In the coming year you have to leave your personal data in Germany when buying gold, silver and other precious metals in cash from an amount of 2,000 euros. Specialist dealer Kettner Edelmetalle explains what this means in practice for investors and traders.
Buy gold anonymously
From January 1, 2020, precious metal purchases in cash (the so-called table business) in Germany will only be possible up to an amount of EUR 1,999.99 without providing personal data. However, there is still uncertainty among investors as well as precious metal traders about the future processes and regulations.
The customer questionnaire
Dominik Kettner from Kettner Edelmetalle shares his findings in a 20-minute podcast. Among other things, he presents the questionnaire that precious metal dealers will have to fill out together with the customer for cash purchases from an invoice amount of EUR 2,000. He explains that, according to his knowledge, there should be a year between two legally compliant, registration-free purchases of precious metals (each up to the 2,000 euro limit). However, the legislature has not clearly regulated this.
The future of precious metal trading
He also comments on the possible future of German precious metals trading. In addition to the shift of business to online retail, he expects cash transactions to become more expensive and also business tasks in brick-and-mortar retail. You can watch the Kettner podcast via the video embedded below.
A note from gold reporters: So far, it is assumed that the new law will take effect immediately at the turn of the year. In the final legislative decision of the Federal Council on November 29, 2019, it says literally: “The law will be forwarded to the Federal President for signature by the Federal Government. It should mainly come into force on January 1, 2020. ”[Bold from us]. With the publication of the law in the Federal Law Gazette, information about the date of entry into force is usually given. This termination can also be set separately for individual articles of the law. According to EU requirements, Germany must implement the law by January 10, 2020 at the latest.