Under current federal law, the federal government can confiscate gold bars in times of national crisis. As collectibles, rare coins do not fall within the provisions that allow confiscation. Some state governments are now legalizing gold and silver as legal tender. It seems unlikely that these measures would be taken if there was a possibility that the government would confiscate gold.
If gold is recognized as legal tender in some states, confiscation would amount to government confiscation of money. Needless to say, it doesn't seem very realistic. Since gold jewelry is not considered a financial asset under US law, there is no need to report it. Nor have we discovered any country where you drive differently, although always make sure to check the laws along your itinerary.
Let's not keep you in suspense. If you're not careful, your government can confiscate your gold. Also, you can probably do it without compensating for it. The governments of the United States, the United Kingdom, Australia and many more have done so in the past 100 years.
So the clear answer to whether the government can confiscate your gold is yes. The real question is how can you avoid it? The government can confiscate gold. But it's not very likely because they implement money-printing or tax-printing tactics to recover from a bad financial situation. Invest in gold, bitcoin and silver jewelry and stocks to avoid risks.
You can also store your gold in other countries. And in 1966, to stop the fall of the pound, the British government banned citizens from owning more than four gold or silver coins and blocked the private import of gold. Government gold reserves and considers that the gold reserves reported in Fort Knox and elsewhere do not actually exist or are significantly smaller than reported. But at the time, the US monetary system was still based on the gold standard and, under the Federal Reserve Act (191), the US government had to back its money supply with at least 40% gold.
“He encouraged the public to “voluntarily donate their gold rings, necklaces and other forms of gold to the government.
