Was wondering about this. Is there some loophole in the law that states that because its legal tender it is technically the governments property? I certainly hope not...
This has been discussed previously, and essentially because they have guns, they can do anything. However, under the law they can't, ref Imperial Acts Application Act 1980 VIC sec 8 and also the Australian Constitution is a very good read which would give you an insight of how it essentially can override most current laws.
Before you head to Bunnings read this: http://www.austlii.edu.au/au/legis/cth/consol_act/ba195972/s42.html and this post discusses confiscation generally: http://forums.silverstackers.com/topic-8481-confiscation-a-real-threat-in-the-future.html
Defacing legal tender?! Better do it quick, not the sort of thing you would want to be halfway through when they come for it!
"Theres many a slip between a Cup and a Lip" Circumvention is an art and our prospecting mates are way ahead of us fellas. Step 1-Blow torch Step 2-Meat grinder Step 3-Sow the seeds of labour into the ground Step 4-Prospectors claim Step 5-Legal right to mine your own claim and recover PM outside of any govt confiscation Step 6-See step 5 because the big boys have spent millions ensuring step 5 will remain legal REDBACK OHH disclosurei work for the government in a capacity as a money slave paying taxes that they waste so Badly..all advice is independent and not supported by any govt branch
It's no good if you can't spend it or sell it or even let anyone now you have it. Might as well make spoons out of the silver, at least they will be some use!
That would all depend on the terms of trade, IE, I reckon my spoon is worth the value of X, if X is an adequate trade for the trading partner then that is it's value, neither a gain nor a loss for either and no CGT involved. A bit like stamp duty on a vehicle sold that rego needs transferring on, and the fee is X per $100 dollars, only paid X for it so the fee is 10% of actual value that was noted in dollar terms. Mind you you can then insure said vehicle for whatever you and they value it at. For every hoop there is a loophole, it's just the way it is.
I highly doubt the gov would bother trying to get bullion coins from a bunch of stackers...all the storage, transporting, collecting etc Much easier to utilize the 'money' from super funds... If it comes to that our super funds will be like Japan's...buying gov debt at 1% interest rates with no prospect of liquidation >_<
I always thought they were onto that one, My father couldn't sell me his house for a pound just to avoid inheritance tax (we are from the UK). Of course there are ways around everything, however the gov can afford more lawyers than I can and they can wait years for a judgement. I think a set of silver cutlery would be fine, or even a silver sculpture, then you get to decide how much it is worth, not based on its intrinsic value, plus the governent coudn't be seen to be taking art and melting it down, that woud be like burning books!
In the US at least they should worry about their pension funds. Easier to get at. http://www.telegraph.co.uk/finance/...fund-as-it-hits-14.3-trillion-debt-limit.html
