Buying precious metals anonymously these days is getting harder.

Discussion in 'General Precious Metals Discussion' started by BelfastChild, Feb 18, 2023.

  1. bubblebobble2

    bubblebobble2 Administrator Staff Member Silver Stacker

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    Yes, casinos dedicated lawyers sections…thus, harder for ATO to ‘dip’ their hands to….where small ppl like us, ie. citizens, ATO knows that we don’t have the ‘bandwidth’ to challenge them, thus, most of us will pay it as we dont want the hardship of fighting ‘head-on’ with ATO….we’re the ’easy prey’ category…
     
    Last edited: Feb 20, 2023
    Ag bullet likes this.
  2. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    ^^^^^^^
    Lets ask Peter V'landys of Racing NSW what he has to say on the matter.
    [​IMG]
     
  3. bubblebobble2

    bubblebobble2 Administrator Staff Member Silver Stacker

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    ^^^
    Are those your hands, oddjob!? or ATO?
     
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  4. GoldenEgg

    GoldenEgg Member

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    I stopped using the Perth mint when they stopped accepting cash (maybe 2 years ago?), but to ask this much information for someone who only wants to buy just a one Oz silver kookaburra is embarrassing to be honest.Maybe they don't want the small time civilian buyers anymore.
     
  5. JohnnyBravo300

    JohnnyBravo300 Well-Known Member Silver Stacker

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    There is only one reason the govt would want records kept of customers.
     
  6. bubblebobble2

    bubblebobble2 Administrator Staff Member Silver Stacker

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    haven’t the govt done this thru all iPhones?
     
  7. madaw1

    madaw1 Well-Known Member

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    Full control of everybody....
     
  8. pmbug

    pmbug Active Member

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    No worries folks. The government will stop asking questions after they roll out CBDCs. :eek:
     
  9. pmbug

    pmbug Active Member

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    <that's the joke>
     
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  10. hardyakkagold

    hardyakkagold Well-Known Member Silver Stacker

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    People bitching about how hard it is to buy precious metals anonymously these days, and yet when someone offers the ultimate anonymous way as
    in a face to face cash transactions there are no takers even when the item is under the spot price.

    Oh the irony of it all:rolleyes:
     
  11. precious roar

    precious roar Active Member

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    I'd say the risk of fakes is what deters people from buying off individuals.
     
  12. Golden Stash

    Golden Stash Well-Known Member Silver Stacker

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    Michael from Bullion now said on last Fridays You tube segment that unless it is 10K or ore they do not report buys or sells to AUSTRAC.
     
  13. iceblue

    iceblue Well-Known Member

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    Details are not sent to austrac/gov unless its $10k + then you fill in a report, OR as a dealer you suspect a customer is trying to launder money or avoid KYC protocols in some way, then you fill in a different type of report. When ID is asked for with purchases of $5k or more it is stored, not reported again unless the dealer suspects the customer is up to no good. If you buy online or have any type of online account your details no matter how much you spend can be asked for in an audit from the ato or austrac.
    Once these agencies have your details they can then be cross referenced between government agencies and also other bullion dealers who have had recent audits. So if you have accounts at say 5 different dealers and you think you can get away with buying for example $3k of product from each to skirt the $10k reporting you may get away with it in the short term - but eventually they will catch up with you. Even buying and selling large amounts here on the forum or even facebook, there are ways to find out who you are, dont think for a minute they wont come after you, if they want to they can get to you. The old boating accident wont cut it when they come knocking, that is a failure on your part to not keep records, talk tough behind the keyboard but when people are faced with thousands of $$ in fines people will shit themselves.
     
  14. iceblue

    iceblue Well-Known Member

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    Thats cool, only quoted him as he referenced me but the post is directed at everyone.
    I will also add that with the recent up tick in spot prices, which are quite significant especially with gold, that CGT obligations could be flagged with some sellers.
    Remember always that the ATO had pulled my posts and were quoting me word for word. They watch the forum and other trading platforms.
     
    mmm....shiney! likes this.
  15. pmbug

    pmbug Active Member

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