Australia : Gold confiscation laws (but NOT silver)

4 posts / 0 new
Last post
#1 Sat, Oct 29, 2011 - 7:06pm
asymptote
Offline
-
Australia
Joined: Jun 16, 2011
48
395

Australia : Gold confiscation laws (but NOT silver)

Just something to consider in your plans. 

https://goldchat.blogspot.com/2008/11/australian-gold-confiscation.html

"It is worth noting that the Act only refers to gold, not silver. I guess this is because gold is more compact, in value per weight/volume terms, and thus is easier to transport between countries in settlement of transactions. For example, one tonne of gold is equivalent to 75 tonnes of silver (at least at today’s prices). This is positive for silver, and one can imagine that in a gold confiscation scenario that people will flock to silver for wealth/inflation protection if they cannot achieve it with gold. It is therefore likely that the silver price will move rapidly upward relative to gold."

This is not a metals discussion, rather a legality issue. Keeping what is yours. Clearly, silver holders in Australia have better odds than gold holders of keeping it. I've known this for some time, but though it worthy to point out. If you are an Australian, hold you gold oversea's, silver locally. 

Edited by: asymptote on Nov 8, 2014 - 5:06am
Thu, Dec 29, 2011 - 9:53am
enusuancy
Offline
-
Estepona
Joined: Oct 29, 2011
8
7

thank you

Wonderful Thank you...

Fri, Dec 30, 2011 - 11:19pm
Jasper Puddlemaker
Offline
-
OR
Joined: Jun 14, 2011
222
1879

I think the same goes for

I think the same goes for platinum and palladium too; they would likely increase significantly along with silver if gold ownership was outlawed. One of the things I will be watching closely for as the months/years go by is a sudden and significant percentage increase in all three metals in relation to gold. Silver outpacing gold would be nothing new, but the other two joining silver could be significant. That would be a tip-off to me that something undesirable is brewing with gold.

Tue, May 22, 2012 - 6:59am (Reply to #3)
asymptote
Offline
-
Australia
Joined: Jun 16, 2011
48
395

Correct Platinum and

Correct Platinum and Palladium are safe. However, Palladium, under GST law is not a precious metal, so a 10% GST is charged. A few months back I advised a friend outside Australia to leave is Gold outside the country unless he can get it here without having to provide 'notification' of it's existence. 

For me, it just means that the Gold is the FIRST thing to get sold if any great crash affected Australia (on land of course). 

randomness