Quote:...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. Youâ€™d simply call the bank about 24 â€“ 48 hours in advance, let them know youâ€™re coming and how much you needed, and youâ€™d personally pick up your order within a couple days.
A new trend in Austrian (and perhaps the rest of Europeâ€™s) banking policies suggests that certain interested parties are attempting to control the sale and personal acquisition of gold/silver as safe haven assets. What we experienced first hand should be a wake up call for not just Europeans, but Americans as well.
The policy change was quiet, has not been reported by any media outlets that weâ€™re aware of, and no mention of the new policies is made on the web sites of Austriaâ€™s largest banking institutions (though it is clear they vehemently comply with U.S. anti-money laundering measures and the Patriot Act)
According to the bank representatives and manager we spoke with, Austrian banks have now been ordered to restrict the sale of gold and silver bullion purchases and are limiting personal acquisitions of precious metals to 15,000â‚¬ (approximately $20,700 USD) at a time, or 11 ounces of gold at todayâ€™s prices.
Upon further discussion we learned that these policies were implemented over the course of the last 30 days, and they are now standard operating procedure. The reason given was the banks had come under pressure from EU, Austrian and U.S. officials, with this particular manager specifically citing U.S. money laundering initiatives and the EUâ€™s Third EU Money Laundering Directive which was implemented across the zone in December of 2007.
The idea that these restrictions have been put in place as anti-money laundering measures is laughable. As we all know, if a drug cartel or other criminal organization wanted to launder money, they wouldnâ€™t do it in person purchasing bullion coins at a local banking branch. Theyâ€™d simply pick up the phone and contact a too-big-too-fail bank (video), as weâ€™ve seen with the billions of dollars recently laundered through U.S. banks. You may remember there was very little reporting on this issue from mainstream media and it has been ignored by U.S. prosecutors.
As Austria is one of the more developed nations in the Euro Zone, there is a strong likelihood that they are not the sole country implementing these new policies â€“ and that this has been, or soon will be, implemented across the entirety of EU nations....