what would a gold, and a possible silver, confiscation, mean in australia, and how would that effect the price here http://www.24hgold.com/english/news...0&redirect=false&contributor=Jeff+Thomas&mk=1
I would say, they will be fighting a real battle if they try. Firstly, more US Citizens are starting to realise that their governments are crooks and the continued bills being passed through the congress and senate without any opportunity for the average person to stand up against it, shows that there is a massive difference regarding patriotism now compared to the 1930's. They have seen how the bankers have gotten away with fleecing millions of peoples savings as well as the stupidity of QE by the FED. Admittedly, there are many US glued to the mainstream media that are about as sharp as a bowling ball. However, that is much the same here. Yet, the real positive is that more people are starting to wake up and follow the internet for news rather than mainstream. In the Youtube section here, someone posted an interesting interview Infomercial for Casey Research. It had Casey - Peter Shiff - Mike Maloney and a few others. It was looking at the political and legal aspect of diversifying your hard assets outside the US by taking up dual citizenship and diverting the assets legally. Well worth watching. Could apply a similar situation here before they change the laws. !) People are showing they distrust governments 2) How could governments force people to give up their Gold or Silver? Silver trading would open up a new black market for all the industrial Silver that is required. As far as Gold is concerned, many new jewellers and goldsmiths would suddenly appear. Bigger and deeper holes in your backyard. I do not see it happening here in the same way as the US is heading. What I do think will happen is a race to see which country will be the first to adopt a Gold Standard backed currency. Whichever happens, it is going to be mess.
Would not trust ANY government as far as I can throw them. I fully expect our government to follow the USG in any move to confiscate gold AND silver. No matter the morality or legality or even practicality of it all, they will do it. AFTER protecting themselves of course! In due course, I fully expect a full blown black market to follow the PM 'prohibition'. JMO OC
...and with 300 million firearms in the US, I do wonder how they may go about it given the attitudes of the average American. "you want it, come and get it". OC
It's not something they would try to impose overnight imo. Small steps closer to confiscation would occur making it either too expensive through taxation and heavy regulations imposed making the gold and silver market so inaccessible for the average investor that they wouldn't bother to try to. It wouldn't be outright confiscation, but it may as well be. Even with a blackmarket available.
Just look at the increasing number of restrictions the Indian Government is declaring to see how gold ownership is "discouraged". I don't think confiscation serves any benefit when you're not on a gold standard.
" don't think confiscation serves any benefit when you're not on a gold standard." Very possibly, but if the government is planning, or can see a Gold Standard on the horizon, they may well act in anticipation. DON'T trust them, they still have a pulse. OC
...and why the hell the RBA has such a tiny stock of physical gold when they can channel it direct from the OZ mines (via Sec 51/xxxi) at depressed prices, i will never know. Why would they wait until Gold is $10,000 an ounce? OC
Exactly, I would expect to see more and more restrictions, regulations and taxes if buyers don't fall into line until they are locked out of the market. With the lack of government resources and access to land borders such as China, a black market would be easier to access for Indians but the premiums would be huge I would imagine.
I thought the last attempt at gold confiscation in the USA (1933) was a bit of a failure? Does anyone know the total amount of gold seized? In any event given we live in the information age, I would be surprised if they tried to confiscate it when they only need to tax it like they do in the UK Our generation is so much more informed, our friendly Governments (that only want to help the sheeple) know this Cheers Alfie
I have read that about a third of all the gold was never handed in, or the other way round, not certain. Also that they never actually turned up at the bank vaults and demanded inspection. Not 100% certain with any of that. OC
we can still see the old gold coins, they were not melted, but was shipped to Europe just days before the gold to paper swap was enforced. whatever the gov does, human skin and gold are in contacts - bonded, no one in between would be allowed :lol:
There was no bullion dealers in Australia prior to about 1970...If you wanted to buy gold then you bought it at the jewelers. Spot plus 100%. plus. Do any banks sell/buy silver or gold? I was asking the local dealer here last week what it was like around the year 2000 when silver was $4/5oz? .I said what would a 10oz bar go for. $45? His answer was no one was interested! Yep I think most of us here on SS missed the boat or we didn't have a truck to back up..We certainly had the money but not the foresight, Regards Errol 43 Why couldn't I see the forest for the trees?
At one stage The Commercial Bank of Aust owned Johnson-Mathey, but sold it some years ago. I was not interested then.
Bron, Many media reports have said that India is restricting imports of gold because of the effect these imports are having on balance of trade figures. Any thoughts?
In all honestly , I really can't see Australia following suit with such an archaic approach of confiscating gold/silver....... What we could expect with minimal controversy to the government and mining sector is the introduction of GST on bullion. Just my opinion
Maggie, yes the Indian govt is concerned about their current account balance which is affected negatively by gold buying. It is just that insead of fixing the financial system and providing rule of law on productive investments and stopping inflation of their currency, they just want to shut down gold buying which main driver is because of inflation protection. They are dealing with the symptom not the cause.
