Two years ago people in Germany could anonymously purchase EUR 15,000 of gold, then the limit dropped to EUR 10,000, and now the limit will drop to only EUR 2,000 as of January 10. Anyone who purchases more than the EUR 2,000 limit will have to go through an intensive know your customer (KYC) process and a criminal background check.
Germany, which is the most powerful member of the European Union, is claiming that they are limiting anonymous gold purchases in order to prevent money laundering. However, the drastic reduction of anonymous gold purchase limits coincides with increasingly negative interest rates in the European Union.
Essentially, people who save money in banks are charged to hold their money, which is basically the opposite of savings. In order to avoid this people can buy gold, but now the European Union is clamping down on gold in order to force people to keep their money invested in Euros.
Theoretically, the fact that gold’s capability to be a safe haven is being limited by regulations should increase the use of cryptocurrency as a safe haven. That being said, cryptocurrency is strictly regulated in the European Union as well, and it is illegal to buy cryptocurrency anonymously.
Basically, the European Union is taking away the freedom to divert money into safe haven assets, and increasingly forcing people to hold the Euro against their will. This may be an omen of what is to come as fiat currencies continue to lose value worldwide due to crashing Central Bank interest rates and mass money printing.