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Tightening The Noose: France Bans Cash Sales Of Over $600 In Metal
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Thread: Tightening The Noose: France Bans Cash Sales Of Over $600 In Metal

  1. #1
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    Thumbs down Tightening The Noose: France Bans Cash Sales Of Over $600 In Metal

    France Bans Cash Sales Of Gold & Silver Over $600

    Central banks are presumably so frightened that a growing number of citizens are abandoning rapidly devaluing paper currencies and preserving their wealth through precious metals that governments are now cracking down on the anonymous purchase of gold and silver.

    Following the Austrian government’s announcement that it was restricting the sales of precious metals to $20,000 a time, an amount which would purchase just 11 ounces, the French authorities have followed suit with an equally draconian new measure to deter people from buying gold and silver.

    -----------------------------------

    A couple of weeks ago our report that some Austrian banks had begun restricting the sale of gold and silver to 15,000 Euro (~$20,000 USD) reportedly because of money laundering issues was met with disbelief by many readers of financial news and information web sites. As we mentioned in that commentary, it is our view that governments, namely in Western nations, are making it more difficult for individuals to make gold purchases, as well as to do so anonymously.

    It looks like this trend of restricting the peoples’ ability to acquire assets of real monetary value is expanding. If a recent report from France is accurate, and based on the French governments official web site it looks like it is, then as of September 1, 2011, anyone attempting to sell or purchase ferrous or non-ferrous metals, which includes gold and silver, will be required to pay for their purchase via a credit card or bank wire transfer if it exceeds 450€ (~ $600 USD):

    -----------------------------------------

    Apparently governments are no longer for protection of the people.
    "I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone
    "The truth is called hate by those who hate the truth." - K

  2. #2
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    Quote Originally Posted by silverheartbone View Post
    France Bans Cash Sales Of Gold & Silver Over $600

    Central banks are presumably so frightened that a growing number of citizens are abandoning rapidly devaluing paper currencies and preserving their wealth through precious metals that governments are now cracking down on the anonymous purchase of gold and silver.

    Following the Austrian government’s announcement that it was restricting the sales of precious metals to $20,000 a time, an amount which would purchase just 11 ounces, the French authorities have followed suit with an equally draconian new measure to deter people from buying gold and silver.

    -----------------------------------

    A couple of weeks ago our report that some Austrian banks had begun restricting the sale of gold and silver to 15,000 Euro (~$20,000 USD) reportedly because of money laundering issues was met with disbelief by many readers of financial news and information web sites. As we mentioned in that commentary, it is our view that governments, namely in Western nations, are making it more difficult for individuals to make gold purchases, as well as to do so anonymously.

    It looks like this trend of restricting the peoples’ ability to acquire assets of real monetary value is expanding. If a recent report from France is accurate, and based on the French governments official web site it looks like it is, then as of September 1, 2011, anyone attempting to sell or purchase ferrous or non-ferrous metals, which includes gold and silver, will be required to pay for their purchase via a credit card or bank wire transfer if it exceeds 450€ (~ $600 USD):

    -----------------------------------------

    Apparently governments are no longer for protection of the people.

    They really are not stopping their people from buying PM's, they just want to make sure make sure they know who has it so they can collect their pound of flesh when they sell it. If you sell it under the table and they ask to see it, well you know the answer to that problem!!! Does anyone believe our $600 reporting law was for everything but PM's. Now with all these other countries pushing this anti-whatever PM law, you know the US will be right behind them, just to help in that world wide effort of course.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  3. #3
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    In the UK the number 1 anti-PM law has got to be VAT at 20%. But They won't tax the Rich Man's Silver, oh no! For years now, if you buy anything for more than £5K (even if that's £5k Cash) the Vendor is required by Law to inform the "Authorities". If your walking down the street over here, and a Policeman stops you and you have over £500 cash in your possession, you have to account for that money, or you could find yourself accused of drug dealing and/or money laundering. You have to prove your innocence. The onus is not on them to prove guilt. I was on my way to buy a car and had (a paltry) £1500 in my possession which was confiscated by the Police until I could prove that I had earned it legitimately. But this latest development definitely reeks of a clampdown.

