Thursday, September 8, 2011

France ends cash payments for Gold and Silver

Note this applies to French bullion dealers only.

I just found out that from 1 September it has become illegal for French bullion dealers to accept cash for precious metals purchases. All transactions must go through the banking system via cheque, direct deposit or EFT.

Charles De Gaulle must be ashamed of his country, not only can you no longer redeem fiat cash for a fixed amount of gold or silver but from 1 September 2011 you can no longer exchange fiat cash for Gold or Silver without it first being blessed by a bank - is this the precious metals version of selling indulgences? If so where is today's Martin Luther to set things right?

From the precious metals dealer Joubert:

By Joubert Saturday, August 27, 2011

It's the end of the threshold of € 3000 on precious metals (and all ferrous and nonferrous). The decree of July 29 amends Article L112-6 of the CMF (Monetary and Financial Code).

Any purchase and any sale of physical gold or silver should be paid by check or bank transfer, the first piece, from 1 euro!

We will implement this new rule as of 1 September 2011

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