The government does not require you to report the purchase of gold and silver. Just as important, during the modern “bailouts” we've seen in debt-ridden countries, banks used to work hand in hand with governments to confiscate assets long before citizens knew what was happening. As investors using private banking services in Switzerland have discovered in recent years, the threat of being excluded from banking activity in the United States will quickly convince a company, or its host government, to comply with a confiscation order, at least stating their shares. To stop the fall of the British pound, in 1966 the government banned private citizens from owning more than four precious metal coins.
“He encouraged the public to “voluntarily donate their gold rings, necklaces and other forms of gold to the government.” The law, which was part of the Banking Act of 1959, allowed private citizens to seize gold if the governor determined that it was “appropriate” to do so, to protect the Commonwealth's currency or public credit. When the gold investor considers the number of ways in which a confiscation could be carried out, how long it could last, the ease with which the government could change the rules and how far it could reach everyone in a context of economic or monetary crisis, it underlines the need to establish a viable strategy. Storing gold and silver where the government is least likely to be able to access them quickly and easily is a smart solution.