Banks, Governments Move To Restrict Personal Gold Bullion Purchases

by | Sep 9, 2011 | Precious Metals | 94 comments

Do you LOVE America?


    This week we returned from a trip to the Eurozone where we met with a host of different people across many countries and several industries. All of the indicators we’re seeing – construction starts, bank lending, personal borrowing habits, economic growth, and even the (lack of) items in grocery store carts – suggest that Europe is on the brink, though as is generally the case, the average European has no clue what’s coming their way.

    The most alarming situation we identified is one relating to the purchase of gold coins and bullion – specifically in the country of Austria – but one that will likely make its way across the EU if it hasn’t already. Unlike the United States, where gold and silver can be purchased through traditional methods like visiting a local dealer directly, or even placing an order on the internet, it is much more difficult to find a gold/silver dealer outside of Germany or Switzerland. As a result, those individuals interested in acquiring gold are left with purchasing directly from local bank branches.

    Had you visited an Austrian bank three months ago, you would have had absolutely no problem purchasing a large quantity of gold/silver from the bank. You’d simply call the bank about 24 – 48 hours in advance, let them know you’re coming and how much you needed, and you’d personally pick up your order within a couple days.

    A new trend in Austrian (and perhaps the rest of Europe’s) banking policies suggests that certain interested parties are attempting to control the sale and personal acquisition of gold/silver as safe haven assets. What we experienced first hand should be a wake up call for not just Europeans, but Americans as well.

    The policy change was quiet, has not been reported by any media outlets that we’re aware of, and no mention of the new policies is made on the web sites of Austria’s largest banking institutions (though it is clear they vehemently comply with U.S. anti-money laundering measures and the Patriot Act)

    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.

    Upon further discussion we learned that these policies were implemented over the course of the last 30 days, and they are now standard operating procedure. The reason given was the banks had come under pressure from EU, Austrian and U.S. officials, with this particular manager specifically citing U.S. money laundering initiatives and the EU’s Third EU Money Laundering Directive which was implemented across the zone in December of 2007.

    The idea that these restrictions have been put in place as anti-money laundering measures is laughable. As we all know, if a drug cartel or other criminal organization wanted to launder money, they wouldn’t do it in person purchasing bullion coins at a local banking branch. They’d simply pick up the phone and contact a too-big-too-fail bank (video), as we’ve seen with the billions of dollars recently laundered through U.S. banks. You may remember there was very little reporting on this issue from mainstream media and it has been ignored by U.S. prosecutors.

    As Austria is one of the more developed nations in the Euro Zone, there is a strong likelihood that they are not the sole country implementing these new policies – and that this has been, or soon will be, implemented across the entirety of EU nations.

    To the average European and American this may not mean much. But if you’ve been paying attention to the events unfolding over the last several years, it’s becoming clear that the economies of the EU and US are under threat of a significant and potentially permanent financial collapse. This morning, IMF managing director Christine Lagarde was quoted as saying that the situation is so dire, “policymakers should stand ready, as needed, to take more action to support the recovery, including through unconventional measures.”

    The new gold and silver purchasing limits would certainly qualify as unconventional, along with other recent proposed measures by EU officials and business leaders. One such proposal from Italian business leaders calls for all cash transactions over 300 Euro (About $400 USD) to be banned, and to be permitted only in electronic format.

    The global trend across industrialized nations for the last twenty years has been to move towards a cashless society, but one that still utilizes centrally planned currencies. While central banks, large institutional funds and wealthy private investors across the world continue to buy up gold, governments seem to be moving quickly to restrict the ability of average people to do the same – and they are rapidly implementing policies to either restrict or track these types of transactions.

    Many cities around the country, such as Houston, TX, have passed identification requirements that force sellers of precious metals to present a valid form of ID at the time of sale. Like Europe, the U.S. is expeditiously implementing direct methods of tracking these transactions, as well as indirect methods that target those who may be engaging in suspicious activities, namely using cash, as per FBI and Homeland Security bulletins issued last month.

    The noose is tightening. Governments, large financial institutions and political chess players know exactly where real value exists. And it’s certainly not in the currencies that are being printed with reckless abandon.


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      1. Money laundering, what a joke. If drug dealers want to launder money, they have no problem doing so. Hell, we can’t even stop illegals coming across our borders or weapons going back to Mexico.

