How bankrupt governments will confiscate your gold

Discussion in 'Politics' started by hvactec, Oct 20, 2011.

  1. hvactec
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    hvactec VIP Member

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    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 there’s the jurisdictional issue– GoldMoney doesn’t 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.

    It’s always troubling when governments go after firms like GoldMoney. The more signs I see, the more I’m starting to believe that we’re heading down a path where precious metals are once again confiscated, outlawed, or at least severely restricted in many countries.

    Let’s 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 there’s the fractional reserve swindle, centrally planned interest rates, government-produced inflation, manufactured statistics, insane credit and sovereign debt bubbles, etc.

    It’s a total fraud… and like any good con, it depends on just that: confidence.

    In order for a system based on -nothing- to perpetuate, it’s 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
     
  2. hvactec
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    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.

    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.

    read more Gold-Buying Restrictions Increase in Europe
     

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