BANKING ACT 1959 - SECT 42 ..What are your thoughts in these troubling times?????

Bigfella

Bigfella

Well-Known Member
Silver Stacker
Hit the link as it would not copy and paste all.

http://classic.austlii.edu.au/au/legis/cth/consol_act/ba195972/s42.html

BANKING ACT 1959 - SECT 42
Delivery of goldthe Reserve Bank, or as prescribed, within one month after the gold comes into the person's possession or under the person's control or, if the gold is in the person's possession or under the person's control on any date on which this Part comes into operation, within one month after that date.

subsection (1); and

subsection.

Penalty: 50 penalty units.

subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

the Reserve Bank, or as prescribed, within one month after the person has ceased to have that purpose in respect of that gold.

subsection (2); and

subsection.

Penalty: 50 penalty units.

subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
 
This part of the Act was suspended by the Australian Government in early 1976...and I note the word "suspended" not repealed thus still on the books, but not actionable. From memory this was touched on in another thread last year??

To quote sir Humphrey, I think it would be a "courageous" decision to re-instate that part of the ACT, given the size of the Australian gold mining sector and whilst not large compared to other sectors, the vibrant retail market for gold in Australia. Not sure anyone inc the Government could put a number on the value of gold (and silver) owned by private individuals and corporates in Australia. Yes, the Govt / RBA could trawl the bank records for credit card / EFTPOS transactions, but they'll never know how much is bought by cash.
 
The government can do whatever it wants at any time. The only way to resist is with an equivalent standing army.
So any time it acts it has to consider if its actions will raise such an army in revolt eg outlaw alcohol sales and they be fckd
The question is would people respond to thiis the same way?
 
The uncertainty of a gold confiscation in troubled times is one of the reasons I decided not to stack gold, just silver.
 
Sometimes i think it's of little need today, but every time i hear Greenspan go on one of his gold talks I'm left thinking otherwise. If the useful/desired productive capacity of a country falls, then government might out of desperation turn to gold once again to support itself.

watch from 35:30. Volume is very low.
 
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