Dammit! I just received a message from Goldmoney.com that they have to cancel ALL DUTCH ACCOUNTS due to the fact that the Dutch authorities have put some legal bullshit on them. Goldmoney.com was contacted on 27th of january on this.
And NOW Goldmoney.com has decided to break the news and force Dutch customers to close their accounts before the end of October. After a f-ing price drop of 30% in silver and 15% in gold. The timing seems shady to me to say the least.
Had 30% profits on my "Physical" account till last week (I started the beginning of january), so I'm pretty pissed off.
Could this be a precursor to other countries attacking the ownership of "physical"?
Dear Valued Customer,
It is with tremendous regret that I am writing to inform you
of our recent decision to discontinue offering our services
to all customers resident in the Netherlands. Please note,
we at GoldMoney have explored all possible options to
prevent this outcome, and this is not a decision we have
taken lightly. This position is unique to the Netherlands,
and unfortunately because you are resident in the
Netherlands, you are one of those affected, which we very
much regret. Kindly allow me to explain our position:
On 27 January 2011, we were contacted by the Autoriteit
Financiële Markten (AFM), the Netherlands financial
regulator, which indicated that, in its view, GoldMoney was
"offering investment objects in the Netherlands without a
licence" in breach of Section 2:55 of the Netherlands
Financial Supervision Act (Wet op het financieel toezicht,
Wft). At the end of 2010, the AFM first announced publicly
its policy viewpoint that investments in precious metals
could - under certain circumstances - be characterised as
offering of investment objects. The AFM demanded that we
cease to do so until we agreed to subject our business to
their regulation by applying for a licence as an offeror of
investment objects within the meaning of Section 2:55 Wft.
Although we disagreed with the AFM's assessment, we
voluntarily offered to stop accepting new
Netherlands-resident customers as of 1 February 2011 until
we could resolve this matter with the AFM.
We have dedicated the last few months to working with our
Netherlands lawyers to present our case to the AFM, namely
that precious metals are not included within the concept of
"investment objects" regulated by the AFM, and that, in any
case, Netherlands regulation is not applicable to GoldMoney
because we do business in Jersey, rather than within the
Netherlands. Unfortunately, we have been unsuccessful in
changing the AFM's view on this matter. As we do not want to
subject ourselves, and by extension our customers, to
unnecessary and unpredictable regulatory requirements, we
have reached the difficult conclusion that the only way to
resolve this situation is to cease all business with
We intend to resolve this issue and return to doing business
with residents in the Netherlands in the future. Should this
be the case we will make an announcement. But in the
meantime, unfortunately, I am very sorry to inform you that
we are unable to offer you our services any longer. Subject
to article 10-A of our Customer Agreement, we will require
you to close your GoldMoney Holding. This is to occur no
later than the close of business on Monday 31 October 2011.
We have outlined below a number of possible options for how
you may liquidate your current position, including the
physical delivery of small gold bars to your home address or
a sale to cash with a free transfer of the proceeds to your
By offering you the option to take physical delivery of your
gold, we hope to fulfil your expectations with regards to
the physical ownership of your metals. We thank you for your
business and the trust you have placed in us.
CEO - GoldMoney