If you don't hold it, you don't own it......

Bank of England tears up its Gold Custody contract with Venezuela’s central bank
https://www.bullionstar.com/blogs/r...ustody-contract-with-venezuelas-central-bank/

 

Piqued my interest, so:



Views from Bron Suchecki ?

 

Hi Julie, yeah I responded https://goldchat.blogspot.com/2018/10/the-mystery-of-missing-australian-gold.html and https://goldchat.blogspot.com/2018/10/is-australia-on-555-gold-standard.html

 

HI bron

I have read articles by yourself and others re PM confiscation laws in Australia. So silver,platinum,paladium bars are currently exempt from confiscation.

My question is would Perth Mint 1 oz bars also be exempt from confiscation. I would not think they are b/c they are legal tender.

Cheers

 

thanks for clarifying

 

Thanks for that. Looks like I'll have to stop buying Perth Mint coins & just concentrate on Kilo, Ounce, Gram bars with no denomination on them (& no Queens' head on them as well).

 

Hope you don't mind me plonking this here (on Z.H. at this moment).
https://www.zerohedge.com/news/2019-02-07/gold-money-everything-else-credit

 

and all gold can be called in period , bars and coins . Gold jewelery is also exempt .

 

Good luck with that.
Sales of hammers at Bunnings would skyrocket.

 

Drill a hole though a coin and put a staring, bingo, "jewellery"

 

We regularly hear that JP Morgan said that GOLD IS MONEY AND THAT EVERYTHING ELSE IS CREDIT.

Jim Sinclair is the only one who quotes JP Morgan as saying GOLD AND SILVER ARE MONEY AND EVERYTHING ELSE IS CREDIT.

 

[QUOTE="sodl, post: 1074703, member: 37507"
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Brilliant.

 

Doubt any govt will even want to confiscate silver. It's too bulky, costs money to store, transport and even to confiscate, it's doubtful the value you get confiscate will justify the expense of doing so.

 

when gold was banned, holding it make one a felon
when the neighbors report on you, wow
this would make people dumping their gold and silver on the streets for fear of being executed or jailed or losing freedom
ever wonder why we discover huge pile of gold in many places
when gold double eagles got shipped to Europe, it took many years for them to fly back again
when planes no longer fly the sky, boats accidents are going to happen more often

 

With respect, I call.

 

its call digitizing humanity
converting human to machine

 

First thing to note is that the government can always draft new laws to confiscate/exapporiate whatever metals they want. However this will involved debate in parliament and take time to pass, so they may look to utilise existing laws, of which they have two options:

1. Part IV of the Banking Act 1959 - this is currently suspended and could be easily un-suspended. It says ALL gold (doesn't matter if legal tender or not) has to be delivered to the RBA.
2. Section 23 of the Currency Act 1965 - any legal tender coins issued under that act can be called in. As Part IV covers all gold, the only point of using this mechanism is to easily get silver coins.

So 1oz gold bars would not be exempt - any gold is at risk. Personally I think the risk of confiscation is low as the world isn't running on a gold standard anymore and it would only likely come into play in a world war type situation.

 

Thanks for your reply bron

 

Risk of silver confiscation should be low especially if Govt has to issue money in exchange for silver. Imagine the nightmare involved in testing silver bars.