France to Ban Cash Purchase of Gold and Silver?

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Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
France to Ban Cash Purchase of Gold and Silver?

http://translate.google.nl/translate?sl=auto&tl=en&js=n&prev=_t&hl=nl&ie...

Has any one else heard of this? I heard it on itulip but that is it. Are they saying that starting September 1st you can no longer purchase gold and silver in cash? Am I reading this right?

 

Buying gold and silver in liquid ban in France on 1 September 2011

From 1 September 2011, all purchases of metals will no longer be made ​​in cash.

Designed to fight against trafficking of metal ...''''and scheduled for June 2012, its implementation was rushed.

Initially there was talk of applying a law against trafficking of metal (rail railway, power cable etc ...).

Here, the text published in Official Gazette:

Article L112-6

Amended by Law No. 2011-900 of July 29, 2011 - art. 51 (V)

I. Can be made in cash payment of a debt greater than an amount fixed by decree, taking into account the place of tax residence of the debtor and the professional purpose of the operation or not.

In addition a monthly fixed by decree, the payment of salaries and wages is subject to the prohibition contained in the preceding paragraph and shall be made by check or by transfer to a bank or postal account or account held by a payment institution.

Any transaction on the retail purchase of ferrous and non ferrous is made ​​by crossed check, bank or postal transfer or by credit card, not the total amount of the transaction may not exceed a ceiling set by decree. Failure to comply with this requirement is punishable by a ticket for the fifth class.

II.-I Notwithstanding, the costs of the department conceded that exceed the sum of 450 euros must be paid by bank transfer.

III.-The preceding provisions shall not apply:

a) For payments made by persons who are incapable of binding themselves by a check or other payment, as well as those who have no deposit account;

b) For payments made between individuals not acting for business purposes;

c) paying the expenses of the state and other public figures.

mobius's picture
mobius
Status: Silver Member (Offline)
Joined: May 18 2009
Posts: 160
Good find JO!

I'm trying to find the original French text....but this is an interesting site.

ta ta, Jo

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: Good find JO!

I'm wondering if this says something about the Euro and/or the IMF?

mobius's picture
mobius
Status: Silver Member (Offline)
Joined: May 18 2009
Posts: 160
Here in Holland ownership of

Here in Holland ownership of gold is highly discouraged, perhaps illegal.  (note: I've read that somewhere, like on a forum board- but I have not verified it yet).

But I didn't expect that to come from France....more like Germany where the holding of gold is still alive in the oral traditional.  Hmmm, gonna check this out.

SailAway's picture
SailAway
Status: Gold Member (Offline)
Joined: Aug 11 2010
Posts: 404
Re: France to Ban Cash Purchase of Gold and Silver?

Here is the french version:

http://www.egaliteetreconciliation.fr/Achat-d-or-et-d-argent-en-liquide-interdits-en-France-au-1er-septembre-2011-7960.html

 Your understanding is correct Johnny. Unless the sell is between private parties (non commercial) you'll have to pay by check or credit card (or wire). It's another way for the government to keep track of who holds PM. It's not really a problem unless you want to hide it in which case french can always buy in cash on the other side of the border.

 

 

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