SilverDJ
Well-Known Member
This thinking is just silly. The Perth Mint WA government backed guarantee is vastly safer than any other private bullion dealers program in the world.
That's also why it has the worldwide reputation it does.
$27.00 silver!
- Thread starter Shaddam IV
- Start date
This thinking is just silly. The Perth Mint WA government backed guarantee is vastly safer than any other private bullion dealers program in the world.
That's also why it has the worldwide reputation it does.
Agreed. But nothing is safer than physical ownership. That's the point being made. At any time, such as a global crisis or war, legislation may be passed to rescind the guarantee.
SilverDJ
Well-Known Member
You are just a click and a day or two away from getting your physical bars delivered to you. If the world goes to crap fast enough to rescind the guarantee within a few days without any hint of it the news, then you've got much bigger problems than not having access to your physical metal. War breaks out overnight? The government have more to worry about in the first few days than enacting legislation to grab peoples gold (which is a drop in the bucket in the national budget, they'd make vastly more freezing super or bank accounts or something)
And personal physical ownership is vastly more risky, give the many robberies stories and also the shutting down of private SDB companies like Perth Bullion.
If you are worried about a true SHFT scenario and you want physical on your possession at all times then a few rolls of kooks and cash in your prepper bug-out bag will do the trick. The rest of your wealth in metal is safer in government backed facility.
Gonzo
Active Member
I think after reading the T&C that you provided that it should be fine. Indeed I just recommended it to a friend who I know doesn't want the hassle of physical ownership but wants some exposure. But the US Government did enact EO 6102 (https://en.wikipedia.org/wiki/Executive_Order_6102) which forced people to sell all but a small amount of their gold. So if you do think a potential monetary reset is at the end of QE 4 EVA then personally I wouldn't want the Government being able to control my gold / silver. As you say you hope you have enough time but if you listen to Rickards (with a pinch of salt) this could all happen over one weekend and everything gets shut down. The risk is small, the chances you can get out are probably high, but in the small circumstance that I'm protecting my future wealth for, I don't want anyone to even remotely be in a position to say "Hey you, now the SHTF has happened, here's a bunch of worthless fiat for your stack".
I am not convinced, but then I also wear a tin foil hat most of the time.
I have pooled unallocated so I don't actually have any physical silver that anyone can confiscate, I have a share of a lump of silver. I am happy owning a lump of poured silver, or even a part of it. If it gets confiscated at least I only paid a little over spot for it and I won't have to pay any fabrication costs associated with redeeming my silver allocation.
My main concern with allocated is that the 'cash equivalent' of a legal tender coin issued by the Government might mean they give me the face value of any Kooks, Koalas or Kangaroos that are in my allocated account. The potential loss from that would be devastating.
The only reason I can see why a 1oz coin would have a $1 Legal Tender Status stamped on the front is so that the government can swap it for a $1 deposit in your bank.
As Legal Tender I guess it belongs to the government so not returning it when told could have legal ramifications.
If it was really the equivalent of $1 then there would be no trouble with me paying my workers in $1 silver coins and paying the 1/27th tax in fiat.
If it was really the equivalent of $1 then I would be able to take 10,000 oz in and out of the country without there being any issues.
If it was really the equivalent of $1 I could buy goods using my silver $1 and pay the reduced GST in fiat.
However to my knowledge I can't do any of that.
But I am sure that the government could give me $1 in fiat and consider it even. Possibly after a period of demonizing stackers as hoarders who are destroying the economy out of our own greed.
I have pooled unallocated so I don't actually have any physical silver that anyone can confiscate, I have a share of a lump of silver. I am happy owning a lump of poured silver, or even a part of it. If it gets confiscated at least I only paid a little over spot for it and I won't have to pay any fabrication costs associated with redeeming my silver allocation.
My main concern with allocated is that the 'cash equivalent' of a legal tender coin issued by the Government might mean they give me the face value of any Kooks, Koalas or Kangaroos that are in my allocated account. The potential loss from that would be devastating.
The only reason I can see why a 1oz coin would have a $1 Legal Tender Status stamped on the front is so that the government can swap it for a $1 deposit in your bank.
As Legal Tender I guess it belongs to the government so not returning it when told could have legal ramifications.
If it was really the equivalent of $1 then there would be no trouble with me paying my workers in $1 silver coins and paying the 1/27th tax in fiat.
If it was really the equivalent of $1 then I would be able to take 10,000 oz in and out of the country without there being any issues.
If it was really the equivalent of $1 I could buy goods using my silver $1 and pay the reduced GST in fiat.
However to my knowledge I can't do any of that.
But I am sure that the government could give me $1 in fiat and consider it even. Possibly after a period of demonizing stackers as hoarders who are destroying the economy out of our own greed.
SilverDJ
Well-Known Member
You can't buy allocated coins from the Perth Mint Depository, so it's not going to happen there.
At private SDB's? good luck with that, they don't know what's in them for starters.
And if they ever tried to compulsorily acquire your coins at face value (insanely remote possibility) then a $2 hammer from Bunnings turns them into lumps of pure "junk" silver they have to pay spot for.
THAT would be an interesting experiment!
Except that the employees could take you to court for "underpayment".
Stackers and horders represent not even a single digit percentage of the wealth of the people the government could take (and take much easier, like super and savings etc), it's boderline insignificant.
JOHNLGALT
Well-Known Member
Do you want a Silver Rocket? Well, do you punk? LOL.
p.s. How are your nerves 66, could you handle a $1 drop from here?
Silver is not for the fainthearted.
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I sold all mine at 27 AUD, so a drop suits me just fine! A gold rocket would also suit me just fine!
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Looking good
Might be time to establish a $26 silver thread now with this correction going on?
Anyway, time to back the truck up and wait till it slows down before the relaunch back up!
Anyway, time to back the truck up and wait till it slows down before the relaunch back up!
