Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
According to the Washington Times, New York City authorities have been sending notices to residents asking them to surrender their guns if they violate the new ammunition capability laws. The new law makes it illegal to own a gun that holds more than five rounds of ammo. In April, California passed a bill approving $24 million in order to confiscate an estimated 40,000 handguns and semi-automatic firearms from felons.
This could very well be the first wave of gun confiscation in the United States, something that many people thought would never happen. The government has been under pressure from anti-gun groups to do something after a number of highly publicized mass shootings.
If the government is willing to push the limits of the 2nd Amendment, they very well could decide to force Americans to surrender their physical gold by determining that it would be in the country’s best interest.
A national confiscation of gold would not be unprecedented. In 1933, President Franklin D. Roosevelt signed Executive Order 6102 “forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” Much like with the new gun laws, this order criminalized the possession of monetary gold, and citizens were asked to surrender their holdings. The government and the Federal Reserve determined that “hoarding” of gold due to difficult economic times was stalling the growth of the economy and keeping America in the midst of depression. In the event of this happening again, gold bullion would most likely be targeted as a monetary competitor to the U.S. dollar.
As the stock market continues to soar, many experts are warning of a possible correction in the near future. A sudden turn in the markets could have an incredibly negative effect on an already fragile economy that is still recovering from one of the worst recessions in history. With interest rates already as low as they can go and the Federal Reserve continuing to pump money into the economy, another economic meltdown could create the need for even more extreme measures. Confiscating monetary gold in order to boost the value of the dollar and limit investment alternatives to the stock market is just one extreme measure that has been implemented in the past and could be looked at again.
The recent news of gun confiscations in New York and California show just what the government is willing to do in certain situations. They are after the guns now, could gold be next?
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