In this report, I cover the early market action from London on Monday, June 24th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I cover the subject of gold confiscation as many of my viewers from all over the world and in particular from the U.S. have concerns about this subject and have asked me to cover it. I also look at an interesting book about the events surrounding gold confiscation back in 1933. The book is Illegal Tender by David Tripp and it's about 1933 Double Eagle $20 coin that should have never been minted or gone into the public's hands.
My feeling is that gold confiscation in the 21-st century is less likely than back in 1933. Unlike back in 1933 gold is not part of the official domestic monetary system and so the ownership of gold is not as widespread. The other point I make is that the alternative, leaving money in the bank, is just as dangerous as your money's purchasing power is confiscated by inflation and possibly even bail-ins.
My conclusion is that nothing is certain in life but that I'd rather hold gold and silver than Federal reserve notes or Bank of England notes.
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