hvactec
VIP Member
About two weeks ago, GoldMoney sent out an apologetic email to all of its Dutch customers. The email explained how the Dutch financial regulator (AFM) considered GoldMoney to be in violation of various licensing rules and compliance requirements.
Among other things, AFM indicated that GoldMoney was selling investment objects without a license something that they consider a heinous breach of their silly bureaucracy.
Now, there are so many technicalities involved here whether physical metal constitutes investment objects anymore than a collection of 80s action figures or a cellar of fine Bordeaux. Then theres the jurisdictional issue GoldMoney doesnt even operate in the Netherlands, nor does the company sell its own inventory. Etc., etc.
None of these points seem to matter; the regulators have spoken, and as a consequence, GoldMoney is now closing the accounts of every customer living in the Netherlands.
Its always troubling when governments go after firms like GoldMoney. The more signs I see, the more Im starting to believe that were heading down a path where precious metals are once again confiscated, outlawed, or at least severely restricted in many countries.
Lets start with the why. What possible sense would it make to reduce or restrict gold ownership?
Simple. The modern financial system is a complete joke. Money is conjured from thin air, backed by false promises from bankrupt governments. Then theres the fractional reserve swindle, centrally planned interest rates, government-produced inflation, manufactured statistics, insane credit and sovereign debt bubbles, etc.
Its a total fraud and like any good con, it depends on just that: confidence.
In order for a system based on -nothing- to perpetuate, its imperative that it commands the confidence of the people within it. And people in rich western countries have been programmed since birth to believe that the colored pieces of paper circulating around in their economies are intrinsically valuable
Read more: How bankrupt governments will confiscate your gold | Sovereign Man
Among other things, AFM indicated that GoldMoney was selling investment objects without a license something that they consider a heinous breach of their silly bureaucracy.
Now, there are so many technicalities involved here whether physical metal constitutes investment objects anymore than a collection of 80s action figures or a cellar of fine Bordeaux. Then theres the jurisdictional issue GoldMoney doesnt even operate in the Netherlands, nor does the company sell its own inventory. Etc., etc.
None of these points seem to matter; the regulators have spoken, and as a consequence, GoldMoney is now closing the accounts of every customer living in the Netherlands.
Its always troubling when governments go after firms like GoldMoney. The more signs I see, the more Im starting to believe that were heading down a path where precious metals are once again confiscated, outlawed, or at least severely restricted in many countries.
Lets start with the why. What possible sense would it make to reduce or restrict gold ownership?
Simple. The modern financial system is a complete joke. Money is conjured from thin air, backed by false promises from bankrupt governments. Then theres the fractional reserve swindle, centrally planned interest rates, government-produced inflation, manufactured statistics, insane credit and sovereign debt bubbles, etc.
Its a total fraud and like any good con, it depends on just that: confidence.
In order for a system based on -nothing- to perpetuate, its imperative that it commands the confidence of the people within it. And people in rich western countries have been programmed since birth to believe that the colored pieces of paper circulating around in their economies are intrinsically valuable
Read more: How bankrupt governments will confiscate your gold | Sovereign Man
