Restricts Gold Purchases…NOT
The Nestmann Group, Ltd.
by Mark Nestmann: Civil
Forfeiture: The War on Your Wealth
posted a few days ago on commodityonline.com made a startling claim:
the Austrian government had imposed restrictions on gold purchases.
the article (posted here),
individuals will be restricted to purchase only 15,000
Euros worth of gold at a time, making gold an officially restricted
commodity. With a gold price at EUR 1190/ounce, this policy
would limit investors to purchase only about 12.6 ounces of gold
at a time.
If the story
were true, it would be an ominous sign. It would presumably indicate
the Austrian government now felt it necessary to impose currency
controls to protect the value of the euro. It would also reverse
longstanding Austrian policy which gives both resident and non-resident
investors the right to buy and sell gold unimpeded. Nor does Austria
impose value-added tax on most forms of gold.
the story is NOT true. I contacted several banks in Austria to find
out if they knew anything about the supposedly new policy. They
didnt. As one banker remarked to me:
you can buy as much gold as you want and gain delivery
within one working day. There is no distinction made between residents
There is significance,
however, to the EUR 15,000 figure the article mentions. In 1991,
the EU Money Laundering Directive came into force. This directive
requires individuals who engage in a single transaction or linked
transactions that exceed EUR 15,000 with a financial institution
at which they dont have a relationship to identify themselves.
While gold purchases arent singled out, theyre definitely
covered by this requirement. Normally, you simply present your passport
when you purchase the gold, then take it with you. Cash purchases
smaller than EUR 15,000 remain effectively anonymous.
There may come
a time when EU governments restrict gold purchases and sales. Fortunately,
that time has yet to arrive.
with permission from The
Nestmann Group, Ltd.
Nestmann [send him mail]
is a journalist with more than 20 years of investigative experience
and is a charter member of The
Sovereign Society’s Council of Experts. He has authored over
a dozen books and many additional reports on wealth preservation,
privacy and offshore investing. Mark serves as president of his
own international consulting firm, The
Nestmann Group, Ltd. The Nestmann Group provides international
wealth preservation services for high-net worth individuals. Mark
is an Associate Member of the American Bar Association (member of
subcommittee on Foreign Activities of U.S. Taxpayers, Committee
on Taxation) and member of the Society of Professional Journalists.
In 2005, he was awarded a Masters of Laws (LL.M) degree in international
tax law at the Vienna (Austria) University of Economics and Business
© 2011 Mark
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