France outlawed in May 23rd sending precious metals, coins and currency by mail. The legalization wasn’t covered by the media and with no explanation announced.
The French government published on Legifrance, the French official entity for publishing legal texts online, a new legalization dates in May 23rd prohibits sending all forms of currency and all forms of precious metal. This includes gold coins, gold jewelry and gold bars and ingots. The publication doesn’t specify if other independent companies could send gold by mail or not.
This new legalization wasn’t announced by the government except in the Legifrance publication, according to MarketOracle. There was no justification or explanation why this law was enacted now.
It might be an attempt to restrict the online private market, of trading gold online through internet sites such as eBay. This theory starts to make sense especially after the fame of French gold recycling companies flourishing in Europe and overseas. Another online market restriction act was done earlier last month by the US shutting down Liberty Reserve, an alternative online payment network.
After September 2011, French citizens were prohibited to sell gold coins and gold bullions with cash in person. They are obliged to buy using trade mail, crossed checks and wire transfers. Otherwise, a fine around $1,950 per ounce must be paid.