GSR Hits 83!

Discussion in 'General Precious Metals Discussion' started by ozcopper, Sep 4, 2018.

  1. ozcopper

    ozcopper Administrator Staff Member

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    At 1:1 I'd much rather invest in gold than palladium!
     
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  2. JOHNLGALT

    JOHNLGALT Well-Known Member

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    Sorry about the multiple post of that jpeg.
    It showed as not coming into the comments section.
    If you can delete one I'd be grateful @ozcopper.
     
  3. ozcopper

    ozcopper Administrator Staff Member

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  4. alor

    alor Well-Known Member Silver Stacker

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    there is not much palladium bars or coins to invest anyway, unless one is willing to pay premium and tax and another turn off is hard to trade
    this harder to get will cost more
     
  5. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I love a good conspiracy theory, but mine is better!

    I think they have the $1 face value on the silver coins because...

    ...being legal tender for $1, the government could confiscate them and compensate you for the full face value, of $1. If it was a 1oz lump of silver they would have to pay you the going rate for silver.

    Also there is probably some law that says you have to hand in all legal tender when told to do so by the government. So if you wanted to hoard your $1 face value legal tender silver you would be liable for stricter punishment, which would be more incentive to hand it in.
     
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  6. Cind3r

    Cind3r Active Member Silver Stacker

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    Oh Your GOD!!! Jislizard i think your onto something!!!

    now im more scared than before. im going to stick with the plain lumps.
     
  7. ozcopper

    ozcopper Administrator Staff Member

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    The law is already on the books for this....

    The banking act 1959.

    As the name suggests, the currency act cover all the coins and notes issued in Australia. It is important to know that this act repealed previous currency acts so that all previous coins and notes issued now fall under this act. The part of the act that is relative to confiscation is section 6, part 23:

    23 Coins may be called in

    (1) The Governor-General may, by Proclamation, call in any coins

    issued under this Act or the repealed Acts before a date specified in

    the Proclamation.

    (2) A Proclamation under subsection (1) has effect from such date as is

    specified in the Proclamation for the purpose.
     
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  8. whay

    whay Active Member

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    Fear.jpg
    OMG! OMG!
     
  9. SilverDJ

    SilverDJ Well-Known Member

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    There would be a sudden rush on big hammers at Bunnings...
     
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  10. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    For sure, wrought precious metals are not liable for confiscation the same way legal tender is, so I would be melting them down and hitting them repeatedly until I hit some sort of definition of "wrought"
     
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  11. JOHNLGALT

    JOHNLGALT Well-Known Member

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    ozcopper says:
    "The part of the act that is relative to confiscation is section 6, part 23:
    23 Coins may be called in
    (1) The Governor-General may, by Proclamation, call in any coins
    issued under this Act or the repealed Acts before a date specified in
    the Proclamation.
    (2) A Proclamation under subsection (1) has effect from such date as is
    specified in the Proclamation for the purpose."

    Sorry I can't give you a don't like @ozcopper, but it looks like I'll have to be buying 10 oz. & Kilo bars from now on.
    WINK..JPG
     
  12. SilverDJ

    SilverDJ Well-Known Member

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    That raises the question, what would be the easiest/cheapest way to turn coins into un-marked "lumps"?
     
  13. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Sandpaper?

    Even in the penny crushers the coins are still readable when flattened.
     
  14. ozcopper

    ozcopper Administrator Staff Member

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    You just swap out coins for bars. I've been doing it for years ;)
     
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  15. Cind3r

    Cind3r Active Member Silver Stacker

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    The only coins i have that have a AUS dollar value to them are 1/20th and 1/10th oz gold coins, given the premiums im sure i will come out even or on top if i swap for larger lumps....i hope
     
    Last edited: Sep 27, 2018
  16. JOHNLGALT

    JOHNLGALT Well-Known Member

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    "given the premiums im sure i will come out even or on top if i swap for larger lumps....i hope"

    im sure...i hope in the same sentence, I dunno. lol.
     
  17. tongkat

    tongkat Active Member Silver Stacker

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    Oxy/Acetylene and crucible makes quick work or quicker still, melt into shot.
     
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  18. JOHNLGALT

    JOHNLGALT Well-Known Member

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    I know a bloke who could use that silver shot when you get a few extra. LONE RANGER.JPG
     
  19. alor

    alor Well-Known Member Silver Stacker

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    weird but gold is weak

    buying gold when it is low is good, just don't buy too early...but never buy too late

    more silver for me
     
  20. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    I'm coming over to this viewpoint also. The ratio is not some intrinsic law, just a reflection of other realities.
     

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