Is it still illegal for Americans to own gold bullion?

I read recently that when the government moved off the gold backing of our paper money, they actually made it illegal for Americans to own gold bullion, and the only gold we can own is in the form of jewelry, coins, etc. Does that law still apply today?

Public Comments

1. that's kinda sorta backwards. that's how it was before we went off the gold standard.
2. yes
3. I know of no law restricting the ownership of gold. We made a major mistake moving off of the gold standard.
4. No, not any more. However, capital gains on precious metals is something like 30% -- despite the fact that the 'gain' is really just the drop in value of the dollar. The government doesn't WANT us owning it. Also, many think it will be taken again. Note that the bullion coins the US puts out have things like '$50 legal tender" on the back, meaning that despite it trading at $900 plus or minus, the govt would only have to give $50... There are other precious metals, though. If that is what you are thinking. There are a million places to buy it, but what I see people wanting is gold in hand. I'm not really a gold bug, but I'm a Ron Paul supporter, and monetary policy and gold are hot topics in our circles. I look at bulliondirect.com from time to time to see what metals are doing. However, the interesting part is when delivery is delayed because they can't get their hands on any. With central banks selling gold, the price hasn't been going up as much as you would think.
5. Owning gold was made illegal in the 1930's so that the government could inflate the currency and stimulate the economy out of the "Great Depression". You can inflate a "Federal Reserve Note". You can't inflate a $20 gold piece. It was made legal, again, to own bullion and coin in the early '70's so that the wealthier among us could invest and protect their money from the runaway inflation that was going on. Once things reach a critical point where too many U.S. citizens are investing in hard assets, such as gold, the Congress may be tempted to collect all the gold again.
6. no
7. Actually that law was taken away in the mid to late 80's. Since then Americans can own gold bullion. If you are interested in buying gold I would recommend that you buy pre-1933 gold. The reason is that if the government ever takes all the gold back they cant take those coins because they are collectibles. Also they appreciate in value faster than regular bullion. If you are interested in buying gold visit this website. http://www.superiorpreciousmetals.com. That's who I buy all my gold through.