Oh, well a friend forwarded an article about the gold ban in Austria and that banks restrict purchases of precious metals above 15,000 EUR. This article was provided by www.wealthwire.com .
As it turned out this was false information as people in the internet discussed on how to buy gold anonymous. In addition if you buy in Austria you don’t have to show an ID for purchases up to 15,000 EUR. The Gold Ban issue is off the table – thank goodness.
BUT… it is to be expected at some point that governments will become more restrictive and therefore will ban gold and restrict the possession of the shiny metal. Let’s have a quick look at what happened 1933 in the USA:
March 06th 1933, Roosevelt closes all banks and prohibits them from paying gold for Dollars. Continued on March 10th Gold exports are only possible with a national licence (Gold drained off in big amounts after the separation of the gold standard of Great Britain on 21/9/1931 and just a bit of gold returned later).
On April 10th Roosevelt nationalises all of the citizen’s gold, which they had to deliver to the official parity of $20.67 ounce (under penalty of law). April 19th Free Trade of gold if national or international is forbidden. This was the idea of the well known Prof. Warren, Cornell University, so in case of a reflation of money gold wouldn’t drain of again.
On June 05th the Congress prohibits all gold clauses in contracts. The story goes on October 25th: The new founded RFC (Reconstruction Finance Corp.) should buy gold to a price fixed by Treasurer Morgenthau. The procedure started with 31.4 USD/ounce, which was the actual world market price. Then a gradual ascent to 35 USD/ounce followed.
1934 on January 30th the Gold Reserve Act was passed. One day after the gold price was fixed at 35 USD/ounce. Because no domestic trade was possible anymore the US finally left the gold standard. After this the authorities could finish what was assigned on 27/2/1932 in the Glass-Steagal Act:
"Government securities are eligible papers to back Federal Reserve notes".
This is how it was done in the USA. Summarized: The Fed needed gold as they printed too much money. They manipulated the gold price down to 20.67 USD/oz and later gold went up to 35 USD/oz, meaning people lost 59% of their wealth in becoming less paper dollars than the market price of gold was. Gold holdings outside of the USA have been legal at all times.
Martin Siegel, a well respected trader, fund manager and analyst said in the year 2003 it’s likely that we will see a gold ban in the future. When ‘the future’ is, no one knows but having said in the introduction last week a gold bank usually indicates the end of a paper money era, we need to have a watchful eye on these things and be prepared as since 2008 we are in the beginning of the end of the era of paper money.
Here are our safety measures in the likely case of a gold ban:
The Do’s:
- Store some of your gold in a different country
- Store some of your gold with a small private vault company
- Store some of your gold in different places, please read also the article on how to store gold in the newsletter from 6th August 2011
- Buy with private bullion dealers, best offshore
- Be prepared for government questioning when they knock on your door. * pls read below in the article how to do that
- Buy small denomination gold and silver coins that are easy to barter, so you don’t have to buy groceries with an 1oz gold coin and therefore attract a lot of attention
The Don’ts:
- Don’t buy through banks as they are part of the government control system
- Don’t store with international vault’s like ViaMat, as the US government has the ‘key’ to the door
- Don’t tell anyone how much you have
- Don’t tell everyone where you stored your gold
- Don’t tell your tax advisor unless you have to
- Don’t show your wealth by purchasing too much goods in those
periods, keep a low profile
A friend of mine explained to me how to break the controlling interrogation tactics: First you have to know that you haven’t done anything wrong. Meaning be absolutely calm, have no fear. Control is all show, they can only pretend to be powerful but actually they aren’t.
in this state of calm, your voice must be clear and very low in volume, not too low, but the questioner must carefully listen to what you say. That brings them to concentrate on you rather then on their goal.
If they ask you to speak up a bit say you feel you’re getting the flu and therefore can’t speak louder. One of the interrogation tactics is that they will come back and ask you the same question over and over again.
Meaning you repeat your answer over and over in the same calm and clear voice.
Now that sounds a bit off, but it is true, we have to love the bastards, meaning show them loving kindness. Invite them in for a cup of tea or coffee and ask them how much they like their job, etc.
Have a story prepared. You don’t have to tell lies but you don’t have to tell them every detail about your financial decisions either. You are not a bad person doing what you feel is best with your money. No one should ever be allowed to step over this line of your personal freedom. But of course, governments do this all of the time.
Why will governments become interested in gold?
Hyperinflation kicks off by the time governments start to print money to pay off their foreign debt. Once this point is reached people naturally go back to something that has intrinsic value. (Please read more about the nature of money in the gold book) And this ‘something’ was always gold as history has shown nothing else ever worked. Note at this point precious metals shoot through the roof in their value. And governments like to control everything.
Gold and silver IS money and therefore will be the barter medium of choice for the people. There are two different scenarios in discussion that lead towards a possible gold ban:
1. A worldwide gold backed currency – Well, historically gold has always been a worldwide standard. There were different pricings in gold, meaning a red wine was cheaper in Asia than in Europe, but that is
always the case. So there is no need for a new standard. If we just return to gold.
2. Gold will become the only currency in which other states accept as legal tender. This means a gold ban for the private person and corporations is likely. But remember you don’t have to tell anyone and there are not many people out there that know the history of money and gold.
In order to stay safe you may want to have a core position in physical gold and silver, stored in different places and countries. Be informed about historical facts and be prepared for the next step governments take. And don’t let the bastards take you down. Upwards and onwards…