Greetings, new silver bullion hoarder here I started hoarding after the JP Morgan scandal, and havn't stopped. My plan is to hoard lots and lots of silver in the 1kg bullion form, and then sell in a few years and buy property. I also work full time in a Management/HR role, and spend a lot of my income (A LOT) on silver bullion. My primary concern is finding money to buy more silver with (of course) and deciding when, and how to sell my silver eventually while minimising or reducing completely the tax I pay, which I hope to find some tips for on this forum. Good luck and greetings again everyone!
Yes, picking up the ingot from Perth Mint, always under $5000 per day, nice and discreetly, then catching the cat-bus back to work... I've got to say, it really brightens up my day, feeling the 1kg ingot in my hand I think to myself "this is real wealth"...
Welcome Dr, you should buy some 1 oz gold coins, put them between two 1kg's slabs & have something tasty to munch on for lunch ! (Actually, I'd like to see a photo of that !)
Welcome aboard mate. How long have you been saving your fiat before you realised the game was up and converted it to money?
Welcome DrSilverman I know what you mean about finding funds to buy more silver. Every spare bit of money i have goes on silver... even some of the food money lol.
Welcome to the forum mate. Question, did PerthMint ask for ID? since you keep returning for more silver, your purchases adding up over $5000. I heard they are getting strict on IDing.
It depends on who you get at the counter. My brother bought from there every now and then and he said there was this one "mean" one that told him he had to show ID next time he came in (he always purchases well under $5000). He ended up seeing a different person in the end though lol.
They record your details... I think they photocopy your driver license or passport. If AUSTRAC request it they'll give your ID to them.
I purchased from Gold and Silver Bullion Australia down the gold coast, first purchase at 4.5k and they didn't even mention the ID thing. But second time around for a 1.5k purchase they were asking details :S Maybe its just the dealer? I prefer to keep on the DL about my purchases. Brad
Dealers are required to record details - they (should) only make a report to AUSTRAC if there's a threshold transaction of $10,000 cash or ecurrency (e.g. goldgrams - NOT direct deposit/cheque), or if you trigger a "suspicious transaction" which is up to the dealer to define. You should be able to buy $1m in metal, pay by bank wire and not be reported to AUSTRAC - they really are interested in CASH transactions. Whether a dealer asks for ID below $5000 (the limit where they have to take a copy under the AUSTRAC rules), either in a single transaction or over $5000 cumulative, is entirely the bullion dealer's internal policy decision.
interesting, still though, purchasing the bullion is not a problem so far, the primary problem will be selling it discreetly (for whatever reason you may want to imagine I would want to do that for)... I'm guessing there are many avenues 1) back to the mint 2) internet/forums/trade auctions 3) scrap metal dealers/jewellers 4) investors 5) overseas mints/international purchases ?
