September 24, 2009 - The gold bullion price moved below $1000 levels briefly on Thursday morning, creating a bargain-hunting opportunity for investors who were wary of purchasing after gold initially hit $1000. "The Group of 20(G20) Summit may be a little more interesting," said Andrew Montano of Scotia Mocatta. Gold bullion confiscation could be on the docket at Pennsylvania's upcoming meeting of the G20, worrying many investors who currently own bullion products.
The effect that a gold confiscation would have on US citizens would be far-reaching and dramatic, according to economists who compare the United States of today with the US of A from the 1930s. Many people were over-leveraged due to high credit availability, and banks made so many bad home and auto loans that many were forced to close. The US Dollar was pounded by other currencies until inflation reached double-digits. The US government then decided to take away gold bullion from everyone, with the exception of those who needed it to work, like dentists and auto manufacturers. Rare coins of unusual or special value were not subject to the government's gold confiscation, which recovered over 131 million ounces of bullion until President Nixon took the US off the Gold Standard in 1976. From that point, the Fed has had free reign to print almost unlimited amounts of money, and no checks-and-balances system is in place to stop them. Numistmatists and investors who want to know a little more about gold that was not confiscated should go to www.rare-coin.org for further information.
Gold bullion for September delivery is currently trading based on the $997 spot price. Gold has increased in value since 2001, and market experts project that gold could reach a new all-time high before the end of 2009's last fiscal quarter. Stay up-to-date with the latest gold price news at www.GoldPrice.net.