        Control control control! The tighter they squeeze, the more will slip through their fingers.

        • put “fast and furious” into search engine, WE(usa) are sending weapons to mexico. “laundering”?? millions of dollars(cash) leaves the usa every year, “they” allow the drug trade in this country(usa) to help fight inflation!

          • Kinda funny. They can’t control the drugs, how the hell do they expect to control the money?

            • The drugs and demand for them are what are in control. The currency is just a biproduct! Politicos, banksters, Mafiosos, and junkies are all very aware of this!

          • A few years ago, I read the numbers were something like $500 billion a year coming in through Florida airports, trucks on the border–CIA controlled..hey, today’s times are tough..a few hundred/thousand and you look the other way…oh, don’t tell me it doesn’t happen.
            And the numbers after it hits the streets was..well, I can’t even remember it was so astronomical in N.Y.City.
            Word is our country would really collapse were it not for the drug trade.
            Ever count the businesses supported by the war on drugs??
            Competition for Big Pharma!!!

          • No doubt, you are right. The globalists and Marxists have combined forces against us.

      2. I fully believe that rationing/restricting sales of precious metals in on the way. There are so many lies and skullduggery around that who knows, really, how much metal is in existence and available. I hope all of Mac’s readers have long ago bought metal. I scrounged years ago and have a decent pile. As of yet, it still isn’t too late to buy, but I couldn’t afford the prices now.

        • Ditto EHK –

          I can’t believe the current prices for 90% ‘trash’ silver! I just checked APMEX prices and $100 face value of 90% quarters = $3,171.57. If you hedge your bet with rolls of BUC pre 1964 silver that will always retain some numismatic value the prices are even higher. You can still get $25 face value for around $800; the MINIMUM that I would want to have on hand in any type of economic collapse.

          I couldn’t afford these prices either. This isn’t for damn sure “my father’s world”.

          God Bless & good luck to all.

          • If $600 is the limit then Gold could tumble in January as people can’t buy a single ounce without reporting? Maybe such small purchases don’t impact the market much I don’t know, but silver on the other hand would be fine. For $500 or less you can still get 10 ounces and usually a shipping or mark up discount at that level. Maybe that 40/45 to 1 ratio on the silver/gold price will finally “correct.”

            • Jim if you are talking about them 1099ing you for a purchase over $600, that all went away. It was removed from the bill it was hidden in.

          • Junk silver is sold by the weight of the silver that’s in them. $100 face value silver has about 71 ounces of silver in them. It’s priced accordingly. I bought mine for 6% over face value. That included shipping, insurance, and the credit card fee.

      3. It’s to keep us as slaves, the poorer we are the more we are to take what they give us.

        The governments always do what the banks want.

        The Banks (FED) loans our government money and charges us interest on it, and in return the government puts on its balance sheet all the bank losses.
        It becomes our bad debt.

        Congress has the power to print all the money they need and not pay interest on it, but they seem to be held hostage to the banks.

        Who the fuck is in charge? What the fuck is going on?

        • No, we need individualism now, which means NO leaders. Even if you mean RonPaul (as a leader), what he says is “I don’t want to tell you what to do… you decide”. Maybe what you mean is, we need a PROTECTOR, not a leader.

          • Leadership defined: A leader who will teach people how to think NOT what to think!
            After all… sheeple need to follow, this is who they should be following!

          • People have always needed leaders, you cannot escape that — to think otherwise is dreaming, and in fact, anthropology shows that it’s impossible. Even with the smallest organization of humans, the tribe, there have always been leaders.

            As far as restrictions on gold and silver, it would only create an enormous black market, the same as illegal drugs.

        • ….and people wonder why good decent germans voted for Hitler

          Now perhaps they will understand what happens when TSHF

          People get sick of the prolonged hardship austerity and corruption and will vote for any “strong” leader who promises to get them out of the economic mess!!

          • talk about a wrong reaction. This only proves how stupid humans are (not you, the ones that voted for Hitler and would vote for some other such monster in the future).

            Einstein was right and I paraphrase: the two most widely prevalent elements in the world are Hydrogen and Human ignorance.
            Sorry, I don’t mean to be mean but, Jesus/God/Chaos, can’t we bring some thinking into our lives on a day to day basis?

            • Nice analysis there, Capt. Hindsight.

