Russia sets fixed gold price as it restarts official bullion purchases

submitted by Drewski from kitco.com

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[–]jamesK_3rd 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (4 children)

This may be because the US govt largely restricts private ownership of folks and silver bullion. In fact, I believe it was just a month or two ago there was a large bust and confiscation of someone who had a fairly sizeable amount of gold.

[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Europe with their VAT tax on bullion (suspended on gold for UK at least) makes the US a lot more attractive to buy imo. The premiums rn are insane, but I don't think that's the government doing that.

[–]Canbot 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (2 children)

What law prohibits private ownership of gold? Do you have any info on any gold confiscation?

[–]Tiwaking 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Canbot 1 insightful - 0 fun - 3 hours ago What law prohibits private ownership of gold?

Executive Order 6102 and the Gold Reserve Act I believe. It doesnt prohibit the private ownership of gold though.

[–]Canbot 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

The limitation on gold ownership in the United States was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified in Pub.L. 93–373,[1] which went into effect December 31, 1974.