Austria Not Restricting Gold Purchases?

There’s been quite a bit of chatter the past couple of days about a claim made on the Indian commodities portal CommodityOnline that Austria was imposing restrictions on gold purchases. An article appeared on the website back on September 14 that contained the following:

A newly enacted Gold policy in Austria that restricts the free purchase of gold by individuals may just be the start of a European policy shift that might border on infringing an individual’s financial freedom.

-As per the new Austrian policies, individuals who wish to purchase gold will be restricted to purchase only 15000 Euros worth of gold at a time making gold an officially “restricted” commodity.

(Editor’s note: Italics added for emphasis)

Previously, residents and non-residents alike could buy and sell gold in Austria without restriction. The announcement of this new policy is generating concerns that European governments may be embarking on a program to bolster the Euro through restricting acquisitions of precious metals.

The thing is, this “newly enacted Gold policy” may not be policy at all.

Enter Mark Nestmann of The Nestmann Group, Ltd., an international wealth preservation consultancy. Mr. Nestmann also serves as the Tax and Asset Protection editor for The Sovereign Society. He wrote in his blog Mark Nestmann’s Preserving Your Privacy & Wealth today:

An article posted a few days ago on made a startling claim: the Austrian government had imposed restrictions on gold purchases.

Fortunately, the story is NOT true. I contacted several banks in Austria to find out if they knew anything about the supposedly new policy. They didn’t. As one banker remarked to me:

“Totally erroneous…you can buy as much gold as you want and gain delivery within one working day. There is no distinction made between residents and non-residents.”

In lieu of an Austrian government/banking official coming out and issuing a statement, I find no reason to doubt Nestmann’s findings. This guy knows Austria. Besides being awarded a “Master of Law” (LL.M.) degree in international tax law at the Vienna University School of Economics and Business Administration, he’s the author of a book entitled Austrian Money Secrets and also has an office in Vienna.

By the way, did I mention he’s also a former investigative journalist?

Guess it would seem only natural to someone with his background to verify the claim by contacting several Austrian financial institutions before accepting it as fact.

A good lesson for us all.


“Austria restricts gold purchase by individuals.” CommodityOnline. 14 Sep. 2011. ( 29 Sep. 2011.

Nestmann, Mark. “Austria Restricts Gold Purchases…NOT.” Mark Nestmann’s Preserving Your Privacy & Wealth. 29 Sep. 2011. ( 29 Sep. 2011.

Tags: , , , , ,

Thursday, September 29th, 2011 Banking, Commodities, Currencies, Europe, Government, Precious Metals

1 Comment to Austria Not Restricting Gold Purchases?

  1. […] UPDATE (30 Sep 2011):  Austria Not Restricting Gold Purchases? […]

  2. Austria restricts gold purchase by individuals | Set You Free News on September 30th, 2011

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations

Please Rate this Blog HERE


Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 7/20/16.
Blade HQ Knives New! Blade HQ Reviewed HERE.
Buy Gold And Silver Coins Silver Rounds 69¢ Over Spot Any Quantity; Secondary Market 100 Oz. Silver Bars 39¢ Over Spot Per Troy Oz., Any Quantity, Free Shipping. BGASC Reviewed HERE.
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. Reviewed HERE.
Free 4-Week Emergency Food Kit w/ 3-Month Emergency Food Supply; Big Savings On "Deal Of The Day" Page. Reviewed HERE.
Survival Titles Save 20% Bladed Weapons, Combat, Firearms, Martial Arts, Military, Police, Preparedness, Self-Defense, Shooting, Survival Titles. Paladin Press Reviewed HERE.
World's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.



Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Strong Demand In Germany For Safe Deposit Boxes
    Back in March and May of this year I blogged about Germans looking to safe deposit boxes to preserve their wealth in a negative interest rate environment. Tuesday night I came across a related article by The Sovereign Society’s editorial director JL Yastine on the Sovereign Investor Daily website. Discussing the subject of negative rates, […]
  • Related Reading: Gold Popular With British Post Brexit
    Earlier today I came across an interesting article on about the popularity of physical gold with British citizens in the wake of the historic “Brexit” vote. Clara Denina reported this morning: Dealers are seeing an unprecedented amount of interest in gold, much of it from first-time buyers, to take advantage of its role as […]
  • Related Reading: Japanese Gold Owners Look To Switzerland For Storage, Protection
    Switzerland still has significant appeal for Asians who own gold. Masumi Suga and Ichiro Suzuki reported on the Bloomberg website July 7: Japanese investors are buying gold to store in Switzerland because of negative interest rates and fears the yen will depreciate as the government grapples with the heaviest public debt burden in the developed […]
  • Related Reading: A Visit To Baoku Treasury, The World’s Largest Private, Non-Bank Safe Deposit Box Facility
    Back on May 18, I blogged about the recent opening of Baoku Treasury, the world’s largest private, non-bank safe deposit box facility. I haven’t come across that much material about the Shanghai, China, private vault in my research, so it was with great pleasure that I spotted an article about Baoku on the Sixth Tone […]
  • Related Reading: Robert W. Wood’s ‘Reporting Cash, Gold And Safety Deposit Boxes On FBARs?’
    Tonight I happened to read an article published on the Forbes website last Thursday entitled “Reporting Cash, Gold And Safety Deposit Boxes On FBARs?” The contributing author was Robert W. Wood, a San Francisco, California-based tax lawyer. It’s an insightful read on a complicated subject, where even Wood noted: Filing without thinking carefully about such […]