Expert Report: Gold Rush
- August 1, 2019
- Phil Cannella
- Radio Show
- 0 Comments
Podcast: Play in new window
The Government Gold Rush.
America is facing a looming financial crisis. We’re a country saddled in debt – government debt, student loan debt and household debt. The stock market is on steroids, state pensions have been raided and Medicare and Social Security are going broke. Wages haven’t kept up with inflation, technology is replacing workers and jobs shipped overseas are not coming back so fast.
Yet, Wall Street, the Federal Reserve and main-stream media urge the American people to “keep the faith” in the Fed’s monetary policies. That’s a tall order when since 2000, we’ve been through two market crashes and are still recovering from the Great Recession of 2008
In preparation for this next stock market crash there’s been an increase in advertisements for gold and precious metals as a way to hedge against economic catastrophe. However, with the country in 22 trillion dollars of federal debt (and climbing), the government does not have the reserves to bail out the economy once again and that’s according to David Walker, former Comptroller General of the Government Accountability Department.
The situation now is eerily similar to the conditions right before the Depression in 1929. If the nation goes into bankruptcy once again, I believe the government either through Congress or Presidential Executive Order would take this opportunity to siphon money from the public once again by demanding people surrender their gold.
I know what you’re thinking, but there’s a precedent for such an action – The Gold Reserve Act.
On April 3,1933, President Franklin Roosevelt signed the Gold Bill where people were forced to sell their gold to the U.S. government or face a $10,000 fine and/or jail for 10 years. Knowing paper money was scarce, gold became the best form of the American people’s wealth and the government knew it.
Right now, the price of gold per ounce is $1,426 an astronomical difference between the $20.70 in 1933.
The Gold Act was repealed by President Ford in 1974.
However, who’s to say this type of government seizure won’t happen again.
Whether or not you own gold as part of your retirement nest egg and are near or at retirement age, now would be a to speak with a retirement-phase expert who can successfully guide you and protect your investments from an economic catastrophe in the future.
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