Gold and Silver now restricted commodities in Europe
Sep 28, 2011
It appears that Europe has declared war on gold in an effort to make their paper currencies look better. The freedom to purchase gold can easily lead to a currency crisis of credibility. Austria has begun restricting individuals from purchasing more than 15,000 euros worth of physical gold at a time (i.e., about 11 oz. of gold), officially making it a "restricted commodity."
Now France has started restricting all personal sales of both gold and silver to just 600 euros at a time.
There's nothing like a good restriction to increase demand. Right now the prices are still dropping as the big banks force the price down by their practice of selling paper gold and silver (as if they owned it). It looks like this is the big Grand Slam that I have long thought would occur just before the prices shot to the moon.
I do not know how low the price will go, but when it reverses, it could easily double in price from its low. Consider the fact that the other day silver dropped down to $26/oz and then shot up to $34 in 24 hours. That is a 35% change in just one day! That was before the regulators increased margin requirements.
Normally, they would increase margin requirements when the price got too high. This time, they imposed it after slamming the prices down in order to try to deliver a one-two punch and a death blow to both gold and silver.
However, because this only causes people to buy these at bargain prices, such slams only serve to increase the demand and hurt the paper currencies in the long run. It appears that they understand this problem, and so they are "fixing" the problem by restricting purchases. This falls just short of an outright ban on purchases, followed perhaps by a ban on ownership, like what happened under President Roosevelt.
Whatever the case, these are desperate attempts to save the Babylonian system of economics from collapse. To save the system requires more and more control, more dictatorship, less financial freedom. Ironically, they will claim that we need such a dictatorship to preserve democracy!
Sounds like the old Soviet Union logic.