Currently, it is possible to buy gold and other precious metals in Austria and Germany up to the equivalent of 10,000 euros completely anonymously. This is an option that customers who want to secure their assets with gold and silver without being under the supervision of the state are happy to take advantage of.
If the amount of the transaction of a "table transaction" (once or in several tranches) exceeds the value of € 9,999, precious metal dealers such as Gold & Co are obliged to record the data of their customers, to keep them for seven years and to hand them over on official request.
The threshold of 10,000 euros came into effect in Austria in the course of the implementation of the 4th EU Money Laundering Directive in 2015. Until then, the threshold had been 15,000 euros. By 2020, member states must now incorporate the requirements of the next, fifth EU directive on money laundering and terrorist financing into national legislation, which targets digital cryptocurrencies and e-money products, among other things.
Now a draft law of the German Ministry of Finance causes excitement in the gold industry(report on Gold.de), which proposes to lower the amount threshold for precious metal trading from 10,000 euros to only 2,000 euros, which is also valid in Germany.
The tightening of these regulations is intended to make money laundering and terrorist financing via the precious metal detour even more difficult, as many transactions currently take place just below the 10,000 euro limit.
A reduction of the anonymity limit to 2,000 euros would quickly affect almost all gold transactions with regard to the prices of investment gold. Because if one takes for example the value of a golden Vienna Philharmonic with 1 ounce, then this costs currently at the beginning of July 2019 about 1,250 euros. Already with the purchase of two Philharmonic 1oz gold coins, the limit of 2,000 euros would be significantly exceeded.
Anonymity limit also in danger in Austria?
Will the anonymity limit for gold purchases also be lowered to a significantly lower level in Austria?
First of all, the lowering of the anonymity limit in Germany is still only a draft law that has yet to pass the Bundestag. However, this would correspond - at least as far as trading in precious metals is concerned - to the general cash limit that some German politicians have recently repeatedly called for.
The limit of only 2,000 euros would be in line with the European trend, as other European countries already have a general (!) cash limit. In France, only 1,000 euros, in Spain a maximum of 2,500 euros, and in Italy a maximum of 3,000 euros may change hands in cash and thus without identity checks.
The Austrian draft law on the implementation of the EU Money Laundering Directive does not yet mention a reduction of the amount threshold. However, in the past, Austria has often been an eager model student when it comes to implementing EU directives and has even overfulfilled the rules required by Brussels (this is called "gold plating"). Another warning signal is that Austria has often followed the example of its "big brother" Germany when it comes to implementing EU directives.
Therefore, we cannot exclude the possibility of a further reduction of the anonymity limit in Austria. As there are currently no indications of this and the Austrian draft laws on the Money Laundering Directive available to date do not mention any tightening of the limits for precious metals trading, we currently assume that a corresponding regulation will at least not be introduced as early as 2020. However, it remains at least questionable whether Austria, which has traditionally been cash- and gold-friendly, will then be able to stand alone against the European trend towards cash limits and cash controls and thus towards consumer-friendly precious metals trading.
Buying gold is and remains a solid hedge against the storms in the economy and security crises.
Buy or sell gold discreetly & anonymously at Gold&Co.
Whether gold bars, silver coins or other precious metals - with our many years of experience, we support our customers in Vienna and throughout Austria. Before visiting one of our Branch branches, you are welcome to contact us anonymously and obtain further information about buying or selling gold by e-mail or telephone. Of course, you can also visit one of our branches directly at any time without an appointment.
As a reputable dealer, we show you what options are available and what advantages precious metals offer investors today. In addition, we guarantee you a fair and discreet transaction when buying gold or silver. Up to the currently legally prescribed limit of 10,000 euros, we are happy to do so anonymously.
Benefit not only from friendly and customer-oriented advice, but also from attractive conditions so that you can profit from the currently valid gold price.
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