March Madness - Gold and silver is the answer

Summer has come and gone, and boy what a summer it was for precious metals. Talk of a Fort Knox audit is gaining momentum, and who knows what happens if the first vault inspected looks like this:



Looking to acquire more precious metals before central banks swoop in and gobble it up? Look no further than this month’s specials:



PAMP 1 oz Gold Bar
Only 2.2% over spot each weekend this March!



Somalia Elephant 1oz Silver Coin
Only $10 over spot each weekend this March!



Or sell your gold and silver to us and benefit from some of the best dealer buyback rates in the industry.



You’ve come this far so you deserve it:
List your item peer to peer during March and you’ll receive the option to purchase a random 1oz silver coin or round (as chosen by us) at spot price with free postage included. Max 1 silver coin or round per member.



Happy stacking everyone!

 

Midway through March and both gold and silver are making new all-time highs. As a mini celebration, we're resetting all existing PRO members status so everyone gets another 6 months free. JOIN TODAY

 

March Madness indeed Limited quantities of both the PAMP bar and Elephant coins remaining.

As precious metals continue to soar, we're keen to source more members willing to list their items on the myBullion platform: Come give us a try

 

With gold just under 5K an ounce. If my bullion buy an ounce of gold will this be reported to AUSTRAC once the sale exceeds 5K?

 

Hey Golden Stash, great question.

The common misconception in the stacker community is that Australian bullion dealers must report all transactions exceeding $5,000 to AUSTRAC. However, this is not the case. Instead, we are legally obligated to obtain ID from anyone wanting to make a purchase of bullion or sell bullion to us over that amount.

Whether a transaction gets reported or not comes down to indicators of suspicious activity, which AUSTRAC lists on their website. (The link to that list appears to be broken..... Hey AUSTRAC, if you're reading this it would be a good idea to make that accessible )

Another situation in which we'd be obligated to make a report is where certain thresholds are exceeded, for example transfers of A$10,000 or more in cash.

Here's our KYC summary. Hope that helps.

 

Thanks for that. I believed it was so glad i cleared that up.

 

I'm not sure if AUSTRAC can request audits at any point, however I'm led to believe that repeated (by whose definition isn't clear) purchases suspiciously below the threshold - ie. $9,500-9,995 - will be flagged by some system.