Can the government confiscate your gold in times of crisis?
Recently I heard a story that the Dutch government has the authority to claim gold from citizens in times of war or serious crisis.
I found this interesting, and I have mixed feelings about it.
Before I can really form an opinion, I first verified it, and yes, it's true: the government can indeed do this.
This is possible under the Emergency Financial Transactions Act and the Exceptional States of Exception Coordination Act.
This right can be used to ensure the financial stability of the country. Although this is theoretically possible, such a scenario has never happened in the Netherlands.
Anyway, it's really in the law.
However, I am not sure what to make of this.
You have worked hard to be able to buy gold as a buffer for emergencies, for example, while someone who is not prepared for that would then benefit indirectly, because your gold goes to the state.
Should the government requisition your gold, you should in principle receive compensation for the value of the confiscated gold. But what happens if the government is unable to compensate, for example because of an economic crisis?
Although the risk of such a measure is small, it is important to know what the law says. I'm curious: would you give up your gold in times of need?
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