"A few people have asked me about the recent story concerning France banning cash
sales of gold and silver. The story originated here
but was picked up by quite a few other sites last week. I was waiting to get
some additional information before I posted it as well.
This is different from the reports of limits specifically on gold and silver sales in Austria.
Here is a link to the French law that has caused this latest discussion.
This is different from the reports of limits specifically on gold and silver sales in Austria.
"According to the bank representatives and manager we spoke with, Austrian banks have now been ordered to restrict the sale of gold and silver bullion purchases and are limiting personal acquisitions of precious metals to 15,000€ (approximately $20,700 USD) at a time, or 11 ounces of gold at today’s prices."
Here is a link to the French law that has caused this latest discussion.
Tightening the Noose: France Bans Cash Sales of Gold/Silver over $600at http://jessescrossroadscafe.blogspot.com/2011/10/restricting-gold-and-silver-cash-sales.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JessesCafeAmericain+%28Jesse%27s+Caf%C3%A9+Am%C3%A9ricain%29
By Mac Slavo
September 23rd, 2011
"...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 USD)...
...According to 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.
However, the 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 cash."
