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Gold & Silver Analyst Craig Hemke Joins Us to Break Down the Action in the Gold & Silver Markets & Andrew Maguire’s Big Prediction:

Is the Paper Gold Derivatives Game About to COLLAPSE?

  • ” I Can Vouch for Andrew Maguire” – Is the Paper Gold Derivatives Game About to Collapse?
  • Hemke Explains Why Andrew Maguire Believes, There Will Be SIGNIFICANT Problems For the Banks in Terms of Physical Metal Demand in the Weeks Ahead
  • Maguire Believes A HUGE Influx of Physical Gold Orders is Coming
  • A Capitulation of Sentiment: “What Happened Last Year Broke Everyone’s Backs”

 

View Transcript Here

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  1. Well I hope so. But silver has been going down $5 per day for the past 3 years. This morning , it was priced at -4500.00 below zero. And it’s still going down. So I hope he’s right. Let’s all fight hard and get it WAY back up to $16.

    • 1st of all – this is my 1st post on this site- and it’s already frustrating. No way to make a fresh comment- ONLY a reply available. Overall, I must say while I enjoy the content of this site- I have NEVER seen WORSE Predictions!  EVERY SINGLE ARTICLE, EVERY SINGLE PREDICTION- 100% wrong- 100% of the time. Even THIS article- listening to these guys talk YESTERDAY– They were TOTALLY WRONG already- ANOTHER SMASH – worst of week on FRIDAY — and SILVER CRASHED almost 4% down.  So, bottom line, as much as I like the content- this site has ZERO credibility.

    • Mr TurdFerg is well regarded here and I’ll take his vouching for Mr McGuires character any day. Andrew McGuire recall had an attempt on his life after the 2010 CFTC hearings.
      Though if he’s saying he’s got an inside scoop on a sovereign buying 250 tonnes of physical gold, I’d like to hear more.
      Even if this purchase is true, how do we know what effect it will have in the market? Will it bring gold back to it’s 2011 highs? Or it’s 2017 highs?
      Even if it were true, why would this purchase be done quickly? Isn’t that why we mock the shorts, because their ham fisted hammer buying smacks down price instantaneously.
      However, I recall the London Gold Pool, which attempted to maintain the charade that gold was no big deal, right up until the day it couldn’t.
      Alot of clandestine sculduggery has gone into keeping gold down. It’s worth and importance isn’t in question.

    • Indeed so @Strannick

       

      “Alot of clandestine sculduggery has gone into keeping gold down.”

       

      Why, indeed, would the central banksters, the various national governments, and the Wall Street crowd go to such extremes to keep PM prices down UNLESS THERE WAS A VERY GOOD REASON TO DO SO?  I’m thinking that this is a key element in propping up the dying fiat currencies, which are the keystone to the entire fiat paper debt Ponzi scheme.  If fiat dies, so do most of the opportunities for holding the entire world in thrall.

       

    • LOL – As a frustrated stacker I’ve just gotta say that I wholeheartedly believe someone who has yet to be right vouching for the credibility of someone who has yet to be right — Riiiiiiiiight. probably one more wrong call — but none the less, I hope this time I am wrong. Right or wrong, I’m just gonna keep on stackin cause some day we’ll all be right. or am I wrong or just frustrated

       

    • Excellent show this week…

      Love the guest!

      The timing of Maguire’s claim is off though I am sure it will go down.

      If for some reason it does not happen all of Maguire’s credibility will be lost.

      Now whether the purchases will have an effect we shall see as the banks are very cunning.

      Maguire should know by now not to put dates out there.

      Again love the show…I look forward to next week!

       

    • McGuire is discussing a gold backed crytpo currency and this will be the catalyst.

      http://kingworldnews.com/andrew-maguire-7-8-17/

      I hate to break the news to everyone but there are already several crypto currencies (block chain) which back or partially back their coins with phyzzz gold.  Most are flat and not making the big moves like Bitcoin, DASH, Litecoin, etc.   Doing the math, 250 tons of gold is around $9 Billion at current spot.  The 3 largest crypto marketcaps are Bitcoin $41 billion, Ethereum $23 billion and Ripple at $9 billion.  After that you really step off the ledge with Litecoin at $2.5 Billion, Ethereum Classic $1.5 Billion, DASH $1.5 billion, etc.

      If a group is trying to raise money through a crypto offering it would need to instantly overtake Ripple to get anywhere near this level of money to buy 250 tons of gold.

