Tuesday, September 27, 2011

Cash Sales of Precious Metals Banned in France

Soon after discovering the news of our imminent collapse, I was looking to become what they call a "goldbug" (someone who procures and collects gold, or other precious metals, like silver).  This was when I still had some money and gold was relatively cheap compared to where it's at now.  Alas, things happened, I wasn't able to capitalize on the opportunity, and now it's too late.  I have some practical questions as to what the value of gold really is, but that is for another post, if ever. 

But I'd say that this is further evidence that the collapse is real and that governments are becoming increasingly concerned and looking to make it more difficult for the average Joe to procure PM's.  France has just enacted a law mandating that any purchase of metal (including gold and silver) over 450 Euros ($600 USD) must be paid via credit card or bank wire transfer.  It is no longer legal to pay over that amount, in cash.  

I know that in tenuous times, the holding of gold becomes increasingly viewed upon by the proper authorities, like in the Great Depression, when FDR signed an Executive Order forbidding the hoarding of gold.  This appears to be in the same pattern, although in a more clandestine and preemptive way (the French's primary motivation in passing this law, at least officially, was a result of increased thefts of metals like copper and steel, from phone poles and places of business).  As the article closes, "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?" 

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