10k cash transaction ban

Discussion in 'General Precious Metals Discussion' started by Silverbullet82, Mar 1, 2020.

  1. Silverbullet82

    Silverbullet82 Member

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    The news seems to think we will soon have a ban on 10k+ cash transactions. Is this going to affect us buying and selling here? If inflation and gold exploded in the future i could see a 2oz gold coin topping 10k. How will this affect us?
     
  2. Jason1

    Jason1 Well-Known Member

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    if you use the search feature, you will find a few threads that have discussed this well in depth in the last year or so
     
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  3. minimilled

    minimilled Active Member

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    The ban is for businesses I think, not private transactions. However within the legislation is provisions for reducing the 10k to much much lower levels without debate. So you should see the 10k as a Trojan horse to get this through.

    Both the 2 main puppet parties took a bipartisan agreement on this. I haven’t followed it for a day or two, but I read the Greens and PHON were going to oppose in the senate. I’d like to see what the rest of the so-called indies will do. It’s probably going to be ratified.
     
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  4. Silverbullet82

    Silverbullet82 Member

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    I have tried looking back quite a bit. I see people talk about germany and their 2k ban. I see ppl talk about the motivations of the gov.

    Whay i can't find is anyone talking about how it affects us? Just yesterday someone posted a monster box of silver pandas for sale. Well over 10k obviously as are other monster boxes. If you are looking to possibly hold.for the very long term would some of us need to steer away from large bars of gold also? Even 2oz gold or maybe 1oz for future?

    Personally i like a f2f transaction with no gov or anyone having record that i own it.

    Also many of us also buy from businesses/bullion dealers
     
    Last edited: Mar 1, 2020
  5. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I believe these new regs will only affect businesses, and not when there's only 2 people involved, so most people on this site will still be able to do f2f trades over $10k.
     
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  6. silverhair

    silverhair Active Member

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    This will never get passed as law, how are they going to take large bribes if not in not in cash?

    sorry i mean "donations"
     
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  7. Number 47

    Number 47 Well-Known Member

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    I know how they'll get those large cash donations...
    Magic images (30).jpeg
     
  8. silverster

    silverster New Member

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    It looks like the bill will go through...

    John Adams and Martin North from today:

     
  9. JulieW

    JulieW Well-Known Member Silver Stacker

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    They're a bit late. My reckoning was freedom finally keeled over in 1975.
     
  10. heartastack

    heartastack Active Member Silver Stacker

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    When has this ever worked to stop crime anyway. It will just create new and complicated tethers from the black market to legitimate business. Narcos in mexico are experts at this
     
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  11. yuripuka

    yuripuka Well-Known Member Silver Stacker

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  12. minimilled

    minimilled Active Member

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    Nice1 yuripuka
    Something mmm...shiny should view!

    Just thinking about this, it is good prepping practice to have a stack of cash on hand anyway, at least 10k imo (or whatever you can safely manage), probably better in lower denomination notes - 5’s 10s and 20s.

    It is even better to have this now, because your cash is most likely uncontaminated with coronavirus.

    This will change in the event of widespread disease. The change you receive may be contaminated.

    While in Asia, use of hand sanitiser after handling paper money is an ingrained practice for a very long time, this will be a new thing for Australia.

    You can mitigate that to an extent by having a good supply of low denomination notes.

    This also means you avoid the herd panic withdrawal, which in the stacking community has been noted in several countries in crisis.

    Who really wants to be in that situation? It is more fundamental than toilet paper.
     
  13. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    It’s Bob. I don’t do Bob.
     
  14. minimilled

    minimilled Active Member

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    He talked about the gutting of manufacturing in Australia. Might be a side effect of hardnosed capitalism?
     
  15. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Bob is not very bright. He’s one of them. A national-soc... I’m not going to say it. :p

    If you want to know why manufacturing has shifted offshore read Adam Smith’s “Wealth of nations”.
     
  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    And he’s from Qld. Qlders talk shit.
     
  17. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Oh the irony...........
     
  18. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Is it irony? Or is it paradox?
     
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  19. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Fair point made by the QLD'er.
     
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  20. JulieW

    JulieW Well-Known Member Silver Stacker

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    But you're missing out on so much Shiney. His logical leaps are extraordinary.
     
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