In case you missed this morning's update Japan is implementing new laws in which bullion dealers are obliged to report all physical transactions above ¥2 million ($25,600) to the tax authorities starting New Year's Day. Additionally, Italy bond auctions are surging back above 7%.
This left SD reader AGXIIK on a rant, and rightfully so...
This is all bad news.
I thought Italy would benefit from the Fed bailouts. Italy has $2.7 trillion in debt, 5% of which is due for roll over within a couple of months. 7% rate is completely unsustainable
But here is the really bad news
Japan now requires gold dealers to report sales of over $25,000 TO the tax authorities. The crap is hitting the fan there. Thats only about 15 ounces of gold
According to a SD post, Europe will require a 19% VAT on even the smallest of PM sales. That creates a paper trail from seller to buyer and back
China forced the shut down of private exchanges so as to make gold transactions govern-mentally controlled
This dot connection tells me all countries see gold as a threat to be taxed and controlled.
Did I miss anything here?
The center is not holding.
I think that within 3-6 months we will see strict reporting and controls of US phyzz buyers and sellers at all exchanges, vaults, coin dealers and pawn shops specializing in PMs
Social security numbers, drivers licenses, thumbprints etc will be forced Identification.
Black markets will immediately spring up
And important FYI
I just watched a story about a man who advertised his X Box on Craig's list. The 3 crooks found a well armed seller who blew their shit away. 2 perps in the hospital. One on the loose. Please be careful of Craig's list if you show up with money to buy phyzz.
