Kitco Charged With Massive Tax Fraud Scheme, Business Viability In Question
By Tyler Durden
"Claiming widespread tax fraud in the gold refining and trading sector, Revenue Quebec ... targeted ...Montreal location of Kitco, a major buyer and seller of gold ... Revenue Quebec said that by converting pure gold into a gold object and then refining it back into a pure state ... used “artificial transactions” to obtain refunds of taxes that were never actually paid."
Kitco is dead.
It may still show a few vital signs, but it won't survive that government attack.
Kitco provided gold and silver -- alternatives to government fiat paper currencies.
Bitcoin also provides an alternative to government paper money.
And there is similar risk for very Bitcoin point of concentration: exchangers and market-place web sites.
What can they do to protect themselves, and to protect the spreading Bitcoin meme?
Without exchangers and market-place web sites, Bitcoin dies.
And if Bitcoin goes, so goes a big chance, maybe the last chance in this generation, for finding a path to personal liberty.
The raid on Kitco is ominous news.
I hope Bitcoin exchangers and market-place web sites take it as motivation to prepare.
Links to sources:http://www.zerohedge.com/print/404121http://business.financialpost.com/2011/06/10/revenue-quebec-investigates-massive-gold-fraud/