Guardian Vaults No Longer Accept Cash Payments

Discussion in 'General Precious Metals Discussion' started by willrocks, Dec 17, 2019.

  1. willrocks

    willrocks Well-Known Member Silver Stacker

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    I can only assume that they have been under pressure to remove cash payments. Further forcing people into the banking system.

    What next? Being forced to declare contents?

     
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  2. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Interesting. When I set up my vault I used cash for all my transactions. Even though my ID was legit, the acquisition of the vault was not through the banking system so virtually paperless.

    I wonder when Austrac will demand that all vault holders be registered with them?
     
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  3. willrocks

    willrocks Well-Known Member Silver Stacker

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    Possibly they already do that.
     
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  4. ozcopper

    ozcopper Administrator Staff Member

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    Isn't it illegal to refuse "legal tender" cash????
     
  5. willrocks

    willrocks Well-Known Member Silver Stacker

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    Only when the vendor refuses to accept it to settle an existing debt. e.g. If you get a meal at a restaurant, then go to pay and they say "we don't accept cash". You won't have to pay.

    For pre-payments they can refuse to accept cash.
     
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  6. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    I'll try that at a few places
     
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  7. madaw1

    madaw1 Well-Known Member

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    It looks like cash became slowly no more legal tender anymore--weird...
     
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  8. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    That's what I'm going to tell GV when mine is due for renewal. I'll insist they accept cash.
     
  9. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I wonder when Austrac will demand that all vault holders be registered with them?
    I have asked this specific question and they said they don't tell anyone. However, if they now are only accepting electronic payments, then there's always a paper trail showing you've paid GV for a service, and so those monitoring these transactions will know you have a SDB.

    Anyone concerned about this should look for an alternative to GV.
     
  10. fishduck

    fishduck Active Member

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    What alternatives would there be? There aren't that many players in Australia. And what happens when others follow suit because they most likely will?
    Now I want to ask how big of a deal it is to leave a paper trail that you use their services?
    What would be the problem?
     
  11. willrocks

    willrocks Well-Known Member Silver Stacker

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    The problem is that the government is becoming more and more pervasive. The next logical step is the government wanting to know the exact contents of all deposit boxes.

    It's my personal opinion that (eventually) precious metals will be targeted as the world moves further into negative interest rates. They won't allow anyone to escape their negative interest rate trap. They already have plans to ban and limit cash. Why would the permit precious metals?
     
  12. SilverDJ

    SilverDJ Well-Known Member

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    Many people are concerned with confiscation down the track, which IMO is such a remote possibility it's not even worth considering.
    There is countless money the government can touch first before they have to go hunting down ounces.
    And if they did you see it coming a mile away and get your metal out. And then if they still come knocking, "I'm embarrassed to say this officer, but there was this horrible boating accident..."
     
  13. SilverDJ

    SilverDJ Well-Known Member

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    Because only a tiny insignificant fraction of the population has/uses precious metal.
    And if they did, a simple hammer turns any metal into jewelry.
     
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  14. fishduck

    fishduck Active Member

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    At that point what would be the point of staying or holding your metals in Australia? And if the world will follow suit with this what would a stacker be able to do from that point? The only thing I can think of is burying it but that comes with its own problems.
    So I guess the question is, how comfortable are you to do an electronic transfer to pay your storage to Guardian?
     
  15. fishduck

    fishduck Active Member

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    Does anyone think Guardian would lose some clients and/or potential clients because of this?
     
  16. SilverDJ

    SilverDJ Well-Known Member

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    Because Australia is an awesome place to live. And most people can't just up and move countries.
     
  17. fishduck

    fishduck Active Member

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    Well, you can always move your metals out of the country and stay at the same time if privacy is a concern.

    So is privacy the only thing people here are concerned about in regards to this? What else would concern you?
     
  18. willrocks

    willrocks Well-Known Member Silver Stacker

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    That is true right now. But could you say the same a decade into negative interest rates? Especially now holding cash won't be an option.

    If PM's are the only asset class exempt from negative rates you can be sure of two things: 1. they will become more popular, and 2. the government will target them.
     
  19. willrocks

    willrocks Well-Known Member Silver Stacker

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    Then you would be obligated to declare them on your tax return.
     
  20. SilverDJ

    SilverDJ Well-Known Member

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    I think people are more likely to move their money into an overseas bank account, or put more money into potentially appreciating assets or shares, or even GLD, before they buy actual metal.
    But most people won't care about negative interest rates, and the rate will be so low that people won't care. It's not going to -10% or something.
    The average Australian household only has around $5k in saving per year, hardly anything to worry about.
     

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