Gold attracts many individuals in an uncertain economic context. A MoneyVox reader wonders if a miner can buy a small gold bar. Question from Debi, June 1st
Does a miner have the right to buy gold (small bullion) in his name?
Hello Debi, and thank you for your question. Gold has always been a safe haven and in times of high inflation, like today, more and more individuals are drawn to the precious yellow metal. Even if the interest to buy at a time when the price of gold is high is debated.
Going back to your Debi question, the answer is no. A miner is not allowed to buy gold, even a small bullion. Indeed, in principle, according to article 1146 of the Civil Code, a minor does not have the right to contract. The same applies to adults benefiting from a protective measure as provided for in article 425 of the Civil Code.
Supervised purchases for minors
In practice, case law has relaxed this principle by allowing minors to make purchases alone for everyday life and for small amounts: bus tickets, cinema tickets, etc.
On the other hand, a decision rendered by the 1st civil chamber of the Nancy Court of Appeal on June 4, 2009 considered that the purchase of a moped cannot be considered as an act of everyday life. “Acts of everyday life are not defined by law, which leaves it to the courts to assess on a case-by-case basis the aptitude of the minor with regard to the commitment he has made”, notes UFC-Que Choisir.
Does your (minor) child really have the right to make a purchase on their own?
It is unlikely that the purchase of gold will be considered as an act of everyday life. “A miner does not have the right to buy gold in his name”, confirms Jean-François Faure, president of AuCoffre, an internet platform for buying gold coins
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On the other hand, it is of course possible for a parent to buy gold for his children”. AuCoffre, for example, offers its customers a youth sub-account that allows them to offer gold to their relatives under the age of 18. At his majority, the holder of the sub-account becomes full owner of his coins.
“Small ingots are a double penalty”
But if you want to buy gold, Debi, Jean-François Faure advises against buying ingots or small ingots. “The bullion is expensive: more than 55,000 euros and if you need cash, you can only sell part of it. There are also small ingots, but the lower the quantity, the higher the price per gram. And on resale, it is proportionally the same price as the bullion. Small ingots are a double penalty,” says this specialist. Instead, he recommends betting on coins like the 20 Francs Napoléon.
What is the state gold stock really worth?
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