      4. One need not be a “PM bug” to understand that once the metals are in a persons hand, there is no way to tax or track it. Since our government is in the habit of keeping tabs on who has what when it comes to items of value and seems to dislike bartering on any level because once again, they can’t tax it and thus generate revenue from it, if I were a smart person (which I like to believe I have a few firing neurons) I’d do my best to barter as much as possible and smile at the shiney stuff aquired long before anyone gave a hoot about the price. If any government truely believes they can get a hold on people by tightening regulations, they need better consultants!

      5. The head of the NYSE from 95-03, Richard Grasso, took a golden parachute worth $140 million. He claimed he earned it by saving the NYSE. How? In 1999 he made a surprise visit with FARC in Colombia, in the jungle. FARC is a communist terrorist organization that makes money protecting the cocaine operations. He meets with the major cocaine cartels and then claims to have saved the NYSE. Hmmmm! Our government says it wants to stop money laundering. They mean other peoples money laundering. Google him.

      6. I suspect the demand for physical PM’s are so high, especially gold, it’s now upsetting the 50:1 paper trading ponzi scheme to keep the price of the PM’s suppressed. Every tiny dip in price China, Venezuela, Russia, India, and others dive in and buy more physical. The jig is up, and the banksters are getting nervous.

        • Thank you for the link. This article has been updated to reflect this information (by removal of the original reference to the $600 reporting provision). My apologies for the mistake.

        • While I’m glad the rule is gone, but the intent is still there. Someone felt it belonged in a ” health care” bill. Fact is someone aims to control the PM market place. They know PM’s will outshine their paper forever.

        • It was only removed for businesses. If you are an individual you are still reported. Read the article.

      7. Watch carefully my friends. Whatever Europe does, we seem to do.

        I believe their collapse is more imminent than ours. At least it will give us a bit of advanced warning.

      8. Nothing new, it’s been done before.

        By Executive Order Of The President of The United States, March 9, 1933.
        By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; that the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.
        Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government.
        All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.
        Your possession of these proscribed metals and/or your maintenance of a safe deposit box to store them is known by the government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service.
        By lawful order given this day, the President of the United States.
        Franklin Roosevelt – March 9, 1933

        • You forgot to add the most important piece: $10K fine and 5 years in prison for not OBEYING>

          • Oops sorry. That was $10,000 when gold was $20 an Oz or 500 ounces of gold (present value $900,000).

          • Did you notice: “…that the continued private hoarding of gold and silver by SUBJECTS of the United States poses a grave threat…”?

            That one word says it all, and illustrates how his intellectual descendants see us all. And how our current POTUS sees everyone other than himself, judging by his attempt to order Congress around last night.

            • James

              Thanks. I never picked that up before.

              Very interesting.

        • “Your possession of these proscribed metals and/or your maintenance of a safe deposit box to store them is KNOWN BY THE GOVERNMENT from bank and insurance records.” How, pray tell? Or was this one big scare tactic back in the 30s, i.e. I know who you are and I saw what you did?

          • Go visit your safe deposit box and watch the care given to recording your box number and time of visit.
            Also, I’ll bet IRS won’t forget if you claimed a deduction for the box. Big Brother is watching….

        • This is right in line with Gen:47, “Joseph gathered all the money that was found in the land and brought in to Pharoh’s house”… It dosen’t say the people gave it of their free will,he just took it. Expect the same thing to happen in the U.S.

        • you were allowed to keep collectible gold coins

        • And this policy was a failure… it is child’s play to hide your gold and most citizens did just that. The wealthy who owned large amounts, simply smuggled theirs out of the country.

      9. Wow, check out the USDX. We’re saved! Au/Ag going up too after the slap down. BAC laying off. I’m concerned, what should I do.

        • Beans, bangs and bullion baby.

          Hmm…and don’t forget coffee, alcohol and toilet paper–I suspect they’ll be worth more than the bullion. 🙂

          • Don’t care HOW hungry I am – my Dunkin’ Donuts coffee is not for trade…:)

            • LOL..I hear ya 🙂

      10. What seems to be missed here is that in every historical case of rationing the control leads to price increases not declines. If this is implemented in the US the price of PMs will go through the roof as the supply constricts. This can only be a prelude to confiscation of the PMs. Get ready for the EU to come after the gold in people’s fillings to balance their debts. When the Tooth-ferry bureau knocks at your door pliers in hand I hope you have have the means to defend yourselves.

