fdr's conffiscation of gold, page-2

  1. 1,544 Posts.
    re: fdr's confiscation of gold Don't ya hate it when ya typo the heading?

    Without editorial comment I will post the LETTER. I thought it worth a minute of my time.

    A Survivor Remembers

    I am not a Gold Bug [as you have suggested]. I lived through three Wars -- WW II, Korea and the Cold War -- which was hot for me. I learned my lesson in 1941. I wanted to buy a Winchester 94 to go deer hunting. My father had me buy a Defense Bond instead, [but by the time I cashed in the bond after the war, the price of the gun had jumped from $37.50 to $79.95]. An ounce of Gold will not buy such a gun today.

    "You are not going to survive hiding behind sacks of Gold coin. There is more to it than. It is too heavy to lug anywhere to survive. A Gold bug invests in Gold to grow in an economy, and it is not an investment if you do not own 25,000 ounces of Gold. [321gold comment: whaaaat? That's US$8.6 million-worth] It is not a store of value. There is always the hope you can convert your Gold to money. But money supports Gold, Gold does not support money. When money ceases to support Gold you have eventual chaos. A Gold standard is an easy thing to create. The Government outrageously overprices Gold so only a fool will turn his paper money into Gold. You cannot have "free Gold," as modern technology has made Gold cheaper but not in relation to population. You never know when they'll be able to take Gold off the Pacific Ocean floor, or out of seawater, or out of the granite of the Smokie Mountains. The Government controls the price of Gold by its usury. In 1928 you gave the Government $110 worth of Gold and they gave you $100 in coin.

    Buy Gun First, Then Gold

    "Before I would buy an ounce of Gold I would buy a .308-caliber M-14 with a goodly number of clips and Teflon Coated FMJ ammo and a prayer book. It is nice of you to give your children Gold coins, but they had best not live in a city and be static, since you cannot move a significant amount of Gold from place to place. I do not think you know what Gold weighs, but bread weighs more. [321gold comment: For those readers who have never held any gold in their hands, IMO weight is never an issue. You can stuff 12 Harmony ten tola gold bars (US$15,000-worth) in a Winston's cigarette packet; weight: nearly 42 oz/tr.] As far as Gold stocks are concerned my [Goldcorp shares] cannot be sold in a day or a week. I have more shares than were traded so far this week. There are 158 million outstanding and options and all that other bull___t. There is more to War than Hollywood, and more to survival and investment survival than I have ready anywhere. A gun is important but not as important as a bayonet with some guts behind it. God help your readers when they throw the light switch and the lights do not come on.

    "As far as investing in stocks or bonds, go to a casino that has electronic blackjack or a [multi-deck] boot. I am sorry, but I have been there and done that. I have more holes in me than Swiss cheese. So far I have been burying my friends and I have at the most a few years; but I have my Zippo. Michael D."

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