Hit the link as it would not copy and paste all. http://classic.austlii.edu.au/au/legis/cth/consol_act/ba195972/s42.html BANKING ACT 1959 - SECT 42 Delivery of goldthe Reserve Bank, or as prescribed, within one month after the gold comes into the person's possession or under the person's control or, if the gold is in the person's possession or under the person's control on any date on which this Part comes into operation, within one month after that date. subsection (1); and subsection. Penalty: 50 penalty units. subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above. the Reserve Bank, or as prescribed, within one month after the person has ceased to have that purpose in respect of that gold. subsection (2); and subsection. Penalty: 50 penalty units. subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
This part of the Act was suspended by the Australian Government in early 1976...and I note the word "suspended" not repealed thus still on the books, but not actionable. From memory this was touched on in another thread last year?? To quote sir Humphrey, I think it would be a "courageous" decision to re-instate that part of the ACT, given the size of the Australian gold mining sector and whilst not large compared to other sectors, the vibrant retail market for gold in Australia. Not sure anyone inc the Government could put a number on the value of gold (and silver) owned by private individuals and corporates in Australia. Yes, the Govt / RBA could trawl the bank records for credit card / EFTPOS transactions, but they'll never know how much is bought by cash.
If the government ever did have the gall to do such a thing, I can only imagine the insurance sector would go gangbusters! The amount of “unfortunate fires” and “boating accidents” would go through the roof
The government can do whatever it wants at any time. The only way to resist is with an equivalent standing army. So any time it acts it has to consider if its actions will raise such an army in revolt eg outlaw alcohol sales and they be fckd The question is would people respond to thiis the same way?
I covered Part IV extensively back in 2008 https://goldchat.blogspot.com/2008/11/australian-gold-confiscation.html Also talked about it last week https://www.abcbullion.com.au/investor-centre/pdf/gold-confiscation-feasible-or-fantasy IMO I don't see it happening as since money is no longer being defined as gold, there is no limit on money creation by commercial or central banks.
Agree. Absolutely. But when, will it become relevant? I use too think not in my lifetime, next 30 years +. But even I'm starting to question that. Can we really keep this kicking for another 50+ years?
The uncertainty of a gold confiscation in troubled times is one of the reasons I decided not to stack gold, just silver.
It's not something I worry about. Owning gold is anonymous and theres always a market for it even if its not legal, like anything. Alot of gold changed hands in america when it was outlawed last time and only the naive or uneducated turned theirs in.
As long as our government retains its monopoly on the issue of currency AND retains its power over our society, then yes. Unless for some reason they decide to adopt some form of honest money.
Sometimes i think it's of little need today, but every time i hear Greenspan go on one of his gold talks I'm left thinking otherwise. If the useful/desired productive capacity of a country falls, then government might out of desperation turn to gold once again to support itself. watch from 35:30. Volume is very low.