Guardian Vaults No Longer Accept Cash Payments

willrocks

willrocks

Well-Known Member
Silver Stacker
I can only assume that they have been under pressure to remove cash payments. Further forcing people into the banking system.

What next? Being forced to declare contents?

Guardian Vaults & Guardian Gold would like to advise all clients we will be transitioning to a paperless and cashless organisation in April 2020.

What this update means going forward
  • All key communications will be via email
  • Postal communications will be discontinued
  • Accepted payment methods will be Direct Debit, Credit Card and BPAY
  • Cash will no longer be an accepted payment method for any Guardian Vaults or Guardian Gold product or service
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Interesting. When I set up my vault I used cash for all my transactions. Even though my ID was legit, the acquisition of the vault was not through the banking system so virtually paperless.

I wonder when Austrac will demand that all vault holders be registered with them?
 
sammysilver said:
Interesting. When I set up my vault I used cash for all my transactions. Even though my ID was legit, the acquisition of the vault was not through the banking system so virtually paperless.

I wonder when Austrac will demand that all vault holders be registered with them?
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Possibly they already do that.
 
Only when the vendor refuses to accept it to settle an existing debt. e.g. If you get a meal at a restaurant, then go to pay and they say "we don't accept cash". You won't have to pay.

For pre-payments they can refuse to accept cash.
 
That's what I'm going to tell GV when mine is due for renewal. I'll insist they accept cash.
 
I wonder when Austrac will demand that all vault holders be registered with them?
willrocks said:
Possibly they already do that.
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I have asked this specific question and they said they don't tell anyone. However, if they now are only accepting electronic payments, then there's always a paper trail showing you've paid GV for a service, and so those monitoring these transactions will know you have a SDB.

Anyone concerned about this should look for an alternative to GV.
 
GoldenEye said:
I wonder when Austrac will demand that all vault holders be registered with them?

I have asked this specific question and they said they don't tell anyone. However, if they now are only accepting electronic payments, then there's always a paper trail showing you've paid GV for a service, and so those monitoring these transactions will know you have a SDB.

Anyone concerned about this should look for an alternative to GV.
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What alternatives would there be? There aren't that many players in Australia. And what happens when others follow suit because they most likely will?
Now I want to ask how big of a deal it is to leave a paper trail that you use their services?
What would be the problem?
 
fishduck said:
What alternatives would there be? There aren't that many players in Australia. And what happens when others follow suit because they most likely will?
Now I want to ask how big of a deal it is to leave a paper trail that you use their services?
What would be the problem?
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The problem is that the government is becoming more and more pervasive. The next logical step is the government wanting to know the exact contents of all deposit boxes.

It's my personal opinion that (eventually) precious metals will be targeted as the world moves further into negative interest rates. They won't allow anyone to escape their negative interest rate trap. They already have plans to ban and limit cash. Why would the permit precious metals?
 
fishduck said:
What alternatives would there be? There aren't that many players in Australia. And what happens when others follow suit because they most likely will?
Now I want to ask how big of a deal it is to leave a paper trail that you use their services?
What would be the problem?
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Many people are concerned with confiscation down the track, which IMO is such a remote possibility it's not even worth considering.
There is countless money the government can touch first before they have to go hunting down ounces.
And if they did you see it coming a mile away and get your metal out. And then if they still come knocking, "I'm embarrassed to say this officer, but there was this horrible boating accident..."
 
At that point what would be the point of staying or holding your metals in Australia? And if the world will follow suit with this what would a stacker be able to do from that point? The only thing I can think of is burying it but that comes with its own problems.
So I guess the question is, how comfortable are you to do an electronic transfer to pay your storage to Guardian?
 
Does anyone think Guardian would lose some clients and/or potential clients because of this?
 
Well, you can always move your metals out of the country and stay at the same time if privacy is a concern.

So is privacy the only thing people here are concerned about in regards to this? What else would concern you?
 
SilverDJ said:
Because only a tiny insignificant fraction of the population has/uses precious metal.
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That is true right now. But could you say the same a decade into negative interest rates? Especially now holding cash won't be an option.

If PM's are the only asset class exempt from negative rates you can be sure of two things: 1. they will become more popular, and 2. the government will target them.
 
willrocks said:
That is true right now. But could you say the same a decade into negative interest rates? Especially now holding cash won't be an option.
If PM's are the only asset class exempt from negative rates you can be sure of two things: 1. they will become more popular, and 2. the government will target them.
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I think people are more likely to move their money into an overseas bank account, or put more money into potentially appreciating assets or shares, or even GLD, before they buy actual metal.
But most people won't care about negative interest rates, and the rate will be so low that people won't care. It's not going to -10% or something.
The average Australian household only has around $5k in saving per year, hardly anything to worry about.
 
willrocks said:
Then you would be obligated to declare them on your tax return.
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Provided you sell them that is. If you hold them, why would you declare them? I mean, with that logic you would still have to declare them while they're here. Also, if you were to sell them here, you would have to declare them anyway.
So assuming you were going to sell them and you made a capital gain, you would have to declare those to the ATO anyway, which will mean the government will know you have an interest in PMs. So whether the government knows you have PMs by declaring it in your tax return or they know because you made an electronic transfer to Guardian and it left a paper trail, they end up knowing in the end (although it might not be in full picture).
Also, who says that people only store PMs in guardian? they could possibly store stuff that are not PMs (secret documents etc). So if you made an electronic transfer to Guardian and they report it, it just says to them that you have a storage account with Guardian. Having a storage account with Guardian shouldn't mean that you own PMs.
So once again, how big of a problem is this in its current form where changes will be made in April 2020?
 
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