After reading Jim Sinclair's editorial about why gold confiscation rumors aren't based in fact, I started asking around. I had no idea that these rumors had gained so much traction, but our in-house analyst who handles customer concerns tells me that we receive calls every day from people worried about government confiscation of their gold. (You may want to catch his own market reports on our company site.) I encourage everyone to read Mr. Sinclair's article on his site, to understand why gold confiscation happened in 1933, and why it won't happen now. (Short version: since the U.S. was on the gold standard, FDR had to increase gold reserves for his own quantitative easement. Bernanke can just print money for his QE.)
In my own opinion, I'd feel safer with actual possession of physical gold, rather than wondering if the bank was playing around with the gold they say they sold me but I never saw.