1kg (Gold) Pamps Liquid or Not?

B

Bargain Hunter

Active Member
Are 1kg Gold Pamps liquid in the secondary market on the silver stackers trading forums. If I want to buy a 1kg gold PAMP or Perth Mint bar from another forum participant (not a dealer as I don't want my purchses recorded/reported) on the secondary trading market on silver stackers how easy is it to find one (or more) for sale? Also the opposite question how easy id it to sell one to an individual as opposed to a dealer? I'm asking the question in terms of secondary market product availability and purchases/sale liquidity. I'm thinking of buying some 1kg bars but don't necessarily want my purchase recorded/reported by others as is the case with dealers.
 
I always keep a spare 50 grand in my petty cash tin just in case.

On a more serious note there is a member currently trying to trade or sell a 10 oz bar and struggling to get a non dealing taker at spot.
 
Wow. Haven't seen any being traded here (yet).

There's already some difficulty offloading a 10oz gold bar.
 
Dead easy to liquidate a kilo bar in Sydney to a bullion dealer for 98% of spot
Would probably take a while to shift a bar this size privately and unlikely to get spot for it.
 
Kilo gold has changed hands a few times on this forum in a private capacity.

They are liquid at dealers - but depending on the dealer you may not get spot. I've paid spot for them before.

Seriously though, unless you're trying to hide cash, moving one privately is difficult, and it's one of those purchases where you don't want a niggling doubt in the back of your mind that you've got tungsten. If you use a bank transfer nothing is reported. Some assets you want to have proof of ownership.
 
G.P. are you saying if you pay a bullion dealer by bank transfer they don't have to report purchases above $5000? Is record keeping/id only for cash transactions above $5000? Although any bank transaction of $10,000 will be flagged in the Austrac database which could eventually come back to bite you in the ass.
 
Bargain Hunter said:
G.P. are you saying if you pay a bullion dealer by bank transfer they don't have to report purchases above $5000? Is record keeping/id only for cash transactions above $5000? Although any bank transaction of $10,000 will be flagged in the Austrac database which could eventually come back to bite you in the ass.
Click to expand...

Really???

I thought it was >= $10 000 CASH transactions only ??

if not we really DO live in a Nazi like country where everybody is reporting on everybody .... :lol:
 
Bargain Hunter said:
G.P. are you saying if you pay a bullion dealer by bank transfer they don't have to report purchases above $5000? Is record keeping/id only for cash transactions above $5000? Although any bank transaction of $10,000 will be flagged in the Austrac database which could eventually come back to bite you in the ass.
Click to expand...

If it is a transaction over $5000 AUD value, regardless of payment method - cash, bank transfer, cowrie shells - the dealer is obliged to record your identity as part of a "Know Your Customer" regime. It is NOT reportable unless it is considered a suspicious transaction.

If it is over $10,000 AUD CASH (or e-currency, so look out bitcoin), it is reportable as a threshold transaction.

So you can buy 20kg of gold, pay by RTGS or bank transfer, and all that is required is the bullion dealer needs to record your identity, and hold it. As long as it is not considered money laundering or terror financing requiring a suspicious matter report (SMR), nothing further happens. Pay by cash, it's reported as a threshold transaction.
 
goldpelican said:
If it is a transaction over $5000 AUD value, regardless of payment method - cash, bank transfer, cowrie shells - the dealer is obliged to record your identity as part of a "Know Your Customer" regime. It is NOT reportable unless it is considered a suspicious transaction.
Click to expand...
I didn't realise Gold Stackers had started accepting cowrie shells! Everybody thought I was crazy when I started stacking them, when I trade them over for your gold I'll prove them all wrong! :D
 
Happily pay spot for kg bar any day of the week.
The gentleman trying to sell a 10oz only needs to contact us and we will buy his 10oz at spot.
 
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