I'm hoping people are just using cash more so the government doesn't get to track our every move. Whilst we still have notes/coins it's better that people use them as much as possible. The last thing we could ever want is a cashless society where the government knows what we spend our money on all of the time. I make it a point of using cash whenever possible.
I can't find the thread either, but here's a summary from what I remember: - Don't spend $5 notes when you receive them as change. - Clean out you wallet or purse at the end of the day, put $5 notes in a drawer/box/envelope/jar. - Clean out drawer/box/envelope/jar at the end of the month, put $5 notes in savings account/buy metals. - Repeat.[/quote] Fivers??? Hunjies mate, hunjies.
Is it possible that we need more cash because people are using the 'cash out' option for EFTPOS? So they need more cash to stock the till. Or maybe the pensioners are hoarding the notes, because they aren't allowed to have savings in their accounts - as it would be an asset that reduces their pension? (dunno, just a guess).
I can't find the thread either, but here's a summary from what I remember: - Don't spend $5 notes when you receive them as change. - Clean out you wallet or purse at the end of the day, put $5 notes in a drawer/box/envelope/jar. - Clean out drawer/box/envelope/jar at the end of the month, put $5 notes in savings account/buy metals. - Repeat.[/quote] Fivers??? Hunjies mate, hunjies.[/quote] Sounds like you need a chat room for just you, Reno and NR (jokin) I think the idea was to save the 'spare change'. Not sure what hundreds you get as spare change these days. I've noticed that most ATMs will only give 50's, and even the banks tend to give 50's over the counter, but the Casino ATMs happily give 100s.
Pfwoar, i fell off the bandwagon when the wife found my emergency stash. I might have to get back on now after seeing that. If you know that you can't spend $5 notes then you also think about your pending purchase and whether you will get a $5 note as change which will further reduce the money you have available. I have requested my change in coins a couple of times to avoid getting the $5 note :lol:
This is a rough guide what our coins are worth; Treasury has revealed the value of metals in the 50 cent coin, as of mid-November metal prices, was 15.53 cents. The intrinsic value of the five cent piece was 2.83 cents, while the 10 cent piece was worth 5.65 cents. The 20 cent coin had 11.29 cents' worth of metal in it. Oddly, the $2 coin's constituent metals, valued at 4.82 cents, were worth less than that of the $1 coin (6.58 cents). The $1 coin comprises around 92 per cent copper, six per cent aluminium and two per cent nickel and weighs about nine grams. The intrinsic values were revealed in an answer to a question on notice to Liberal MP Paul Fletcher. Mr Fletcher told AAP a coin-collecting constituent had asked him to find out the information. While the Royal Australian Mint had said the information was commercial-in-confidence, Treasury was happy to provide it. Link;http://finance.ninemsn.com.au/newsbusiness/aap/8429882/coins-worth-much-less-than-their-metal
So that fits with what I said: And lol at this: Commercial-in-confidence? For information that can be gained by a basic ability to google commodity prices and find out the metal content of coins?
It's been spoken about on the forum back in March this year, here's the link http://forums.silverstackers.com/topic-23437-the-intrinsic-value-of-australian-decimal-coins.html SS77
Now whats wrong with upping the stakes if you can ? Hunjies ? hunjies ? where ? i need a few more........ @ clawhammer ........Nice work
Thanks for that. I think one common misconception is that stacking 5c pieces is better than stacking 10c pieces, etc. Reality is that 5,10,20 or 50c coins contain the same proportions of metal. So in reality you'd probably be better off stacking 50c pieces if they took up less space. Or maybe if you thought 5c pieces would melt better due to higher surface area (not that i'm advocating that). Or maybe just 5c pieces because you have little use for them and they clog up your wallet. But besides those minor advantages, there is no significant metal advantage, at least as far as I have deduced. On the plus side though, if commodity prices crashed, you'd probably be better off holding the coins rather than a slab of metal. Although pure metal is no doubt worth more than some inconvenient alloy.
If I was ever going to stack 5,10,20 or 50 cent coins, I think I would probably stack the 50c. Purely because I think that would be the last coin out of the 4 that would be taken out of circulation so If you needed to use them they would still be accepted in exchange for bread/milk ect. Like the 1&2c pieces, I think the 5c will be phased out in the not to distant future, they are gone in NZ so it won't be long before it happens here IMO SS77
Thanks for the update rbaggio. It's interesting to note (when you put two and two together) that you can see from 2002 the M3 is hovering between a 350% and 400% increase, yet our cash holdings are up a mere 70% on average since that time. Reading between the lines, you can see just how much extra liquidity through credit/debt is being pumped into the system over just a decade and even then, it's not really doing much for our economy any more with a lot of company forclosures and layoffs especially in the retail and manufacturing sectors in the last 12 months. We actually have a very serious private debt problem in this country from looking at that graph... and absolutely nothing has been done to fix it. If you note that since the flash crash of 2008, we're still very much on the up and up in Australia with the M3 GROWING ANOTHER 400 billion! [youtube]http://www.youtube.com/watch?v=ca6AZVU4lG8[/youtube] Very interesting (or perhaps disturbing) viewing this snapshot of the Australian economy... that household debt figure alone should frighten the crap out of anyone who's half awake. Source : http://www.australiandebtclock.com.au/
The epidemic of $50 notes is easy to explain... I work a organic vegetable stand for a friend... 9 out of 10 customers will hand me a $50 note to pay for their produce because... $50 will actually buy them a decent amount of veggies for the week with change for a coffee and croissant... and the ATM only spits out $50 notes if you are withdrawing any substantial amount of money. Ten years ago the $20 note was the ATM note of choice even if you withdrew $100, you would get 5 x $20 notes... now you withdraw a $100, you get 2 X $50 notes. The abundance of $50 notes is simply a matter of economics.
I reckon kids these days are getting stronger. My five year old is capable of carrying $20 worth of goods from the shop but i know that i wasn't able to carry $20 worth of goods when i was her age.
Mate has a $100K fiat stashed under his bed, I asked him "why not convert to Gold or Silver coins?" "Nah" he says "In this World Cash is King!"
"Federal police have charged two Reserve Bank of Australia currency firms, Securency and Note Printing Australia, along with several of the company's former senior managers with paying massive bribes to foreign officials in order to win banknote supply contracts." Read more: http://www.theage.com.au/business/former-securency-bosses-arrested-20110701-1gtr8.html#ixzz27WIGS2Yz I don't think pensioners are the problem .....
