Wile I am from USA I realize the world does not revolve around only our laws . But what I was told today scares me . The silver store said an attempt is ongoing to cause a 10 day wait on the reselling of coins & bullion from citizens (like me) So say I have 10 coins to sell the buyer can't pay a $1 under if he has to wait 10 days to resell . Dealers count on selling as fast as they receive for our benefit actually. The situation looms as follows I develop a nice stack , finally I want to sell and buyers now have a 10 day wait and further more my name and SS# go to the local state police . No No No this is big brother trying to take hold of an uprising of people who want to convert there Fiat into what was once paid decades ago . We have a new currency (kinda) or a form of wealth they dislike and they want control. We must not loose our freedom to buy and sell silver at will.
It sounds like the law is to give police time to let LCS know when theft has occurred and to be on the look out. This shouldn't bother a good coin shop to buy fairly....sounds like your guy got burned on buying fenced goods.
Been happening here for over 25 years Anything a pawnbroker buys has to be kept for 7 days before being sold And has to remain on the premises over the time
Pawn shops Yes have to Obey from 10 to 30 days depending on items and that sounds sensible . But for gold silver only coin shops If the law pass ( and has not yet ) it would change the scope of how this business works . Preventing theft maybe so . Purchasing silver and gold in-line with spot. Selling would be to risky for dealers . Pawn shops thats not my concern after all they are a different type of business , A coin shop of gold and silver (included) thats a fast paced buy and sell at - Spot - under spot and Mill prices . So often I'll give a call and ask " got any silver " and I'm told just came in this morning I'll hold for you - so whats the future he sits on silver for 10 days price could go down or up . We the sellers are the ones who will not be able to sell at close to under spot cause our buyers wont chance it. He already told me if the law was passed he'd have to pay way less to coverer the volatile market . particular to gold that a $50 under spot purchase can't be held for 10 days wile he hopes for the best . I once had a theft and it was my lack of care , so it was kinda my fault . Knowing I can sell silver any time at a set price I see on the market is one thing thats attractive to me , If one day buyers will only pay $5 under then that would change silvers appeal
This just means you have 10 days supply on hand at any given time. Over time the price will go up and down, if a dealer is trying to buy low and sell high they are playing the market. Does seem silly though, if someone brings in a few ASE'S your not likely to be able to link that to a specific theft.
Put yourself into the mindset of the government. Think how it plays out: a) A law is introduced requiring a holding period on bullion buybacks, advertised extensively as a way to "protect citizens against criminal activity and terrorist financing". b) Scare stories in the media and maybe even a manufactured event will ensure gold and silver are now associated with criminal activity and terrorism in the public eye. c) As a consequence, on the pretext of protecting against issues during the holding period, all citizens who wish to buy or sell silver and gold through a bullion dealer must provide identification and maybe even register with a central government body. d) The government now has full transparency on all official bullion transactions. e) Bullion dealers now have more paperwork for each sale or have to pay for access to a government registration and tracing system built at extensive cost to taxpayers by an outside IT consulting company. f) Bullion sales increasing go dark, so then the government outlaws off the book gold and silver transactions. Stackers and others are demonized to ensure general public support. g) Personal use of gold and silver by the general public as an alternative currency and as a store of value gradually disappears.
As spanner said, this is the current law in many states of Australia and has been for a long time. The law applies to anyone that buys 2nd hand stuff from the public - not just pawn brokers but coin shops as well. They have to record ID of the seller, keep it for 1 week before selling and have to show their records if police ask.
Lite has been shed . Some dealers as of now know there overall daily sales to weekly sales so for them initially it would be an investment of stock ( bullion ) a wealthy company will deal with it. A company that is on the edge of profits and just cause a store looks all nice and clean does not mean all is well . That business might be struggling and buying $500 to $5000 gold per day - as the store sign says (we buy gold and silver) might not be possible for that store . Is that fare to put some one out of business particular when it was a nice neighborhood store not harming anyone . And darn - my SS # in the hands of my states police and sheriffs cause I just sold 6 ASE'S . This is a reality check theoretically our Bullion selling or us buying even privately is illegal . Also we wonder about economic collapse our faith in Fiat .So in the unlikely event of SHTF and marshal law So what now can we sell our silver or does the government with it's non ending power put in to effect " due to civil unrest and theft business not able to verify PM's rightful owners will be shut down " I am not an alarmist but this is our freedom were talking about. Not to mention here I am stacking hoping for the best & even a little controversial with the family and could have egg on my face 10 years from now due to unforeseen laws making the resale of silver bullion lower from government inclusion . Do you really want a record some place that you sold silver & might have more . Who will have access to those records if the SHTF You best have a record of gun owner ship also that might make some one think twice .
Everyone sure is getting concerned about a potential local law that would only have effect in its area.
Since pawn shops buy most any thing & I have seen the types that sell to them . Look many need drug money at least by me . I have to assume Australia has same . BUT and a big BUT I realize there are high class Pawn shops but by me it's like I said . So lets get to the silver coin bullion . Purchasing I feel will not change $2 above Selling at this time $1 below is the general going rate . SO What are your walk in selling rates at your shops ?
Obviously this would mess with the dealer's cash flow, but wouldn't it just mean they'd have to increase their inventory from 0 days worth to 10 days worth? How is this different to requiring banks to hold more capital?
Yes - But there are some buyers that wont be able to compete - like i said 10 days worth of gold could be a heck of an investment along with Silver my favorite shop definitely has fast turn over , they need that fast cash flow. sure if you have the money to hang on for ten days it would balance out. still why do I need be known to have silver ? ( if and when the law passes ) ---------- It's Bull as so much injustice occurs and the law turns the cheek but this is some thing different The very reason we stack is the reason this law is being considered , Well the Aussies seem not to mind so I hope I am worrying for no reason .
Is your new local law only about gold and silver, or is it related to "items of value, including..." and someone has just found gold and silver on the list and publicized that and not mentioned the BluRay players and iPads?
