BANKING ACT 1959 - SECT 42 ..What are your thoughts in these troubling times?????

Discussion in 'Gold' started by Bigfella, May 27, 2020.

  1. Bigfella

    Bigfella Well-Known Member Silver Stacker

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    Hit the link as it would not copy and paste all.

    http://classic.austlii.edu.au/au/legis/cth/consol_act/ba195972/s42.html

    BANKING ACT 1959 - SECT 42
    Delivery of goldthe Reserve Bank, or as prescribed, within one month after the gold comes into the person's possession or under the person's control or, if the gold is in the person's possession or under the person's control on any date on which this Part comes into operation, within one month after that date.

    subsection (1); and

    subsection.

    Penalty: 50 penalty units.

    subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

    the Reserve Bank, or as prescribed, within one month after the person has ceased to have that purpose in respect of that gold.

    subsection (2); and

    subsection.

    Penalty: 50 penalty units.

    subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
     
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  2. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    This part of the Act was suspended by the Australian Government in early 1976...and I note the word "suspended" not repealed thus still on the books, but not actionable. From memory this was touched on in another thread last year??

    To quote sir Humphrey, I think it would be a "courageous" decision to re-instate that part of the ACT, given the size of the Australian gold mining sector and whilst not large compared to other sectors, the vibrant retail market for gold in Australia. Not sure anyone inc the Government could put a number on the value of gold (and silver) owned by private individuals and corporates in Australia. Yes, the Govt / RBA could trawl the bank records for credit card / EFTPOS transactions, but they'll never know how much is bought by cash.
     
  3. Ag bullet

    Ag bullet Well-Known Member

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    or what was sold for cash.

    i may or may not have gold, depends on the situation.;)
     
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  4. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    If the government ever did have the gall to do such a thing, I can only imagine the insurance sector would go gangbusters! The amount of “unfortunate fires” and “boating accidents” would go through the roof :rolleyes:
     
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  5. mmm....shiney!

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

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    It’s irrelevant now
     
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  6. serial

    serial Well-Known Member Silver Stacker

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    The government can do whatever it wants at any time. The only way to resist is with an equivalent standing army.
    So any time it acts it has to consider if its actions will raise such an army in revolt eg outlaw alcohol sales and they be fckd
    The question is would people respond to thiis the same way?
     
  7. bron.suchecki

    bron.suchecki Well-Known Member

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  8. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Agree. Absolutely.

    But when, will it become relevant?

    I use too think not in my lifetime, next 30 years +. But even I'm starting to question that.

    Can we really keep this kicking for another 50+ years?
     
  9. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    The uncertainty of a gold confiscation in troubled times is one of the reasons I decided not to stack gold, just silver.
     
  10. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    It's not something I worry about. Owning gold is anonymous and theres always a market for it even if its not legal, like anything.
    Alot of gold changed hands in america when it was outlawed last time and only the naive or uneducated turned theirs in.
     
  11. mmm....shiney!

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

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    As long as our government retains its monopoly on the issue of currency AND retains its power over our society, then yes.

    Unless for some reason they decide to adopt some form of honest money.
     
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  12. leo25

    leo25 Well-Known Member Silver Stacker

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    Sometimes i think it's of little need today, but every time i hear Greenspan go on one of his gold talks I'm left thinking otherwise. If the useful/desired productive capacity of a country falls, then government might out of desperation turn to gold once again to support itself.

    watch from 35:30. Volume is very low.
     
    Last edited: May 29, 2020

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