I say no. The problem with confiscation is that gold is becoming a global currency and replacing fiat. This wasn't the case in the 1930s. If a country like the US wanted to confiscate gold while the rest of the world was moving to gold as a currency, then that wouldn't make sense. We would be perceived as a laughing stock with our heads in the sand.
Gold is becoming a de-facto currency. I don't see how this can be stopped or how governments can stop it. The real issue here is taxation, which we are seeing already in places like India. This week India increased their import tax on gold from 6% to 8%. They are trying to discourage gold imports, which is stupid in my opinion. Why not let your citizens become prosperous? Gold is going up so many Indians will become wealthy.
I think the US will play the taxation game. We already have high taxes on bullion capital gains at 28%. This will likely increase, along with higher taxes on mining capitial gains. Who knows what they will do to discourage gold ownership. But try as they might, the devaluing of fiat currency only increases the value of gold.
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