  4. #4
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    Quote Originally Posted by gollumthegreat View Post
    In the UK the number 1 anti-PM law has got to be VAT at 20%. But They won't tax the Rich Man's Silver, oh no! For years now, if you buy anything for more than £5K (even if that's £5k Cash) the Vendor is required by Law to inform the "Authorities". If your walking down the street over here, and a Policeman stops you and you have over £500 cash in your possession, you have to account for that money, or you could find yourself accused of drug dealing and/or money laundering. You have to prove your innocence. The onus is not on them to prove guilt. I was on my way to buy a car and had (a paltry) £1500 in my possession which was confiscated by the Police until I could prove that I had earned it legitimately. But this latest development definitely reeks of a clampdown.
    You mean they can literally stop anyone at random and search them without cause?? I bet they didn't put that law into effect until they confiscated everyones guns!!!
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

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    "...any amount over €450 euros or $600 US dollars “must be paid by bank transfer”.

    Just the same as that age-old 'it was illegal to own gold in the US!' fallacy.
    Most people believe what they are told.

    You can still buy PMs, just through the bank.

    Same in Canada, ANY transaction $10,000 or more has to be reported for money laundering purposes. So what. Make $9,999 transactions. Or in the case of France, €449. Ask the LCS if you can pay by installment or lay-away. There are most definitely ways around the law, but maybe most are too lazy to follow through.

    Just the same as that age-old 'it was illegal to own gold in the US!' fallacy.
    Most people believe what they are told.
    Caedite eos.

  6. #6
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    "Failure to comply with this requirement is punishable by a ticket for the fifth class"

    I think that's a maximum fine of €1,500...???
    Caedite eos.

  7. #7
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    Quote Originally Posted by maplesilverbug View Post
    "Failure to comply with this requirement is punishable by a ticket for the fifth class"

    I think that's a maximum fine of €1,500...???
    The thing about all this is that they really are not stopping people from buying PM's, just making sure it's all recorded and above board. Where they are putting limits on the amount you can buy, I didn't read anything about that being all you could buy for the year, just at one time. Other than a very tiny population of Austria, how many people are going to be worried about being restricted to spending $20,000 a day. I realize that you might want to go all in if there is a sudden drop in the floor of PM prices, but that usually takes a few days to develop and who knows when the floor is reached. So go to Italy for the day and buy your Gold or Switzerland or Germany or take a drive over to Bratislava for the day. It's not as if they have border guards everywhere.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  8. #8
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    Quote Originally Posted by maplesilverbug View Post
    [B][COLOR="blue"][SIZE="4"]" Ask the LCS if you can pay by installment or lay-away. There are most definitely ways around the law, but maybe most are too lazy to follow through.
    You can not circumvent the law this way. It is based on the individual purchase, regardless of how it is eventually paid for. For example, the US law of $10,000 being reported is very clear about this. If the item sold is $20,000 and you pay $9,000 cash and lets say $1,000 by personal check, then later bring me another $5,000 cash and $5,000 in a money order. That is a total of $20,000 in funds that were not certified thus not reported before hand. Now, if you bring me $9,000 cash and $11,000 on a certified bank check, I have only accepted $9,000 in non-certified funds. The bank that issued the $11,000 check is responsible for reporting the check that was over $10,000. If you had two certified checks for $5,500 each and $9,000 cash I have to report the $20,000 transaction as the $5,500 checks would not have been reported. You can not ask anyone to in any ways avoid and federal, state or local regulations. I'd avoid dealing with any seller that would even suggest to me any way to avoid the reporting, the law says the seller can not collude in that manner.
    My post and comments are for entertainment purposes only, they reflect my opinion and are not recommended for trading purposes. I am not an investment adviser and information obtained here should not be taken for professional investment advice.

    Your own due diligence is recommended before buying or selling any investments, securities, or precious metals.

    "When you run in debt; you give to another power over your liberty" - Ben Franklin

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