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Saturday, June 5, 2010

Gold ATM

I noticed a lot of people writing about the "Gold ATM". I'm not really interested, because the "Gold ATM" is illegal in the USA. When it comes to gold and silver ownership, people in the USA have very little economic freedom.

It isn't technically hard to build a vending machine that sells gold. The only tricky part is automatically updating the price when the spot metal price changes. There's also the security of making sure nobody robs the Gold ATM, but it was placed in an expensive hotel.

In order to be a proper ATM, both buying and selling should be supported. Allowing sales is technically harder. In most countries, most gold sales must be reported to the State and taxed.

The Gold ATM has a higher transaction cost than other dealers. You'd be better off buying from APMEX or Kitco, than buying from the Gold ATM. However, it would be nice to conveniently and anonymously purchase gold.

The Gold ATM isn't coming to the USA anytime soon. If you buy gold from a US State-licensed dealer, the dealer is required to report the sale to the IRS and FBI. There's a presumption that only criminals would be interested in buying gold. Presumably, the State tracks physical gold owners in case another gold confiscation order is necessary. Also, there's a presumption that anyone who buys physical gold is dangerous and subversive.

State parasites don't want it to be convenient and easy to buy gold. For this reason, the Gold ATM won't be allowed in the USA. By making it hard to invest in gold, the slaves are forced into State paper investments. This facilitates theft via inflation.

"Start a gold/silver/FRN barter network" is one of my favorite agorist business ideas. It is risky. I might find myself the victim of State violence if I'm successful. State terrorists might confiscate my gold and silver. I'm planning to start practical agorism eventually.

For now, I'm focusing more on raising awareness. It is tricky. My #1 short-term goal is "Don't get involuntarily hospitalized again."


gold bullion said...

So true, I agree with you to the statement you stated about the status of gold business here in the USA

Anonymous said...

Practical agorism starts with monetary freedom: Bitcoin

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