This article was submitted by JD Bauman, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.
Last Friday, the BLS released its jobs report for the month of May.
It was shockingly bad.
In light of the strike on Verizon, a relatively weak report of 170,000 jobs was expected; however, the report delivered far below expectations with just 38,000 jobs created. The new data, detailing the worst jobs numbers in nearly six years, is also accompanied with downward revisions of earlier numbers. The BLS revisions of employment figures for March and April puts the economy with 59,000 less jobs than previously reported.
The labor force participation rate also decreased as 660,000 more workers left the labor force. The current participation rate of 62.6% is nearly the lowest the US has seen in the last four decades.
This article was submitted by JD Bauman, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.
One of the common questions we hear from gold buyers is, “Is it possible that the government might come after my gold and confiscate it?”
In a time when the governments are waging a war on cash, it’s not hard for people to imagine that a war on gold is next.
There is some precedence for this, after all. On April 5, 1933, Franklin D. Roosevelt’s Executive Order 6102 “[forbade] the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” Americans who owned gold were told to deliver their gold to the bank and in exchange receive paper dollars of equivalent value, $20.67 per ounce at the time.
To be very clear though, contrary to common belief, the government did not conduct a widespread seizure of gold, nor did it go door-to-door nor systematically raid safety deposit boxes. While a $10,000 fine and ten year prison sentence threatened the masses into obedience, only a handful of sting operations were conducted against a few offenders to serve as an example.
