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Tightening the Noose: France Bans Cash Sales of Gold/Silver Over $600

mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
in Precious Metals
Tightening the Noose: France Bans Cash Sales of Gold/Silver Over $600
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):

Certain methods of paying for gold banned


Coin's for sale/trade.


Tom Pilitowski
US Rare Coin Investments
800-624-1870

Comments

  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Hum, so the world doinators want to ban unregistered sales of PM's and guns. I wonder where this is headed.
  • pf70collectorpf70collector Posts: 6,641 ✭✭✭
    The banks are anti-gold because they know their paper will be worthless and to prevent a run of the banks to take cash out to convert to PMs. It will spread over here. Those not in PMs will be trapped in worthless IOUs or FiAT. 1933 all over again because we will be or are now in a world depression.
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  • Wolf359Wolf359 Posts: 7,656 ✭✭✭
    It's an impossible law to enforce, just driving more people into the underground economy.
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  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    Will only increase the black marketing (and price) of PMs.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    Boating accidents and things falling off trucks will be on the rise...
  • cupronikcupronik Posts: 773 ✭✭✭
    Just asking but couldn't the regulators keep a lid on pm prices by simply raising the margin requirements to the same level as stocks, say . . . 50%?
  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>Will only increase the black marketing (and price) of PMs. >>



    Agree and it will also increase demand. People with money aren't stupid.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • BigEBigE Posts: 6,949 ✭✭✭
    If you read the text of the law, its a stretch to apply it to the sales of PM's, seems like they say its more a law to prevent stolen copper and metals off telephone poles from being sold-------BigE
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  • PokermandudePokermandude Posts: 2,713 ✭✭✭
    Another nail in the coffin for fiat currency, IMO. I just can't see it being able to survive for much longer as the medium of exchange. History is repeating itself yet again. Just more slowly due to the insulating effects of credit and digital fiat money.
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  • Coins101Coins101 Posts: 2,602 ✭✭✭
    I can see a push for a digital world currency. Heck, they could even place "safe-guards" to keep you from buying PMs or anything else they don't want you to buy. There is a push at the UN to sign a treaty for World Gun Control.
  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>I can see a push for a digital world currency. Heck, they could even place "safe-guards" to keep you from buying PMs or anything else they don't want you to buy. There is a push at the UN to sign a treaty for World Gun Control. >>



    The UN is a joke and is treated as such by most Americans. I sure wouldn't worry about it.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • Coins101Coins101 Posts: 2,602 ✭✭✭


    << <i>The UN is a joke and is treated as such by most Americans. I sure wouldn't worry about it. >>



    I agree but that won't stop our guardian politicians from doing what they think is best for us. They have a treaty on the table right now supported by Hillary C to provide World-wide gun control, tax and registration.
  • yellowkidyellowkid Posts: 5,486 ✭
    So I couldn't sell my Louis Napoleon 100 franc piece in France???
  • BochimanBochiman Posts: 25,377 ✭✭✭✭✭


    << <i>If you read the text of the law, its a stretch to apply it to the sales of PM's, seems like they say its more a law to prevent stolen copper and metals off telephone poles from being sold-------BigE >>



    To me, I see nothing wrong with that. Seems that most anyone wanting to do copper in that type of volume probably hasn't been accumulating it legally over time. Takes way too much room.
    Unless you are a metals dealer/junkyard.

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>So I couldn't sell my Louis Napoleon 100 franc piece in France??? >>



    Not for cash. Try the BST here instead.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>So I couldn't sell my Louis Napoleon 100 franc piece in France??? >>



    Not so, you'd have to accept a payment method that's traceable like PayPal. image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
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