Italians selling their gold...

[DoChenRollingBearing]

We have been here in Italy for 4 days now, and I can confirm the month-or-so ago Zero Hedge story on them selling their gold. It is true! I found three companies advertising heavily for buying GOLD. I saw at least 15 signs from ONE company here in Rome alone. I put up a couple of remarks at my blog on this.

But, my photos and "random-act-of-journalism" will have to wait until we are back in America! I interviewed a clerk at the BIGGEST buyer in Rome, and the photos I took are really something... I WILL put up the one with the armored car taking delivery..., LOL!

It's an interesting tale (but sad in some ways, heirloom pieces being sold...), and I will will be checking some provincial cities soon.

CIAO, mi amici! Viva Italia, and getting FAT (attn; ancona & DCFusor) on good food, LOL!!!

 

[DoChenRollingBearing]

In Caserta (near Naples), I took more pictures and talked with our extroverted tour guide. VERY BAD here.

Families are selling heirloom pieces just to pay the bills...

 

[ADK]

Thanks for the update... interesting stuff.

Enjoy the rest of the trip!

ADK

 

[benjamen]

DoChen, have you heard anything in Italy about the following news story?
http://www.silverdoctors.com/italy-to-ban-cash-transactions-over-e50-in-2013/

"From 2013, citizens may pay amounts in excess of 50 euros only by credit or debit card. That the Council of Ministers decided today."

 

[ancona]

DoChen,
Are you anywhere near Fincantiari? I spent about six months working out of a ship yard there way back in the day.

 

[DCFusor]

That WAS of course, one of the better given reasons for stacking - to get through the tough times. Sadly, when it gets to the heirlooms...and the big reset hasn't even happened yet, it ain't good and it isn't going to be enough most likely.

 

[DoChenRollingBearing]

Benjamen, HEILIGE SCHEISSE! How can you get anything done in Italy if you have to pay ONLY by computer here?!?! Do not doubt your comment a minute though, LOTS (more than USA) of stupidities here... The Bearing LOVES cash... (Gold more, don't get me wrong)

ancona, dov'e Fincantiari? I doubt that we are close... Next stop is Bari and the rest of Apulia (the "heel), closest to Albania and their mafias... LOL!

 

[bushi]

DoChen, have you heard anything in Italy about the following news story?
http://www.silverdoctors.com/italy-to-ban-cash-transactions-over-e50-in-2013/

"From 2013, citizens may pay amounts in excess of 50 euros only by credit or debit card. That the Council of Ministers decided today."

yeah, well, from my visit there, I understand, that it is different culture in play here - always stifled by govt power & corruption from top to bottom, in Italy, there was always tradition of a huge gray/black market (to avoid taxation).

For one example, as tourists, we were warned to ALWAYS collect our shop receipt and have it together with our shoppings (especially food) - because one can be stopped by Carabinieri (police), have his shopping inspected, and be accused for conducting black market operations, if you do not produce receipt for the goods in your posession. To a point, that you will get a receipt, if you were to use a public toiled and pay the attendant there - they had these accredited fiscal ticket machines for fecking toilet attendants!

So I think it is more of that, to control the cashflow and tighten on people who try to makea living, around the stifling system.

of course, none of such annoyances for Berlusconis and such

 

[ancona]

A fifty euro limit on cash??? What the fuck is that supposed to do?!?!

This will only serve to force even more business underground. The problem with massive government and "social justice" is its cost. When you tax people that heavily, they will do everything and anything to keep the efforts of their work. Look at England for an example. They tax fuel so heavily that it costs three times what we pay. Then, add 18 or 20% VAT and you see that a man making 50K a year only really gets to keep around thirty to thirty five percent of his pay. Where is the incentive to work? England has a HUGE number of people on the "dole". They can collect some serious cash, get free housing and all sorts of subsidies if they are long term unemployed there, and it is all paid for through incredibly high taxation.

 

[DoChenRollingBearing]

Bari, Italy (SE Italy)

More pictures will come from city No. 3. Yeah, I know there are pawnshops and mall kiosks (etc.) buying US gold, but not like here...

Carabinieri chasing down spenders of over 50 euros cash? THAT must be the joke of the day, please remind me to tell my story of how quickly it took the carabinieri to ride to the rescue of the guy assaulting a bus driver and ticket inspector (both) a few years ago. Zzzzz while we waited in the heat...