….Moreover, historians point to the 1933 executive order that required individuals to deliver gold coins, bullion, and certificates to banks in exchange for regular currency at a rate of $20.67 per ounce as being functionally equivalent to confiscation. With the government proceeding to devalue the dollar to $35 per gold ounce the following year, those who complied with the order suffered a substantial loss of purchasing power. Indeed, many gold investors use that same argument in arguing against bullion ETFs SPDR Gold Trust (NYSEMKT: GLD ) , iShares Gold (NYSEMKT: IAU ) , and iShares Silver Trust (NYSEMKT: SLV ) , preferring instead to take physical possession of their gold and silver to ensure its safekeeping themselves.….
Posted on: Mon, 03 Feb 2014 06:42:59 +0000
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