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BANKING ACT 1959 - SECT 42 Delivery of gold
http://www.austlii.edu.au/au/legis/cth/consol_act/ba195972/s...
Submitted by
cij
8 months, 3 weeks, 2 days, 19 hours agoAustralia's banking act has a clause in which physical gold owners are compelled by law to sell their gold to the RBA. Watch out for that!
Tags: gold, Banking Act
#1 - By steven_shaw, 8 months, 1 week, 9 days, 16 hours ago.
Yeah, confiscation built into the law in advance of any "need" here in Australia. Very nasty indeed.
#2 - By PeteD, 8 months, 1 week, 8 days, 19 hours ago.
Wow!
Even more reason to buy gold in $5000 chunks as one CIJ reader mentioned - as they don't require details on purchase. #3 - By PeteD, 8 months, 1 week, 8 days, 19 hours ago.
"...of which does not exceed the prescribed amount"
What is the 'prescribed amount'? Perhaps that is something that they change when they feel like it? Was there any use of this clause during the 80's gold boom? Scary stuff. #4 - By cij, 8 months, 1 week, 8 days, 15 hours ago.
Or you can buy gold from overseas. Or if you are adventurous enough, from eBay. ;-)
#5 - By PeteD, 8 months, 1 week, 8 days, 14 hours ago.
Alas, I doubt I am that adventurous at the moment. I think I prefer certificates with my gold...
And on the previous page it states that you cant take gold overseas with you! All my plans of leaving when things get bad...are getting even trickier #6 - By cij, 8 months, 1 week, 8 days, 1 hour ago.
Bringing gold outside of the country legally is tricky. At the very least, you need to declare them at the customs, we think.
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