Gold-Buying Restrictions Increase in Europe

By:  Raven Clabough
09/28/2011
       
Gold-Buying Restrictions Increase in Europe

Apparently the Federal Reserve is not the only entity threatened by gold. Central banks in Europe are restricting the sales of precious metals, presumably threatened by the fact that citizens are increasingly abandoning the devalued paper currencies and preserving their wealth by purchasing gold and silver.

Most countries in Europe — with the exceptions of Germany and Switzerland — have already mandated that residents may acquire gold only by purchasing it directly from local bank branches. Banks have justified the new policies by claiming that they are intended to prevent money laundering.

Apparently the Federal Reserve is not the only entity threatened by gold. Central banks in Europe are restricting the sales of precious metals, presumably threatened by the fact that citizens are increasingly abandoning the devalued paper currencies and preserving their wealth by purchasing gold and silver.

Most countries in Europe — with the exceptions of Germany and Switzerland — have already mandated that residents may acquire gold only by purchasing it directly from local bank branches. Banks have justified the new policies by claiming that they are intended to prevent money laundering.

The Austrian government announced that it would restrict the sale of precious metals to $20,000 at a time, which currently amounts to approximately 11 ounces. The new law — which reflects the growing trend to restrict the purchase of gold in Europe — was passed relatively quietly and took place over the course of a month.

SHTFplan.com predicted that Austria's new gold policies would spread across the EU: “As Austria is one of the more developed nations in the Euro Zone, there is a strong likelihood that they are not the sole country implementing these new policies — and that this has been, or soon will be, implemented across the entirety of EU nations.”

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