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5 Sleazy Gold Coin Scams

Avoid being duped by unscrupulous gold scam artists

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Gold Scam 5: Executive Order 6102

gold scam 5The Coin Con: Believe it or not, the most brazen gold con of all time was undertaken by Uncle Sam. Executive Order 6102 was signed on April 5, 1933, by President Franklin Roosevelt, “forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates” by U.S. citizens. The result was a massive seizure of gold from safety deposit boxes. Some U.S. citizens who owned large amounts of gold had it transferred to countries such as Switzerland, but others were forced to take the $20.67 per ounce the government offered in exchange for the precious metal. So much for future appreciation.

Solution: Call me a conspiracy nut, but there’s no guarantee against a second Depression breaking out or U.S. sovereign debt avoiding a downgrade like the one Greece recently endured. So it’s in your best interest not to put your gold in a bank deposit. Again, if you truly want to hedge your risks and buy gold coins, you have to plan for everything.

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