A Year Early or a Day Late…(Read!)
BY SIMON HEAPES
FinancialSense.com
06/22/2012
First thing yesterday morning our office received a call from England inquiring about purchasing 1600 ounces of gold per week (approximately US$2.5M) for a client of theirs in Italy. For AFE this is not a problem; however, as the call progressed, our representative soon discovered that their client wanted to make the purchases with cash and not send a bankwire transfer! These types of transactions have a substantial risk of money laundering; therefore, our representative was immediately cautious, politely declined and hung up the phone.
With the ongoing crisis in Europe involving Greece at the forefront of today’s media, we are already hearing over the last few months various reports regarding Spain, Ireland, and Italy. Capital-type controls are being put in place either by banks or governments when it comes to their own citizens’ wealth and money.
Man with €2m of gold crossing border has his gold confiscated: Confiscated Gold
This is not unusual if one simply has a scope on history and then reflects them onto current global and geopolitical events as a repetitive cycle. Human beings as a group always responds to certain situations the same way, so the probability of the same things happening repeat over and over again.
Such capital controls are found throughout history. We see it in recent history, for example, with countries such as Germany, USA, Australia, Argentina, Kosovo, Serbia, Croatia, Portugal, South Africa, Greece, Spain, Italy, UK, Iran, Vietnam, and Korea just to name some off the top of my head.
The smart money people never leave their financial affairs until it’s too late! They stay in front of corporate, institutional, and capital controlling entities. International diversification here is key to their personal affairs.
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