Banks, Governments Move To Restrict Personal Gold Bullion Purchases
September 9th, 2011
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.