Not sure if this is in search ? ......Looking to purchase some silver / gold ....not for investment but SHTF fiat currency collapse....who in Australia sells certified silver/gold for cash without all the effing govt BS....want my purchases to remain private, or will I need to buy privately and risk being ripped off ? Cheers Tardus vetus inflatio
Hello & Welcome valde sententia! I got a good chuckle after I translated. I remembered reading that ABC had a $5000 threshold for purchases before ID was required. http://support.abcbullion.com.au/su...ny-forms-of-identification-to-make-a-purchase-
As long as you are below the $5k threshold, most walk-in bullion stores will accommodate you. There is at least one or two in most capital cities.
Welcome. I think you would be pretty safe buying from a member here who has been on the forum for a while with a good trading history. My opinion of course.
Rural NSW......closest city Canberra or Sydney ........under 5K per transaction is ok.....bit like slowly removing cash via an ATM lol. query how many under 5K transactions per day could one do ? Thanks for your kind replies
Unless you specifically wanted to buy gold bars greater than 100 grams (just over 5k at the moment) why not dollar cost average it for awhile over a few purchases spread out over a couple of months? even postage at $25 a pop from an online dealer wont be eating into your investment at amounts just under 5k. You will also get to learn what you really like to own and the expected cost/returns. I guess most people on here would agree your tastes will change quickly. Most non stackers figure big chunky bars is where the investment strategy should begin, but if you start then you may get into the pleasure of minted coins and bar sizes that fit your own niche style and collection. Unlike a lot of stackers you probably are in the position of being able to dive straight into the big bars if you want to shoot straight over 5k. However..Consider how you would offload your PM in the future if you needed to, for instance a 10oz gold bar is going to limit you to dealers and a select few stackers/investors whereas you could sell 10 x 1oz gold coins or bars in much quicker and easier fashion privately and without having to fill out AUSTRAC big brother forms.
Unlimited under $5K transactions per day per person. Walk in tell them what you want tell them to keep each invoice less than $5K and you are all good. BTW I highly recommend to spend your hard earned cash here instead of buying from a dealer. I have purchased a lot within a month from dealers in Sydney, after realising I could be buying here on silverstackers for much cheaper I regret acting so quick and paying extra for same silver bars. For example I ve got 5 1kgOPM silver bars for $700 each where it was for about $750 each, making me instant saving of $250 gross profit as I buy. All the best with your investing and welcome to SS forum!
This is not a good suggestion. All cash transaction reporters are required by law to submit details of ALL suspicious activity regardless of amount. It is against the law to structure transactions to avoid reporting, like multiple purchases under $5000, whether on the same day or not. Any purchasing patterns that might indicate this is happening, BING, reported. Even if you decide not to transact and you turn around and walk out I am sure they still have to report you. They may or may not know your name but they can still report what they know, which might be a lot more than you think. The definition of suspicious includes many things, but even questions or comments regarding the reporting requirements is obviously a suggestion that the intent is to avoid reporting, BING, reported. I am pretty sure least one of the well known dealers in Australia actually says on their website that they will report you if you ask, so dont ask. The other thing to think about is it is obviously our intention to buy items for profit later. Its going to be hard to stay under the radar if when you sell a single item it is more than $5000 So its not really the buying you need to be worried about, its the selling, because thats when the tax man wants to get his peice of your profit. I dont think any of the Bullion dealers would go out of their way to report someone, it kinda is a bit damaging to their business, but if they dont they are breaking the law. Its a fine line, and it would be better not to put them in that position.
Not sure how many first time customers walk into a bullion store, with probably little knowledge and buys almost $5000 straight up. maybe it happens everyday but maybe it's too obvious, but maybe they don't care if it's under. Whatever you do, make sure when walking in town your covered up, sunnies, a hat, maybe a fake mo' camera's everywhere, maybe the gov' are already staking out the bullion stores and doing facial recognition stuff. be careful, make sure no one follows you back, strap your bullion in hard and move like the wind.
I have made a purchase of 10K in one day and it was my 1st day of buying silver this year couple of months ago. Well my intention is to keep it and sell it later if I need to. I havent given my name nor they asked but reporting doesnt bother me as Im working full time and pay my tax in full. Suspicious activity ... Well show me an activity that isnt suspicious. Law is simple and also at the same time very complicated. I was becoming a bit paranoid keeping it all at home till last month I took all to the vault and now they can "take care" of it. I hope I have unlimited cash to make unlimited under $5k purchases. If you have nothing to hide there is nothing for anyone to find... God Bless
Any bullion dealer providing this "service" is setting themselves up for some serious hurt. AUSTRAC send out regular newsletters to registered dealers, the fines they hand out for non-compliance are gut-churning. Seems like every month they put a money remittance/forex company out of business with a horrendous fine.
Yes, all above is my understanding as well. Bullion dealers are required (by AUSTRAC) to request identification from customers for all purchases totalling AUD$5000 or over in one day. In this case they require, at minimum to site original, or certified copies of both Primary and Secondary identity documents, as per AUSTRAC definition.
Just buy privately with another person. I also would use another email than use use the msg through this site after initial contact. No I.d required no reporting.
