Further to yesterday’s post about the secretive EU ban on gold sales, clearly my local bank here in Southern France doesn’t know its cul from its coude. There are some heavy restrictions on metal sales declared just seven weeks ago which disguise an easy and all-inclusive way to stop retail gold bullion sales by decree:

Article L112-6 of the French legal code – amended by Law n ° 2011-900 of July 29, 2011….art. 51 (V) – states as follows (my emphasis):

‘Toute transaction relative à l’achat au détail de métaux ferreux et non ferreux est effectuée par chèque barré, virement bancaire ou postal ou par carte de paiement , sans que le montant total de cette transaction puisse excéder un plafond fixé par décret. Le non-respect de cette obligation est puni par une contravention de cinquième classe.’

This is a pretty sweeping piece of law, and is effectively a preparation for immediate enactment of a bullion sales ban, should that be required by a sinking EU desperate to stop investors escaping from the ramifications of its madness.

Now we should worry.