Financial self defense with gold & precious metals

Assets should be transparent in a register © Ula Kuźma / Unsplash

As part of the fight against money laundering, terrorist financing, tax evasion, etc., new restrictions, limitations and regulations come almost every year.

Most recently, the plan to introduce an EU asset register in 2021 made headlines. Such a register would only be the next logical step towards total financial surveillance and the disenfranchisement of citizens. Therefore, use the currently valid exemption limits to maintain a certain financial freedom with precious metals.

EU asset register: the citizen's transparent finances

Already last year, the EU Parliament commissioned a feasibility study for a European asset register. The aim of such a register of assets is to create transparency and thus to have another tool in the fight against money laundering, tax evasion and terrorist financing.

In addition to linking existing national asset registers, it is to be examined whether new databases can be created. The report also lists the assets that should be documented in such a register.

In addition to land register entries, real estate, excerpts from commercial registers and information on foundations, this also explicitly mentions "ownership of other assets such as works of art, cryptocurrencies , real estate and gold".

In the fall, the EU Commission backed down and pointed out that the Commission itself did not consider such a register to be necessary. However, the introduction of an asset register would fit seamlessly into the overall picture of the progressive financial disenfranchisement of citizens.

Progressive financial monitoring

A register of assets in which the financial circumstances of all citizens can be viewed may be seen as the logical next step in the direction of total financial surveillance:

Just a reminder of the restrictions that have been imposed on citizens in recent years under the pretext of combating terrorism and money laundering: Abolition of the 500-euro bill, Central Register of Accounts, lowering of the anonymity limit to 10,000 euros, end of anonymous safe deposit boxes, Central Register of Beneficial Owners, restrictions on cryptocurrencies,...

In addition, there is constant pressure to reduce the use of cash. Many EU countries already have specific cash restrictions: In France, for example, only 1,000 euros, in Spain a maximum of 2,500 euros, and in Belgium a maximum of 3,000 euros may change hands in cash - and thus without identity verification.

And banks and the financial industry are also pushing ever harder for digital, cashless payment, and not just because it's cheaper for them. Things like negative interest rates are also much easier to enforce when there is only more digital money.

All developments that lead to one thing: Knowing, if necessary, who owns what and how much of it, and where. You don't need a fertile imagination to imagine the possibilities this would give the state and banks. Combined with other data, the citizen is increasingly becoming a transparent human being, so transparent that companies and the state know more about us than any of us would like. The ordinary citizen would then hardly have any leverage against the financial arbitrariness of governments and the financial industry.

Asset register in Austria

Fortunately, in Austria, which has traditionally been a cash- and gold-friendly country, there is still a great willingness on the part of official bodies such as the Ministry of Finance and the National Bank to reject overly strict restrictions, for example on the anonymity limit when buying precious metals or on cash limits.

However, it remains to be seen whether little Austria will be able to buck the European trend of cash restrictions and cash controls on its own. For the pressure from the EU is, however, self-evidently great. In view of the many debts that have been incurred, this is hardly surprising.

Still up to 10,000 euros buy gold anonymously

Currently, gold and other precious metals up to a value of €9,999 can still be purchased completely anonymously in Austria within the framework of so-called "Tafelgeschäfte" without providing personal data.

However, if the amount of the transaction exceeds this value, precious metal dealers are required by law to record the data of their customers, to keep it for seven years and to hand it over upon official request.

No one can currently rule out the possibility of a further reduction in the anonymity limit in Austria - in other countries, such as Germany, it is significantly lower. We therefore recommend that anyone who values a certain degree of anonymity when buying gold should also make use of the current exemption limit of 10,000 euros per calendar year.

As a reputable dealer, we show you what options are available and what advantages precious metals offer investors today. Furthermore, we assure you a fair and discreet transaction when buying gold or silver in the form of bars or coins.

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