "lost it?"

Confiscation itself can be avoided if you have privately stored gold. The problems arise when you need to shift it, as you now have to rely on the black market or risk going abroad to sell. 

[vand]

PM confiscation is just not something worth worrying about.. it is literally the most difficult way for a govt to try extracting wealth from its people. It's one of the advantages of owning physical, after all.

The govt has both easier and much more lucrative methods of wealth confiscation should they decide to do so.

[HelpingHands]

4 hours ago, vand said:

PM confiscation is just not something worth worrying about.. it is literally the most difficult way for a govt to try extracting wealth from its people

That would depend on the campaign.

Some people could be convinced that if they don't submit the gold then they would be sat on an illegal asset and the only chance they have to sell for the foreseeable future is right now.

[Roy]

I keep a flask of aqua regia on hand, should this ever occur 😉

https://www.abc.net.au/radionational/programs/greatmomentsinscience/how-the-gold-nobel-prize-medals-were-hidden-from-the-nazis/8360522

[HighlandTiger]

Anyone worrying about the government stealing their gold need their heads examined. 

The government don't need to worry about things like that.

In a few years time the daft millennials will give over all their rights and embrace a cashless society where the government can take anything it wants with the press of a computer key. And they can't moan because they were the ones that let it happen. 

[Pipers]

IMO the UK Government likes people like us who own Gold plus people who buy gold jewellery, its similar to the privatisation of the bullion at the Bank of England.  The more private citizens buy the better for them.  

The richer society becomes the better.  If the BofE can get the population to hold gold the better. Its just most of the population are numpties and just like bad debt, (note i said bad debt).

[goldmember44]

1 hour ago, Pipers said:

IMO the UK Government likes people like us who own Gold plus people who buy gold jewellery, its similar to the privatisation of the bullion at the Bank of England.  The more private citizens buy the better for them.  

The richer society becomes the better.  If the BofE can get the population to hold gold the better. Its just most of the population are numpties and just like bad debt, (note i said bad debt).

If everyone is rich though, who's going to do the dirty work?  They take that into account...  they definitely need and desire an underclass, the more obedient the better for them.

[silenceissilver]

9 hours ago, vand said:

The govt has both easier and much more lucrative methods of wealth confiscation should they decide to do so.

"Should they ever decide to do so"? It's called taxes.

When someone takes money from you against your will, it's called theft.

Schools, hospitals, streets, domestic and outer security, courts etc. You can get it for 10% of the gross national product. And even those things would work better if they were voluntarily funded rather than by force, by a monopolist, aka Mafia.

Confiscation aka theft is the primary function of a government. That's why they exist.

 

So what's the alternative?

A private law society.

Not sure if his books about this subject have been translated into English but there is a long talk on Youtube by Hans-Hermann Hoppe.

 

[GoldenGriffin]

Very interesting topic and views.

I don't think there would be a confiscation, as such, as it would be highly provocative, taking something without any exchange, to compensate.

I do, however, think that making gold bullion illegal to own, is possible and if it does happen, I think the gold price will increase before having to exchange your gold bullion for fiat, so that you would get something in return and 'soften the blow', so to speak and nudge you in the direction intended.

Taxes can only be raised to an extent.  As you go down the generations, the amount of sovereign debt put upon them increases, through the cost of housing, for example.  Nowadays, a first time buyer isn't just buying a house, but they're also holding a lot of sovereign debt, so much so, that it's forced 2 people to work, instead of 1.  Compared to around 40 years ago, housing costs up around 10 fold, household salaries roughly going up only 2 fold and leaving younger generations heavily in debt for the majority of their lives and even until retirement.

Decades ago, rules were changed to increase the amount that first time buyers can borrow, and to this day, there are schemes to help first time buyers to purchase, cough cough, to hold lots of sovereign debt.

If you're in charge of a country, how do you pay debts?  You build houses on your land and then to cover more debts, you increase the cost of housing and build more houses.

It's not just private home owners that hold sovereign debt.

So, you can't raise taxes and interest rates too much, as you still need citizens to stay in their houses and pay off their mortgage, cough cough, more to the point, sovereign debt.

And this is where gold comes in and will play more of the part it's meant to play.  Instead of resetting gold to cover debts over the decades, debts have been covered, to an extent, in other ways.  As we know, not all global debt is covered, but I believe policies control some of it, to an extent and allows the debt ceiling to rise without having too much of a detrimental effect under policy controls, linked to wars and pandemics of the like.

I think gold will stay as low as possible until the last 20% is mined, roughly around 2033 and in the meantime, will be bought cheap by institutions and they, along with some private owners will benefit.

I think something big will happen with gold and will start to see it being reset more towards its true value in the not so distant future.

