Carrying more than $10,000 in cash gives even domestic flight the right to confiscate it.

The Threat to Gold

Posted Aug 26, 2020 by Martin Armstrong

QUESTION:  In regards to your last post about Bitcoin and your comment that there may be a “threat regarding gold”, as well. What kind of threat do you think? If you own precious metals as a store of value and assume at some point you may need to use it to pay for things, they may have to get turned into dollars (or an alternative digital currency being forced) in order to buy products. My thought is that there will be a tax law passed that somehow taxes gold/silver when you sell it, not necessarily based off the capital gains. What is your take on this and what do you see the government potentially doing to discourage, force an alternative, or even ban people from having precious metals? Thanks for all your insight.
B

ANSWER: Gold bullion was listed as a black market circumventing Bretton Woods. They seized $38,000 in gold bars from a woman crossing the Canada-US border. You already cannot transport gold internationally yourself. What most people do not realize is that hopping on a plane, even on a domestic flight, carrying more than $10,000 in cash gives them the right to confiscate it. They confiscated $181,000 in cash from a man on a domestic flight. They are making it impossible to move anything of wealth.

Therefore, the risk is that they go beyond simply confiscating gold in transport, but they move to even shut-down physical dealers who already must report on transactions. They can plainly make gold illegal in transactions just as they now make it illegal to pay for even a hotel in Europe with cash of more than €1,000 (see Italy, France, etc.).