(March 22, 2015 at 9:30 am)Huggy74 Wrote: There was a story not to long ago where a guy died with 7 million dollars worth of gold stashed in his house, the government came in an confiscated all the gold and gave his next of kin the value minus taxes in dollar amount.
By what right did they have to do this?
Quote:On December 31, 1974, Public Law 93-373, which removes the restrictions on a person "purchasing, holding, selling, or otherwise dealing with gold," becomes effective. The word "person" in the Act has been construed to include banks. Thus, to the extent authorized by State law, State nonmember banks will be permitted to deal in gold.
https://www.fdic.gov/regulations/laws/ru...0-200.html