Federal Gold Diggers

 

Two weeks ago, the Associated Press reported an incident that--in the chaos surrounding Katrina a few days later--didn't receive a lot of public attention. However, we think it deserves this attention, maybe as much as the recent Supreme Court ruling on eminent domain.

On August 25, the U.S. Mint seized ten 1933 Double Eagle gold coins that had been turned in by a jeweler who wanted to check their authenticity. These particular coins are so rare that "their value is almost beyond calculation," reported AP. Which may be why David Lebryk, director of the Mint, claims that they are the rightful property of his agency, allegedly having been stolen from the Mint in the mid-'30s and now "recovered."

We say "allegedly" because it's not at all proven that the coins ever have been stolen or are subject to forfeiture. Until they were confiscated by the government, the rarities had been in the possession of the late Israel Switt, a long-time Philadelphia jeweler, whose daughter is now taking the Mint to court... with excellent prospects, as her lawyer claims.

The more than 400,000 Double Eagles minted in 1933 were never put into circulation because the U.S. went off the gold standard, and all the coins were ordered to be melted down. However, a handful survived, and two of them can now be seen at the Smithsonian. In 2002, another 1933 Double Eagle brought $7.59 million at a Sotheby's auction--"the highest price ever paid for a coin," states AP.

Currently, the ten coins are being held at Fort Knox, while the U.S. Mint contemplates what to do with them. Officials said they would not be auctioned off but most likely used for public exhibits. However, it is known that other seized Double Eagles have been melted down.

 

***

Is this only the next step after the Supreme Court ruled that municipalities can take your home and property to build a new Wal-Mart on there? We don't know.

What we do know, though, is that in case of a national emergency (if the U.S. government declares martial law) none of your assets is safe... except maybe for the gold and silver coins that you secretly buried in your backyard during the last full moon.

And if you think that is never going to happen: it might take only one major terrorist attack on American soil--for example, a nuclear or biological strike--to bring forth a scenario like that.

So, what can you do? First and foremost, we recommend that you make as much money as you can in as short a time as you can... the meager 10% return from your mutual fund won't get you anywhere in a time of crisis. Make 50%, 100%, 300% or more returns on your investment, then put it away for a rainy day... ideally, invest it outside of the U.S.

Doug Casey's newsletters can help you do just that--with double- and triple-digit returns being the norm when you follow his recommendations for natural resource stocks. And if you're a high net worth investor, you can make even more with higher-risk, fast-moving opportunities published in Doug's Casey Investment Alert (CIA) and Casey Energy Confidential (CEC).

For a very limited time, you can take advantage of all four of Doug's newsletters--the CIA, CEC, International Speculator and Casey Energy Speculator--for the price of one. This offer ends September 30... so hurry.

Click here to learn more.

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Posted 09-13-2005 2:27 PM by Doug Casey
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