I would be very careful about holding gold particularly in a central place such as the Perth mint. The legislation has already been passed and is only awaiting the govenor generals signature in presumably a time of emergency to confiscate all gold other than wrought gold (Jewellry) see
Part IV of the Banking Act of 1959
it has never been withdrawn
http://www6.austlii.edu.au/cgi-bin/viewdb/au/legis/cth/consol_act/ba195972/
The question will be how the government gets around provision in the constitution that ensure that anything taken by the government must be compensated justly for.
https://www.alrc.gov.au/publication/traditional-rights-and-freedoms-encroachments-by-commonwealth-laws-alrc-interim-report-127/7-property-rights/protections-from-statutory-encroachment-13/
There are several possibilities that spring to mind
a. The government sets a compulsory price for gold separate from the world gold market
b. The government issues promissory notes (you can stick all sorts of conditions in there)
- Forums
- Economics
- Storm Of Negative Interest Rates Looms, 25 Million Aussies Left Without Umbrellas!
I would be very careful about holding gold particularly in a...
-
- There are more pages in this discussion • 20 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)