Returning precious metal investments.

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JamesTerry's picture
JamesTerry
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Joined: Apr 26 2013
Posts: 18
Returning precious metal investments.

My knowledge of American history is quite poor but I read a long time ago about a former president demanding that anyone with physical precious metal return them under a certain act (if you could tell me which act that was that would be great).  How did this go?  Did everyone return their metals and if we find ourselves in the same sort of situation sometime in the future, how are they going to get us to return our investments?  Police going door to door?  Can it even happen?

Thanks,

James

LogansRun's picture
LogansRun
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Joined: Mar 18 2009
Posts: 1444
JamesT, Welcome

To your first question on another post. 

Don't worry about your coin slipping/moving around.  In fact, if you keep the coin somewhere that it won't be bounced around, it will be ok.  Silver isn't gold (soft and uptake your body oils as easily).

It wasn't an "Act" but an Executive Order...big difference.

It was Executive Order 6102, in 1933.  I'm not going to go too deeply into the "can it happen again" as it's been discussed here quite a few times over the years.  I'd suggest you go up to the upper right hand corner of this page and use the "Search" feature.  You'll get enough reading material to choke you for a while.

Welcome again!

 

JamesTerry wrote:

My knowledge of American history is quite poor but I read a long time ago about a former president demanding that anyone with physical precious metal return them under a certain act (if you could tell me which act that was that would be great).  How did this go?  Did everyone return their metals and if we find ourselves in the same sort of situation sometime in the future, how are they going to get us to return our investments?  Police going door to door?  Can it even happen?

Thanks,

James

Doug's picture
Doug
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Joined: Oct 1 2008
Posts: 3159
What Logan's Run said

I will just add briefly that no jack booted thugs came to anyone's door.  It was in reality voluntary and I have not seen estimates as to how much was ultimately turned in.  But, Americans in those days were patriotic and trusting in their government, so compliance was probably pretty high.  After the "confiscation" the price of gold was increased to $35/troy ounce from $21.60 and it was theoretically illegal to own bullion.  How'd that trust thing work out?

Doug

JamesTerry's picture
JamesTerry
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Joined: Apr 26 2013
Posts: 18
Thanks for taking the time to

Thanks for taking the time to reply guys.   As to my other question about purchasing a 1 kilo bar rather than enough 1oz pieces to make a kilo.  Am I right in thinking that it makes a lot more financial sense to purchase the 1 kilo bar rather than the individual coins?

cm_user's picture
cm_user
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Joined: Mar 29 2012
Posts: 2
how to calculate price per oz on multiple metals purchases

i'm trying to calculate the average price paid for metals accumulated over many years, with different amounts purchased at different times at different price points.  i haven't found a calculator or formula for this.  any help appreciated.  thanks.

 

Jim H's picture
Jim H
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Joined: Jun 8 2009
Posts: 2385
cm_user

1)  total up all the ounces of a metal you have.

2)  total up all dollars you have spent buying those ounces, regardless of how many ounces you purchased at any one time.

Then calculate;  Total dollars spent / total ounces held  = average price per ounce. 

It's that simple.

 

 

 

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