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0 sats \ 2 replies \ @Solomonsatoshi 9h \ parent \ on: Vietnamese buyers queue for hours amid gold rush - VnExpress International econ
Yes it may just be here in New Zealand where its really hard and expensive to buy physical gold because there's only a few markets and you pay like 4% margin both ways resulting in very few people even buying or selling gold.
Still Order 6102 was pretty blatant shut down of peoples freedom of choice and was maintained for a long time.
Yes plenty of BTC ATM in US and Australia although not sure what margins they charge and apparently being clamped down on in Australia now under pretext of AML. Theres some here in NZ too but very high margins and they all appear to have KYC.
I still suspect that in Asia there is more of a tradition of people holding gold rather than money in the bank giving them some insulation from government debasement of the currency but you are right the banks in Thailand and Vietnam are seeming to be trying to limit peoples exodus from fiat to gold at the moment- it will just make the people want to buy gold (or bitcoin) more!
Order 6102 took gold from the banks, not from peoples' home.
In Asia, the tradition is there to some extent, yes, but the market liquidity is not necessarily better than the US. Americans are catching up to gold as well, and one of the biggest market of Swiss refineries. Their eagle coin is a recognised all across the world as one of the most liquid forms of gold. States like Florida and Utah are recognising gold as a legal tender.
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I thought Order 6102 banned all private custody of gold (except personal jewelry) and yes a lot was seized easily because the banks already custodied a lot of peoples gold and so handed it over to the government while if you had gold bars under the floor boards the government still demanded you hand them in or else you were breaking the law to hold gold...ie private custody sale and purchase of gold (as a SoV investment) was banned until 1971?
Yes seems like US nowadays has fairly good gold markets (what is the buy sell margin? ) compared to here in New Zealand. Not sure about Europe maybe they are more like NZ and its highly taxed/'discouraged'?
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