Russia sets fixed gold price as it restarts official bullion purchases

submitted by Drewski from kitco.com

sorted by:
top
newinsightfulfun
you are viewing a single comment's thread.

view the rest of the comments →

[–]HiddenFox 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (5 children)

"U.S. persons are prohibited from engaging in any transaction -- including gold-related transactions -- involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation or the Ministry of Finance of the Russian Federation," the Treasury said on its website.

How long before we start hearing stories about rich folks and companies skirting this?

[–]jamesK_3rd 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (4 children)

This may be because the US govt largely restricts private ownership of folks and silver bullion. In fact, I believe it was just a month or two ago there was a large bust and confiscation of someone who had a fairly sizeable amount of gold.

[–][deleted] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Europe with their VAT tax on bullion (suspended on gold for UK at least) makes the US a lot more attractive to buy imo. The premiums rn are insane, but I don't think that's the government doing that.

[–]Canbot 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (2 children)

What law prohibits private ownership of gold? Do you have any info on any gold confiscation?

[–]Tiwaking 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Canbot 1 insightful - 0 fun - 3 hours ago What law prohibits private ownership of gold?

Executive Order 6102 and the Gold Reserve Act I believe. It doesnt prohibit the private ownership of gold though.

[–]Canbot 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

The limitation on gold ownership in the United States was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified in Pub.L. 93–373,[1] which went into effect December 31, 1974.