by David Schectman, MilesFranklin.com:

I think I’ll start off with Jim Sinclair’s comments today, regarding the takedown in gold and silver:

In The News Today
March 6, 2012, at 1:31 pm
By: Jim Sinclair

Marc Faber (Gloom Boom & Doom Report) wrote:

I would store gold outside the U.S., because in the U.S., it is not completely unlikely that they will eventually take it away. Like in 1933, gold will be purchased back by the government. Gold prices will go ballistic, and the government will take away something from a minority, and not many people own gold.

Is Faber correct? Well, let me put it this way, he may be and I like to “hedge” my bets, especially when, in the case of owning physical gold, it is so easy to do and the cost is so minimal. I don’t buy gold with the goal of turning it in to the government for a profit. I buy gold precisely because I do NOT want to have my wealth in paper currencies. Otherwise, I may as well buy mining shares, which pay off in dollars. So what can you do to protect yourself against another gold confiscation? Yes, I said “another” confiscation. Most of you already know that Roosevelt confiscated gold from American citizens in 1933 and it would be naive to think it can’t happen again. That doesn’t mean it will happen, but it could happen. So, getting back to the question; what can you do to protect your gold? Here is what I have done and you should strongly consider taking one or more of the same steps yourself.

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