Will the OZ govt confiscate private Gold?

finicky

finicky

Well-Known Member
Silver Stacker
We saw Rudd and Swan fronting up to claim, "the Australian People wants its fair share of the mining companies' super profits". Try that on anyone who's held lack lustre shares in companies like BHP for more than a decade.

Money Morning email newsletter today from Kris Sayce points out this old latent Australian legislation:

"Bottom line: if the US government could easily confiscate gold while most of the population still had a concept of sound money, don't you think it will be much easier when 99% of the population has no concept of sound money?

That's what makes a return to gold likely.

And remember, the Australian government, central bankers and bureaucracy prepared for Aussie gold confiscation over 50 years ago...long before the paper-money credit boom of the 1970s, 1980s and 1990s...

Australia's 53-Year Confiscation Plan

Part IV of the Banking Act 1959, specifically addresses the conditions where the Australian government can order the confiscation of private gold.

BANKING ACT 1959 - SECT 42

Delivery of gold
(1) Subject to this Part, a person who has any gold in the person's possession or under the person's control, not being:

(a) gold coins the total value of the gold content of which does not exceed the prescribed amount; or

(b) gold lawfully in the possession of that person for the purpose of being worked or used by that person in connexion with the person's profession or trade;

shall deliver the gold to the 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.

(1A) A person is guilty of an offence if:

(a) the person fails to comply with subsection (1)

In other words, when the Governor-General says so.

Right now, Part IV of the Banking Act isn't in effect. But it's a 'sleeping clause'. In other words, it's not in force until 'the Governor-General is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth...'

What we're getting at is this. If any government proposes a return to a gold standard, it will be under the government's terms.

And because returning to a gold standard would involve devaluing the currency (leading to a higher nominal gold price), governments would only do this after it has confiscated private gold."

http://www.austlii.edu.au/au/legis/cth/consol_act/ba195972/s42.html
 
If one were sure then why buy it? A nimble buy and sell to a bigger fool before they activate the legislation? Maybe this scenario strengthens the case for silver, platinum, or palladium over gold?
 
Meh, this is just existing legislation, if they wanted your other precious metals all they have to do is write new legislation, it can't be that difficult, they make new rules up every day!
 
Jislizard said:
Meh, this is just existing legislation, if they wanted your other precious metals all they have to do is write new legislation, it can't be that difficult, they make new rules up every day!
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Nope -

#1 gold is the Big Kahuna as Reserve bank asset

#2 no historical precedent for confiscation of Pt, Pd, or Ag that I've heard of

#3 the amount of value expropriated on behalf of "the Australian People" would not be worth it to confiscate Pt, Pd, or Ag

#4 They are not going to make Pt or Pd a basis for money - don't know about silver

#5 the sleeping legislation is already in place for confiscation of gold. It doesn't have to be debated or passed in two houses. It's there, ready to activate, is the thrust of the article.
 
Right now, Part IV of the Banking Act isn't in effect. But it's a 'sleeping clause'. In other words, it's not in force until 'the Governor-General is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth...'
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It wouldn't take much international financial turmoil for our muppet politicians to leap into confiscation imho. Look how quickly they threw $900 at everyone without a widescreen television last time. Grabbing back all the gold to 'protect the AUD' might seem far fetched but the politicians and power elite don't hesitate to try loopy plans everytime a 'crisis' hits, and with that legislation in place, someone just has to say 'make it so' and suddenly the population scurries obediently down to the government collection points.
 
And remember, the Australian government, central bankers and bureaucracy prepared for Aussie gold confiscation over 50 years ago...long before the paper-money credit boom of the 1970s, 1980s and 1990s...
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so if we store them with guardian vault or custodian vault or at such, they cant confiscate the PM since they are independent ? (Compare to bank safe deposit box?)

LD
 
Lunardragon said:
so if we store them with guardian vault or custodian vault or at such, they cant confiscate the PM since they are independent ? (Compare to bank safe deposit box?)

LD
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Get real LD - that's the easy stuff for them to confiscate

Winslow-Freak-Out.gif
 
Some Exceptions

Section 2. Silver required to be delivered...................... except silver falling within any of the following categories so long as it continues to fall thereunder:

(a) Silver coins, whether foreign or domestic;

(b) Silver of a fineness of .8 or less, which has not entered into industrial, commercial, professional, artistic, or monetary use;
 
Maybe the answer is to stack legal tender like $200 gold coins, 66 fifty cent silver and silver $10 state coins.

They can't confiscate fiat, can they?

Regards Errol 43
 
honey stacker said:
errol43 said:
They can't confiscate fiat, can they?
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Can they give themselves payrises?

They can do whatever they want.
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They got round the pay rise issue by setting up an independent tribunal to determine what pay rises they get. The tribunal sets their wages. The tribunal is usually made up of judges whose salary is determined by the public servants who have their salaries determined by whom?

Politicians no longer have to suffer the indignity of voting for their own salary rises when used to be carried by a 99% majority. :)

Regards Errol 43
 
ShadowPeo said:
In the words of Charlton Heston, From My cold dead hands
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That would be easy for the government to arrange if you were deemed "criminal".

Plenty of "cold dead hands" in the days of prohibition who lost that argument.
 
errol43 said:
Maybe the answer is to stack legal tender like $200 gold coins, 66 fifty cent silver and silver $10 state coins.

They can't confiscate fiat, can they?

Regards Errol 43
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Governments have recalled fiat in the past.

The Third Reich introduced nickel coins as a means of accumulating/storing nickel then once it was needed for war production, simply called for all 50 rpf nickel coins to be handed in, exchanged for shiney 50 rpf aluminium coins.

Our government could just as easily do it with legal tender $200 gold coins, 66 fifty cent silver and silver $10 state coins IF THEY HAD A REASON TO.
 
if they did confiscate, I would offer them all my gold plus a free meal and grog and thank them profusely for helping free myself from my lack of financial foresight.

I'd show them my life-size portraits of Julia and Glenn Stevens and take them around the rooms and ask them to relieve me of anything else they would like to free me from.

You guys are making it sound like it would be a bad thing that they are taking care of us.

Do you want to head over the cliff without gov assistance? I don't know about you all, but I never want to face that cliff alone.

After all the gov has done for you, I find it pretty ungrateful to even question their need to free yourself from your (gold) chains.
 
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