Tightening the Noose: France Bans Cash Sales of
Gold/Silver Over $600
by Mac Slavo: American
Powder Keg: Black Panther Chairman Declares 'The Hour of War Is
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
Here is the
applicable French law via www.legifrance.gouv.fr
and translated into English by Google
Amended by Law n ° 2011-900 of July 29, 2011 art. 51
I. Can be
made in cash payment of a debt greater than an amount fixed by
decree, taking into account the place of tax residence of the
debtor and the professional purpose of the operation or not.
a monthly fixed by decree, the payment of salaries and wages is
subject to the prohibition contained in the preceding paragraph
and shall be made by check or by transfer to a bank or postal
account or account held by a payment institution.
on the retail purchase of ferrous and non ferrous is made by crossed
check, bank or postal transfer or by credit card, not the total
amount of the transaction may not exceed a ceiling set by decree.
Failure to comply with this requirement is punishable by a ticket
for the fifth class.
Notwithstanding, the costs of the department conceded that exceed
the sum of 450 euros must be paid by bank transfer.
preceding provisions shall not apply:
a) For payments
made by persons who are incapable of binding themselves by a check
or other payment, as well as those who have no deposit account;
b) For payments
made between individuals not acting for business purposes;
the expenses of the state and other public figures.
independent reports the law was passed to curb the illegal sale
of stolen metals like copper, steel, etc. Given the rampant rise
in thefts of these metals from telephone poles, construction sites
and businesses here in the United States, we can certainly see this
as a reasonable assessment for why the French passed this law.
fact that no exception was made for gold and silver simply cannot
be ignored. The new law effectively makes it illegal to purchase
even a single Troy ounce of gold or around 18 ounces of silver in
a single incident, for example the identification requirements in
some major US cities like Houston, TX if you want to trade bullion,
or the aforementioned restrictions in Austria, could be construed
as coincidence or no big deal. But the most recent example in France
suggests that what we have here is not a coincidence, but rather,
a pattern. If there truly is a behind-the-scenes push to keep gold
out of the hands of the people, then it would likely be done through
indirect means and we commoners would be none the wiser.
How long before
the US Congress, as a result of the rise in metals thefts here in
the United States, uses this same excuse as a pretext to follow
in the footsteps of the French?
question. That cant happen in America.
from SHTF Plan.
Slavo [send him mail] is a
small business owner and independent investor.
© 2011 Mac Slavo
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