Why do U.S. Asset Managers fear Government Confiscation of Gold?
By: Julian D.W. Philips This is the first part of a series of articles that looks at the possibility of the confiscation of gold by one government or more. The complete series will be featured in coming issues of the Gold Forecaster. Mr Levine of HSBC in a recent gold conference pointed out that some top U.S. Asset Managers were fearful of the possibility of government confiscation of gold. He explained, that on being told that the bank’s U.S. vaults had sufficient space available for their gold he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country’s strategy in dealing with the nation’s economic problems. Who are these Asset Managers? For a start, they are highly qualified capable men who understand the ins and outs of investment management. Such knowledge usually enc