      11. US markets started to sell off. It’s Friday. German and French governments just warned their own banks to be prepared that they are going to let Greece go under. It’s going to be an interesting weekend.

      12. US dollar up one full basis point. US 10 year yield drops to 1.92%. Everyone is trying to grab the last chair available when the music stops.

        • Does the ecliner chairs float while getting a lap dance. Why do they have seat belts?

        • Problem is there are no chairs and it’s the drain we a circling

      13. Shucks. It appears the invisible hand has reached in and stopped the slide. At least temporarily.

        • Must of been Jimmie’s brother Warren. Both are of the same mindset. One just dresses a little better.

      14. Get your blow by blow account right here. Greeks deny weekend default. Stay liquid.

      15. Feel the force Luke, I mean feel the Bill sheeple.

      16. It’s happening in Singapore too. You can only buy physical gold bullion and coins from only 1 bank and this bank monopolised the sales (at 12-14% above spot price including sales tax 7%) and buyback ( at 9-10% below spot ). The bank want to know where your money comes from so they make purchasers fill up forms when one purchased more than Sgd20k worth of physical gold. None of the banks sell silver. So creating the idea and mindset to the populace that gold and silver are not money but commodities.

        • There’s another bank in Singapore aside from UOB that sells physical gold (I could not remember but it has the word “China”).

          In Singapore, you can buy gold coins and bars from pawnshops, jewelry store without any restrictions.

          There are lots of companies selling silver coins and bars in Singapore.

      17. That Dow/Au ratio is looking better every minute.

      18. I’m not sure why they would go through the trouble of limiting gold purchases in the U.S. unless they somehow thought it would steer people towards stocks, bonds and treasuries.

      19. Someone cooked the books.

        Below is the actual wording of the gold confiscation executive order. Their is no “subjects” in it.

        From: President of the United States Franklin Delano Roosevelt
        To: The United States Congress
        Dated: 5 April, 1933
        Presidential Executive Order 6102

        Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled

        An Act to provide relief in the existing national emergency in banking, and for other purposes~’,

        in which amendatory Act Congress declared that a serious emergency exists,

        I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:

        Section 1. For the purpose of this regulation, the term ‘hoarding” means the withdrawal and withholding of gold coin, gold bullion, and gold certificates from the recognized and customary channels of trade. The term “person” means any individual, partnership, association or corporation.

        Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

        (a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.

        (b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.

        (c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.

        (d) Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license.

        Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, and gold certificates after April 28, 1933, shall within three days after receipt thereof, deliver the same in the manner prescribed in Section 2; unless such gold coin, gold bullion, and gold certificates are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such gold coin, gold bullion is held for purposes specified in paragraph (d) of Section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon.

        Section 4. Upon receipt of gold coin, gold bullion, or gold certificates delivered to it in accordance with Section 2 or 3, the Federal reserve bank or member bank will pay thereof an equivalent amount of any other form of coin or currency coined or issued under the laws of the Unites States.

        Section 5. Member banks shall deliver alt gold coin, gold bullion, and gold certificates owned or received by them (other than as exempted under the provisions of Section 2) to the Federal reserve banks of there respective districts and receive credit or payment thereof.

        Section 6. The Secretary of the Treasury, out of the sum made available to the President by Section 501 of the Act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion, and gold certificates delivered to a member bank or Federal reserve bank in accordance with Sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal reserve banks.

        Section 7. In cases where the delivery of gold coin, gold bullion, or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath; addressed to the Secretary of the Treasury and filed with a Federal reserve bank. Each applications must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion, and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty.

        Section 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry the purposes of this order and to issue licenses there under, through such officers or agencies as he may designate, including licenses permitting the Federal reserve banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency or credit, to deliver, earmark or hold in trust gold coin or bullion to or for persons showing the need for same for any of the purposes specified in paragraphs (a), (c), and (d) of Section 2 of these regulations.

        Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.

        This order and these regulations may be modified or revoked at any time.
        Franklin D. Roosevelt
        President of the United States of America
        April 5, 1933

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        • Also notice there is no mention of silver in the actual wording of EO 1602 either. Silver wasn’t confiscated; it was coinage. Dollars, half dollars, quarters and dimes were all 90% silver at that time.

