Austria restricts gold purchase by individuals

A newly enacted gold policy in Austria is restricting the free purchasing of gold by individuals. Many fear that this is the beginning of a policy shift in Europe that will take away individual financial freedom of the citizens.

14 September 2011 at 14:05 IST
Commodity Online

VIENNA (Commodity Online): A newly enacted Gold policy in Austria that restricts the free purchase of gold by individuals may just be the start of a European policy shift that might border on infringing an individual’s financial freedom.

-As per the new Austrian policies, individuals who wish to purchase gold will be restricted to purchase only 15000 Euros worth of gold at a time making gold an officially “restricted” commodity.

Earlier, one had to just call the local Austrian bank about 2-4 days in advance and state the amount of Gold one wishes to purchase. But that has now been scrapped.

Although, the officials quote money laundering as the reason for the new polices, one but wonders if there isn’t more to it.

-Meanwhile, in Italy, top industrials and professionals have sent a letter to the government and parliament to ban all cash transactions above 300 Euros, and only permit electronic transfers!

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