If it all hits the fan they will just confiscate the available gold to balance the books. The US did it before and will do it again. GB and Australia and others have laws in place to follow suit if they need to. This was the US scam the last time round, I know it is old news but the laws are still in place and have quietly been refined and implemented in most other countries. If you decide to go for gold be sure to safeguard it.
Gold Can be and Has Been Confiscated in the U. S.
Unknown to many Americans, the U.S. government has the right to confiscate precious metals held in a safety deposit box. In fact, President Roosevelt exercised this right in April 1933.
After declaring a banking holiday, FDR announced the following, as per the authority given to him by Section 5(B) of The Act of Oct. 6th, 1917:
“Pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government. All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories, and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.”
Compensation in the legal tender of the government meant that citizens were paid the official price of $20.67/oz. Following the confiscation, the dollar (UUP) was devalued by 40% and the price of gold (GLD) was readjusted and fixed to $35/oz.
ABU Price at posting:
34.0¢ Sentiment: Hold Disclosure: Held
(20min delay)