          • Someone edited the Wifi source (my 1st draft of 1602 on this blog). That is not cool. Hell all of this is bad enough without embellishment. I got the second draft below from the source.

            Got to watch Wiki

      20. Actually this is old news and came out back in July. You are going to be limited to 10 ounce purchases of gold buillion but can buy all the coins you like.


          • I think I can hear you but heard it before.

      21. Actually, 15,000 euros worth of pm per person has also been Germany’s, and probably also some other EU members’ limit for sales without recording of id data. Walk from one Austrian bank to another, you won’t have any problem collecting more than a handful of golden philharmonic instruments. That is, unless a busload of Greek financial refugees has just parked in cloxe proximity…

      22. When governments and other corrupt institutions do things like this, its time to make sure the gas tanks are full, the preps are topped off and all the rifles have the clips loaded, snapped in and a round in the chamber.

        Anytime they start restricting the purchase of asset protection it means they’re about to sell your assets up the river. They don’t want you to protect your wealth. If you do, they can’t steal it. The whole reason for any of these restrictions are so you can’t put your value in something enduring. That want you to leave it in fiat so they can devalue (read devalue = acquire) the currency. They do it a little each year over time but now, they are about to open the floodgates. Get all you can. To me, this is an indicator that the price is about to jump.

        • If a directive such as Roosevelt the Second’s come through, it will not be surprising to see the secession movement accelerate.

      23. I’m surprised it hasn’t already been said, so “You can’t EAT gold”!

        I’m smarter than you because I don’t have the means to aquire PMs. Isn’t that how the post usually goes?

        • Didn’t you see the Charlie Sheen show where his only keeper (girl) swallowed the engagement ring and she had to wait it out on the other end with the maids kitchen strainer? She didn’t get to see it until then.

        • yes, but you CAN eat what gold will buy! tard.

      24. No panic..

        you can buy 15 tons of silver or gold bullions/barrels if you want and can pay it in Germany/Austria. Your wallet is the limit.

        And “15.000” Euro is the limit for anonymous(!) cash-purchase.
        Drive to the next bullion-dealer and repeat the game.

        Banks may be paranoid, but normal dealers don’t ask any
        questions until you are not looking like a crackdealer.

        It is not recommended to buy silver-bullions in Austria
        because the tax is higher than in Germany (7 against 20 %)

      25. can you show me where anyone was ever convicted under the gold surrender act of 1933?

        • No one was ever charged. It put a freeze on the open trade market. One man challenged the law and won. Forget the case name.

      26. In France, impossible to buy anonymously more than 3.000 euros of gold.

        Othewise, sellers have to take down name and address of buyers and declare to authorities.

      27. Sorry if this has been mentioned before….
        Why has Apmex ended its affiliate program ?
        Are they trying to slow down orders ?
        I remember that a few months ago, they sent an email where they offered to buyback your PM with some added incentive.
        Do they have a supply problem ?
        Or is this an excessive demand problem ?

      28. most major (not petty) crime is caused by ill-conceived government policies – smuggling, abuses in subsidies (carbon trade next big growth sector), prostitution, drugs etc

      29. For the time being, if you live near the southern border or go to Mexico on vacation, you can walk into ANY bank and buy gold / silver coins. The only limitiation is whether or not they have any on hand. I’ve done this a few times and they don’t blink or even ask a question. They make a really cool gold coin that is about 1.22 or so OZ called the Centenario.

      30. the only problem is envision is going to the supermarket with the gold and expecting change in smaller gold coins…

        • More like going to the front of the line and being allowed to shop because you have the “good stuff”. Let alone getting a cart with all four wheels lined up with no wobble! Or, you could try Dinars… and see how far that gets you.

        • Supermarket?

      31. Why all the excitement? Everyone should have all the gold and silver they desire by now. If they don’t they can still buy all they want in the US. Of course it takes more cash but money is worth less and less every day anyway. An alternative is to buy gold mining stocks.

      32. About 8 years ago my family traveled around Europe. Austria was the most difficult country we found to exchange dollars for Euros. Among other things, they actually photo-copied all American bills, along with your I.D.

      33. More restrictions? More controls? Freedom and liberty are fading fast.
        Now it will be up to the individual states and or blocks of states to correct these injustices. That is the only way that we will see freedom return to this country.

