Section IV does not have an exemption for personal jewelry so expect some backlash when they are demanding wedding rings and grandma's jewels. When that day comes, the best defense against confiscation is the same defense against losing your stack against any other form of robbery - making sure nobody else know you have it!
If it did happen there would be a long wait to dig it up. Best thing is to keep an eye on the media and see what signals are coming out, not be greedy and liquidate everything immediately seizable. Wedding rings would be safe - besides not much gold there these days.
I think there's a lot more room to move yet in 'confiscating' other (far more valuable) assets. Superannuation for a start. Then we can move onto land and 'confiscate' that by transferring ownership to the government and you getting the opportunity rent it. Perhaps nationalise some of the internationally 'owned' local assets whilst we're at it? I think physical gold holdings of the 0.0001% of the Aussie public being 'confiscated' would be a fair way down the priority list and if we're at that point of governmental desparation, there's far more lucrative assets that are far easier to nationalise.
They can and they do on a daily basis! if they don't like your face their jackbooted thugs kick your door in and if you can't PROVE where you got fiat from - they assume it's from the proceeds of crime... Typical f..n police state! The days of natural justice (common law) where there had to be a victim associated with each crime as well as proof beyond reasonable doubt before the gubmint could incarcerate you or confiscate your property are things of the past in our police state. nowdays the only law that is vigorously applied is the thieving gubmint's admirality/commercial law - which is designed to make it easy for the barstads to steal anything from you they like. Possession no longer means sh1t in the eyes of the law as far as your assets are concerned... you now have to prove how you got it and that it's yours.... what a f..n joke!! and you call this a free country??
why??? the present system of RE "ownership" is the 2nd biggest rort in history - where the gubmint simply taxes you for possessing property... WAY better way for them to steal your money! Besides - they can raise the taxes every year (which they already do) - and effectively you are then renting the property from the barstads aren't you?? cos if you cant/wont pay the taxes they simply expropriate the property anyway. property "ownership" is a joke mate - a very bad one
Well they tax your money as well (fiat or real money) In fact, they tax everything that isn't nailed down. It's just a question of degree, isn't it?
They're already eyeing off SMSFs actually, so no, I don't think it's safe. I think they're looking at how they can keep SMSF's within reach, even if you manage it yourself. But it really isn't that much of a leap to assume that is what they'll go after long before they ring the dinner bell on your yellow. I think holding PMs is quite a safe option. Sure, we might not have much clout if they go after us, but then again we're such a small minority it's not really worth the effort anyway. If it got to the stage where PMs are outlawed, you'd have to ask yourself if ANY commodity asset would be safe to hold. Just can't see it happening myself, but never say never when it comes to the levels of depravity for government to steal from the population. That said, I think *any* wealth you hold that's tied to a traceable paper trail you can never assume will always be safe. These people are the gatekeepers and change the rules as they see fit.
I'm with ShadowPeo and Mr Heston... [youtube]http://www.youtube.com/watch?v=WTdO-w3xnpw[/youtube] It doesn't matter what's on the books, and it doesn't matter if most people don't own much or any gold. Any Australian government that starts confiscating gold and treating people as criminals for refusing to hand it over (especially in economic times where "buy gold" is increasingly mainstream investment advice) is a government that's finished. It wont go down well with the electorate and an opposition looking for hot button issues, seizing the opportunity to use the governments criminalisation of gold ownership as a stark illustration of the governments economic failure, would have an absolute field day with it. I can imagine marketing companies just wetting themselves to do anti-government election ads on that one... Imagine an ad that evokes the holocaust, depicting people lined up to have their gold tooth fillings forcibly removed... Don't think the Libs would do it? Oh yes they would!
By the time they get here I will have forgotten where I buried it. "Rise up and take the power back - its time the fat cats had a heart attack" - muse http://www.youtube.com/watch?v=w8KQmps-Sog
^^^^^Take that iceblue into custody..We have evidence to believe that he is a hoarder of PM's and therefore an enemy of the state. We will get him to talk by using the water board or if that fails we have other means of making him talk! Regards Errol 43
These are probably the easiest coins to recall - already provisions in the currency act etc for any coin to be recalled, regardless of type. Really worth a read - http://goldchat.blogspot.com.au/2008/11/australian-gold-confiscation.html
If they enacted that legislation you have 1 month to get your shiny cast into bling. Hmmm .. wonder if you drill a hole in a 1oz-er can it then be classed as a pendant?
There are moves afoot that would invalidate your above argument. If the Basel Committee for Bank Supervision (BCBS) decide to reclassify Gold as a Tier 1 asset then, in compliance with international banking regulation, Australia would need to build its Gold reserves or our banking system would collapse. At this stage we think that if Gold is reclassified as a Tier 1 asset then its value will skyrocket...BUT this very reclassification would create the perfect circumstances for the Govt to enact the Gold Confiscation Legislation...IN THE NATIONAL INTEREST. Anyway this is how I interpret the situation.