If bullion is made illegal, people who have it will be compensated when they hand it in and then, after it's bigger reset, anyone metal detecting, for example, and finding small amounts of gold, will be paid a fraction of what it will be worth at the time but enough for it to be still worth the effort.

I wouldn't rule out, an encouraged exchange of gold bullion for fiat.

[Zeustagold]

I would argue that confiscation would be a breach of my human rights under Article 17 of the Human Rights act.   

"1. Everyone has the right to own, use, dispose of and bequeath his or her lawfully acquired possessions. No one may be deprived of his or her possessions, except in the public interest and in the cases and under the conditions provided for by law, subject to fair compensation being paid in good time for their loss. The use of property may be regulated by law in so far as is necessary for the general interest.

2. Intellectual property shall be protected "

Obviously this depends upon to what extent the government can distort, twist and manipulate what is and isn't in the "public interest" in order to further their own agenda

 

 

 

[pricha]

Confiscation of gold would be a admission that it is real money and fiat is useless . Otherwise why stop at gold ? What about houses, land , art or anything of value.  Looks like the Government are about to steal from pensions ..... yet again.  

[ady]

They can basically confiscate your property if you don't pay your tax. I do not see my council providing the services it claims for the charges. It is up to it's eyes in debt. If I had done what my council leader has done I'm sure I would not have a job in that organisation and probably be in prison. Home ownership is becoming the new feudalism.

[TutoredSoup232]

1 hour ago, ady said:

They can basically confiscate your property if you don't pay your tax. I do not see my council providing the services it claims for the charges. It is up to it's eyes in debt. If I had done what my council leader has done I'm sure I would not have a job in that organisation and probably be in prison. Home ownership is becoming the new feudalism.

Are you referring to our newly gloriously declared bankrupt council lol 

[ady]

Well I am not London, but guess it matters little which authority, all much the same!

[HerefordBullyun]

2 hours ago, Zeustagold said:

I would argue that confiscation would be a breach of my human rights under Article 17 of the Human Rights act.   

 

 

 

 

You can wave good bye to those now we are out of the EU. The government will use thier own laws over and beyond that and its already happening

[Bigmarc]

2 hours ago, ady said:

They can basically confiscate your property if you don't pay your tax. I do not see my council providing the services it claims for the charges. It is up to it's eyes in debt. If I had done what my council leader has done I'm sure I would not have a job in that organisation and probably be in prison. Home ownership is becoming the new feudalism.

Anyone can confiscate your property if you owe money. If I have done a job for someone and they haven't been paid I go to court and the baliffs go in. 

Every time I think of this subject I end up confusing myself. In America they made it illegal to own bullion in 1933, we left the gold standard in 1971, yet all the banks and governments still store gold. So on paper, currency's are no longer backed by gold but on economies. I kind of think this is what is happening now. With what is going on now the governments are piling all their money in to businesses, they are trying to save what props up the currency. Saddam went into Kuwait, took all their gold and anything of any value. Look what happened to him.

 

[ady]

If you go into a voluntary contract with someone fair enough go to court and you may risk your property, but property taxes are are not one sided, basically robbery without the break in as I call It.

[Bigmarc]

59 minutes ago, ady said:

If you go into a voluntary contract with someone fair enough go to court and you may risk your property, but property taxes are are not one sided, basically robbery without the break in as I call It.

AHH property, as in houses. Sorry bud. Miss read it. Thought you ment property as in stuff. Yes your right if you can't hide it or consume it, it's never yours 

[5huggy]

4 minutes ago, Bigmarc said:

Yes your right if you can't hide it or consume it, it's never yours 

BUTT!

by the same token - "If you can't HOLD it, you DONT own it!" 😉👍🤣🤣

[GoldenGriffin]

The scale ⚖ for coins to be handed in, as I would see it:

First up: bullion grade coins 

If this isn't enough for governments... then BU coins to be handed in.

Then, proof coins without COA (proof of rarity).

Then, proof coins with COA but not graded (governments could say you're not really a collector, as 'real collectors' would grade their coins).

Then graded proof coins with COA and no proof of high volume flipping would be exempt.

That's how I would see the order of having to hand coins in, if it was to happen.

[HerefordBullyun]

Just now, GoldenGriffin said:

The scale ⚖ for coins to be handed in, as I would see it is:

First up: bullion grade coins 

If this isn't enough for governments... then BU coins to be handed in.

Then, proof coins without COA (proof of rarity).

Then, proof coins with COA but not graded (governments could say you're not really a collector, as 'real collectors' would grade their coins).

Then graded proof coins with COA and no proof of high volume flipping would be exempt.

That's how I would see the order of having to hand coins in, if it was to happen.

Yes i think you are right. Im certain the govt wouldnt go for silver unless the SHTF over gold.

[ady]

I'm running out of boats to have accidents in!