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Kitco Charged With Massive Tax Fraud Scheme, Business Viability In Question
By Tyler Durden
06/10/2011
"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/.