      34. Imaginiation is the next Gold wave…..

      35. An interesting comment directed towards the SHTFPLAN article:

        “I checked with our (ie Perth Mint, for whom I work) Europe representative and there is no restricngtion on gold purchases in Austria as claimed by Mac Slavo. There is only a requirement to get ID for purchases above EUR 15000, which it seems Mr Slavo has misinterpreted as “limiting personal acquisitions of precious metals to 15,000€ (approximately $20,700 USD) at a time”. In addition, there has been no change to these rules for quite a while.”

        • Hi Clark…I have taken flack on this from several different sites, but i maintain that I was physically in two banks in austria at which I am a verified account holder, with passport on file. In both instances I was told the same thing. There is a specific reason I did not mention the banks nor the specific locations I visited — I suppose I should have — however I feel this is a personal opsec security issue for me, as the last thing i need is my account holdings scrutinized. As I mentioned in the article, this has not yet affected all banks, but given what i was told I suspect it will expand across Austria and perhaps the rest of the eu in due time.

      36. Thanks for the reply. … standing by your words is all you can do.

        “…it certainly represents a ratcheting up of government resistance to the rising valuation of gold versus paper money.” – The Daily Bell.

        “When it hits the fan, don’t say we didn’t warn you.” – Mac Slavo.

      37. *** Important – Mr. Slavo’s report is incorrect! ***

        I can now confirm that Mr. Slavo’s report about Austrian banks and gold bullion sale is not correct. As of today, I am able to confirm that it is still possible to order for more than 15000 Euros of gold bullion in an Austrian bank but they need your ID (this is not a new policy, by the way). So Mr. Bron Suchecki was right. Also, we were told that there is currently no problem with deliveries of gold bullion, etc…

        Now, different Austrian banks may have different policies, and Mr. Slavo may have contacted other banks, but I can say that the bank in question is a major Austrian bank that is involved in international banking.

        In any case, the following is clearly wrong and has no basis in reality:
        “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.”

        I now suspect Mr. Slavo of intentionally using an alarmist tone in order to increase his readership (and probably assuming that most of his readers do not deal regularly with Austrian banks… ).

      38. Anonymous @ 11:18 AM wrote, “Now, different Austrian banks may have different policies,”

        And therein lies the rub.

        So I’m not so certain you can say, “In any case, the following is clearly wrong”

        Like much that is going on right now, it’s as clear as mud.

        However; thanks for the input and the effort, Anonymous @ 11:18 AM.

      39. …every earthly means of support is apparently being outlawed or enacted away from the sovereign individual and summarily spirited away by nefarious covert power plays of the elite. Did the sovereign have anything left after the savings and loan debacle theft of daddy bush – little old peoples money? did yea sovereign have anything left after madoff made off with the middle working class savings during george w’s stolen terms? (or whenever whatever that was)… “they” want your pension money, your personal investments and assets; joseph didn’t take anything from the masses they were hungry and sold everything they had for food and then sold themselves to the state of egypt for food ; will the sovereign have anything left after this current blitz of liquidating his/her personal gold jewelry for worthless fiat dollars? Now that a few hard working sovereign individuals invested in the iraqi dinar the elite will either devalue the dollar, to where if the sovereign individual wanted to cash in their dinars the dollar will be worthless(creating marshaled mayhem) ; or you’ll have to take the ‘mark’ to cash in; we now are reminded of the historical restrictions on gold buying and owning as outlawed and tantamount to money laundering – which possessors of illegal commodities are good at getting over and staying ahead of the game….cause they know the elite’s game; fema rules against having more than a few days or weeks supply of provisions for the sovereign family is against their laws – what is a sovereign individual to do? he is admonished to watch and pray – ahh, waiting for the staging of ‘peace and safety’ oh but some may be deceived or poised and holding at revelation chapter 13 – the diverse beast is forming….yea determined to running on to see what the end is going to be – stay frosty vasguez – luv all your comments!!

      40. My bank says I have to call and make a schedule to pick up cash. I think the are using an are ratchet to tighten the screws.

      41. -1′

      42. I know that gold hasn’t been one of the most stable investments lately, but it still has apperciated about 500% since 2001.

      43. I don’t think that with the way the dollar index is fluxuating that it is unreasonable to think that gold will rise to 1,350 an ounce or even 1,400.

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