I don't know your father, and I don't know how he would react, so if what I recommend isn't really a good recommendation feel free to toss it.
I would get my ears pierced again. When the next freakout ensues, I would calmly say "I don't need your approval, but your acceptance is appreciated. I am my own person, and your attempt to control who I am can't work. I live my life for me, not to please you."
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I have a suspicion that your parents know about you or suspect about you. Your mum seems the easiest person to tell in that case. It's odd how parents seem to think that their children being gay reflects on them as parents. It doesn't. What will reflect on their upbringing is how positive you are, how kind and helpful you are, and other such things. It may be good to reaffirm to your father that what he did the other day was only a rant and that he was lending you acts and intentions that aren't yours. It was unfair and uncalled for. For this you might want to send him an e-mail or leave him a letter explaining who you are (as a decent person). If you are not ready to tell him you're gay, leave that bit out. Just tell him you are well behaved and not interested in doing all the crap he mentioned. It would be nice too for him to be able to understand that he's hurt you deeply and that he really ought to apologise for going way over board. You might modestly 'apologise' for creating such a stir in him that he felt he had to go all crazy about a simple earring. You are American, and I suppose you are circumcised. I'd like to take this example to say that he didn't ask you your permission to have you circumcised, if that's what happened. Having your ears pierced was YOUR decision and it's hardly as bad a mutilation as having a circumcision.
I suspect your father doesn't like you getting your independence so much. But like most things, he'll have to adapt, won't he?
Have a little talk about it with your mum first. Ask her what she makes of his reaction to your earrings? It may be the occasion to let her know that what she suspected is true. Give her time to adapt to the news, as it has taken you time to get used to it too... It's only fair. But you are still the same lovable person. Don't forget that.
Take care.
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