India Government Stopped Sales of Gold Coins

[JohnQPublic]

India fin min says RBI has advised against selling gold coins (http://www.reuters.com/article/2013/06/06/india-gold-idUSD8N0E900920130606)

"The Reserve Bank of India has advised banks (http://www.reuters.com/sectors/industries/overview?industryCode=128&lc=int_mb_1001) against selling gold coins to retail (http://www.reuters.com/sectors/industries/overview?industryCode=103&lc=int_mb_1001) customers, Finance Minister P. Chidambaram said on Thursday, a day after he raised gold import duty to try to ease pressure on India's bloated current account deficit..."

[mamboni]

What a fraud government is. What it can't compete with it outlaws. Regarding gold, Hindenburg once said "It isn't truth until it's officially denied." I think the corollary to that is "If the government bans an investment, then it is definitely worth holding!"

[Ponce]

Well, it was done and it will be done again in the US, so why not in india?

V

[JohnQPublic]

WilliamBonzai7 adds his comment:

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[JohnQPublic]

France Prohibits Sending Gold and Silver in the Mail

http://www.marketupdate.nl/nieuws/goud-en-zilvermarkt/frankrijk-verbiedt-verzending-van-goud-en-zilver-via-de-post/
(05-06-2013)

Google Translate:

In France, a new law that sending gold, silver and cash prohibits. Companies gold coins on sale and send by post can not exercise this new law work. Sites are also traders who are prevented by the new law. Operates like eBay

In September 2011, the French government took all measures to limit. Anonymous cash purchases of gold and silver Since then, every purchase of bullion with a value of more than € 450 per bank transfer happen. With the new law since June 1 this year in force is also sending by post of banknotes and precious metals restricted.

The new legislation can be found on this website, where under Chapter I, the following Article D1 of the universal postal service and the postal service obligations is:

"L'insertion the billets de banque, the pièces et de metaux precieux est interdite dans les envois postaux, y compris dans les envois à valeur déclarée, lesson envois recommandes et les envois faisant l'objet de leur formalités attestant dépôt et leur distribution. "

Loosely translated the law says that inserting banknotes, coins and precious metals is prohibited in mail. That includes insured and registered mail shipments.

Barrier

For collectors of silver and gold coins the French Government raises a high barrier. If gold or silver to market will have to be resorted to look for another channel, or will be required to drive in order to retrieve it. The metal back and forth To jewelers not too difficult to make, there are exceptions in the law for sending jewelry.

According Express.be the French government seems to have a clear goal: preventing any transaction among individuals that gold and silver is involved. Another explanation is that the French government wants to get the money, more grip for cash and precious metals lend themselves well to.

Contradiction

Yet it is remarkable that this law has entered France. The central banks of the countries that are part of the Eurozone have agreed namely pure investment gold exempt from VAT. By deleting this tax on gold, the threshold to buy physical gold just drastically reduced! Why the French Government has now assumed to hinder trade in physical gold a law is not entirely clear.

Maybe politicians not stomach that savers no confidence in their savings. Often buying physical gold or silver seen as a vote against the money system and the mismanagement of politicians and banks. Gold demand increasing its role as a safe alternative to savings in a bank account. Although the price of gold can fluctuate the precious metal has a permanent character. It does not perish and has had the status of a precious metal. Throughout the human history That is otherwise unrelated to the discussion or gold play in daily payments, a role because that opinions differ greatly.

[palani]

The free market will always set a fair price. The government desire to control markets creates black markets (aka free markets). The official rate is always going to differ from the free market rate.

Case in point is the exchange rate for U.S. dollars in Argentina. The official rate of exchange for U.S. dollars is half that of the black market and neither currency is worth a hoot.

[Ponce]

We all can see what all this is leading to.....world wide.

V

[Twisted Titan]

Its a dam good day to be the owner of Mercury Dimes.

[Large Sarge]

this is a biggie

and france shutting down all sales of gold/silver (through the mail)

cracks in the system

[palani]

france shutting down all sales of gold/silver (through the mail)

DHL is an option. Or FEDEX or UPS? Private courier?

[ximmy]

Meanwhile, The US mint is buying all the metal they can for resale and telling consumers gold and silver is as common as dirt.


http://beforeitsnews.com/gold-and-precious-metals/2013/06/bullion-demand-still-unprecedented-2506164.html

Yes, demand from the U.S. Mint (and every other mint and refiner) was very strong going into April. We all know what happened then and have watched as global demand has soared because the “price was too low.” Of course, if you listen to Bloomberg or CNBC they will tell you that gold has been sold off because it’s “just not safe anymore.” It’s in a bear market, only barbarians would invest in it and the smart money has already panicked out…as should you too.
But here is a quote from acting director of the U.S. Mint, Richard Peterson:
Demand right now is unprecedented. We are buying all the coin (blanks) they can make.
-Reuters.com (http://beforeitsnews.com/r2/?url=http://www.reuters.com/article/2013/06/05/gold-mint-coin-idUSL1N0EH1JR20130605), June 5, 2013
Hold on now…let’s take a look at this quote a little closer. “We are buying all the coin blanks they can make?” Really? So if they are buying every blank that can get their hands on…then why have there been shortages this year? Why has the mint had to suspend sales several times? “Buying every blank that they could get their hands on”…Was apparently not enough?
Actually, a better question would be, “If demand is so great and the U.S. Mint is buying every single blank that they can, then how is it possible that the price went down? Not just down mind you, down as in a ‘panic“down?” I’d like to remind you (and preface what I am about to say) that the “law” here in the U.S. is that the mint MUST buy as much silver and as much gold as necessary to meet demand and this supply must come from U.S. mines. Now, I seem to remember that for the first quarter alone, the mint sold as many (I think actually 1,000 ounces more) Silver Eagles as all tallied silver production that came out of the ground from U.S. mines. So in plain English, the mint sold more Eagles than the mines produced metal in the 1st quarter.
Now, not to disparage Americans but the Chinese and Indian population make us look like absolute “pikers” when it comes to buying gold and silver. In fact, it looks like China and India are so far this year (and we don’t even have numbers yet for April or May when the demand really exploded) likely to consume MORE THAN 80% of the entire world’s production, where is the metal coming from? COMEX? LBMA? Ah yes, GLD! I would say as an off the cuff comment, once the “bleeding” stops and GLD doesn’t report much more in the way of “deliveries” the barrel will be dry. I say this because once the deliveries stop, my guess is that what they have left in “inventory” will be of the “flammable” type. “Gold” as in receipts and paper promises.
As I wrote yesterday, “If you are truly listening” you can hear what they are telling you. Here is the director of the U.S. Mint telling you that they cannot buy enough blanks to keep up with demand. This tells you a couple of things.
1. Supply and demand are out of balance.
2. It also should tell you that IF you can get your hands on what is of short supply…you are getting it at a price that the market deems to be too low.
LISTEN and analyze what is coming out of the “official mouths” all over the world, if you listen carefully, they are telling you the truth to cover their sorry butts when this thing blows up. Like I said yesterday, they will throw their arms up in the air and say, “We tried to tell you.

[Horn]

Hey a new store opened up across from the U.S. Embassy down here in San Jose.

Of course its only purchasing your metals.

Stencil from out front the Embassy sidewalk, Chez-Bama

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