Will the OZ govt confiscate private Gold?

[grinners]

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.

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.

The Basel Committee is suggesting that Gold, amongst other assets such as cash, should be a Tier one asset. So no, the banking system could survive without a single ounce of gold as far as I can tell as far as the Legislation would be concerned.

It would be a different monster if Gold was the ONLY Tier One asset (A smart monster at that!).

 

[ShadowPeo]

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?

Could come under the section of "Defacing Currency" or government property or whatever the hell they call it for the coin, as for casting it, maybe I should start a company producing 1/2/3 Oz Bracelet moulds en-mass

 

[bullionfrog]

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.

That is so true, it happened a lot of countries, including America and China.

 

[Dogmatix]

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?

Could come under the section of "Defacing Currency" or government property or whatever the hell they call it for the coin, as for casting it, maybe I should start a company producing 1/2/3 Oz Bracelet moulds en-mass

It no doubt would be defacing currency.

Question is, with 99.99% purity, how can it be proven unless someone is caught in the act?

Or would it be another case of "if you can't prove where you got that from, it's considered illegal"

Edit: on second reading I see the distinction between defacing and recasting was made.

 

[FlashInThePan]

Jim Sinclairs perspective on the confication fear all about - posted most reciently.

http://www.jsmineset.com/2012/10/30/gold-confiscation-rumor-control/

 

[lucky luke]

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.

That is so true, it happened a lot of countries, including America and China.

I can see the day when a lot boats all go down at once.................................. :lol:

 

[Bluefoxx]

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.

LOL...too funny there....I dare Juliar or Swann Song to get their grasping paws on my pm's...they wouldn't stand a chance.

 

[Bluefoxx]

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?

http://cdn.memegenerator.net/instances/400x/13106917.jpg

Ewwww...where'd you get that ugly photo ? Nearly brought up my dinner.

 

[Redfawn]

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.

LOL...too funny there....I dare Juliar or Swann Song to get their grasping paws on my pm's...they wouldn't stand a chance.

In case you haven't noticed, the Grubmint are not above using door kicking minions in black tactical gear to do their biding.

Good Luck... if it came to that.

 

[greyman68]

I suggest that small groups of us go on fishing trips to Christmas Island, my boat is kind of small and a bit worse for wear, just be aware that if it sinks off the northwest coast, the water there is too deep to recover our P.M.s if it sank. A fishing trip would be a great opportunity for a Silver Stackers swap meet, so do not forget to bring your stash. As patriots we would not wish to burden the system with insurance claims, we would stoically accept our loss was for " The Greater Good ".

 

[needler420]

Gold confiscation never happened. So many people still don't get the concept.

[youtube]http://www.youtube.com/watch?v=52BR6YIdPHI[/youtube]



Also the governemnt is never going to come to your home looking for gold. You have to understand that isn't possible. Not to say they can't steal your wealth but they won't take physical.