illegal to purchase anything over $10,000

Discussion in 'Markets & Economies' started by willrocks, May 6, 2019.

  1. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Have a read of this thread from a few months back where Aust bank bail in and the Aust Govt Deposit Guarantee was discussed. Worth five mins of your time.

    https://www.silverstackers.com/forums/index.php?threads/bail-in.91207/
     
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  2. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    They have to start somewhere. Now it's $10,000, next year maybe $5000, and then $2000, and then $1000, and then $100. But before it reaches $100, banks will probably remove their cash ATMs. They would love to do this as it's costly to maintain such ATMs.
     
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  3. Oddjob

    Oddjob Well-Known Member Silver Stacker

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  4. Silverling

    Silverling Well-Known Member Silver Stacker

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    Thanks, I've had a read. It does get rather complicated and I can see why people say it isn't worth much but surely it's better than keeping $1,000's of cash in the house. Speaking from experience, we got robbed one evening and each door and window was locked, they got around $6,000 worth of Jewellery, my wife was in tears. No cash though as we don't hoard any.
     
  5. systematic

    systematic Well-Known Member

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    You do not have money in the bank... It is not "your" money... They do not store "your" money... It is just a ledger entry of the bank's debt to you...
     
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  6. systematic

    systematic Well-Known Member

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    Do not hoard jewelry....
     
  7. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Sorry to hear that mate and yes it's an argument for not keeping valuables / cash at home. Fair enough.
     
  8. Ag bullet

    Ag bullet Well-Known Member

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    being robbed at home and being robbed by the bank/govt through bank closures/account freezes; both are unlikely so why not spread the risk and keep some at both places.
     
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  9. sctpc

    sctpc Active Member

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    It`s just an excuse to track everyone and if interest drops under 2% I taking all my cash I will not risk it in a bank for a bail in.
     
  10. Silverling

    Silverling Well-Known Member Silver Stacker

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    And put it where? I'm genuinely interested.
     
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  11. sctpc

    sctpc Active Member

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    Honestly converting it all to Gold as at least it will hold value to the AU$ dump but I maybe to late now as its $100 an oz extra in the last week. but the value is lost anyway I should have woke up quicker.
     
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  12. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Still not too late. I won’t hold AUD as I think China is losing the trade war, regardless of how the MSM portrays it. China will run low on USD and all those iron and copper imports for OBOR needs to be paid in dollars.

    Personally I hold SGD and USD.
     
  13. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    The best time to plant a tree was 20 years ago. The second best time is now!
     
  14. sctpc

    sctpc Active Member

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    So true, I started in December and if Id got it all then id be up a lot not just a couple of k as ive staggered it over 6 months
     
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  15. alor

    alor Well-Known Member Silver Stacker

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    everybody lost in paying tariffs, but the exports are blocked etc...China can easily use their USD holdings as commitments for BRI, but just like Russia converting their USD directly into GOLD
    for Japan and China, it is a bit different, Japan has their hands tight but China has the flexibility on USD usage
    since Japan must not buy Iran oil, China is capable of importing Iran oil
     

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