KW: Europeans and Asians have always allocated a portion of their wealth to gold. But European and Asian governments are rapidly taking steps to limit citizens’ ability to acquire gold anonymously. For example, Germany lowered the limit for anonymous gold purchases from €10,000 to €2000 as of January 1, 2020. In the days before the deadline, Germans lined up in unprecedented numbers to purchase gold before the law kicked in. Supporters of the new law claim the lower limit helps to prevent tax evasion and money laundering. But, German citizens know the real reason is to make it easier for the government to confiscate the gold when the time comes.
Given events like the German reporting requirements, citizens of all countries would be well advised to purchase as much gold bullion as they can before similar laws come to their country.