      In short, moar’ hopium to create panic buys into the metals.  They’ll be able to milk this for years that these crypto’s are going to buy large amount of metals any day creating shortages and a moon shot.  Sound familiar?

      I can’t wait to be proven wrong!! 🙂

    • @scoremore

       

      “The timing of Maguire’s claim is off though I am sure it will go down.  If for some reason it does not happen all of Maguire’s credibility will be lost.”

      Oddly enough, the metals “gurus” don’t seem to want or need any credibility.  Like pandering politicians, they simply move from one created disaster to another without ever looking back at the chaos they have caused.  Maybe this is why we need an article rating system on SD?  That way, we can grade these fellows for ease of comparing them.  😉

    • The looters are looting (as they always do as the empire falls), dont let em catch you all in paper. I wonder if low prices help them to aquire pms ?

    • Good upon you ZERO  “don’t let em catch you all in paper”  

       

      Great advice, as somebody else has said “I’ve got my stack & all else is B.S”.

       

      Patience, Don’t let the thieves shake you from ‘Real Money’   You know the stuff.          _JLG. 

       

    • I wonder if they need low prices or just run over small countries and take their gold. While they spend spend spend fiat, Way beyond What We the Working People Bring in . I wonder who holds the gold those countries Had ?  Hope the people wake up and get in on the Best Sale on Earth in something that has a Real Store of Labor , Real Money. They haven got a clue . They wont even see it coming. “What i cant even get a sandwhich with my whole paper portfolio that says I have blah blah blah ???? “

    • @Zero

       

      “I wonder if low prices help them to aquire pms ?”

      lol… low PM prices help EVERYONE acquire PMs.  😀

      As long as PM prices are low, most of us should be in the accumulation phase.  Is it not better to buy something nice when it is on sale?  I’ve always thought so.  I guess that some buy PMs and then expect them to rise very quickly thereafter.  PM investing is a LONG term proposition.  We all need to think in terms of decades and perhaps also a family legacy.  I’m OK with never seeing high PM prices as long as someone in my family hangs onto the family legacy and has PMs when they matter most.

      Here is a fictional tale that illustrates the value of gold, but it could just as easily apply to silver.  I call it, “A Tale of Two Fellows”

      Our story opens in 1970.  There are two young men who are notified that their great grandfather’s will has been probated and that each of them was left a wooden box by their great grandfather.  These fellows are not related but do have the same estate attorney contacting them about their respective inheritances.

      Fellow #1 is Robert.  Robert was left a box containing $5,000 by his great grandfather.  When Robert opens the box, he is surprised that it contains 250 gold double eagles, all dated in the 1920s when his GGF put them away as a family legacy.  Now, Robert is not a stacker and knows nothing about PMs, so he is very surprised when he is told that his $5,000 inheritance is actually worth at least $300,000 in today’s US$.

      Fellow #2 is Richard.  Richard also was left a small wooden box by his GGF and it contains $5,000 in US paper money, also saved during the 1920s.  Richard looks at all of those $50 bills and just knows that he has something of real value here.  They are all US Treasury Gold Certificates and say that they “will pay $50 in gold coin to the bearer on demand”.  He rubs his hands together in anticipation of all that he will be able to buy with this newfound wealth.  Taking his newfound wealth to the local bank, he is surprised when the bankers there look at his money as if they had never seen its like before.  Fact is, they haven’t because these are the old style large banknotes that were declared not redeemable by the US Treasury more than 50 years ago.  Richard is very disappointed in this but is finally told that the US Treasury does not have to redeem this money but that if he makes a good case of personal hardship, they might very well go ahead and exchange these old bank notes for $5,000 in nice new FRNs.

      As it turned out, Bob was able to sell his gold coins for a little over $400,000 because some of them were quite rare and highly valued by collectors.  He is happy with his newfound wealth and silently thanks his GGF for the foresight to save something of real value.

      Meanwhile, Dick is very disappointed to find that the US Treasury will not honor these old bills because the time limit for redeeming them ended 20 years prior to his acquiring them.  But he is able to sell them to a coin shop for about $18,000 due to their age and collectability.  While he did not go completely without his inheritance, it is MUCH smaller than Bob’s inheritance.

      The moral of our story here twofold.  First, is that real money endures while paper money does not and second is, be a Bob and not a Dick.  While this story is completely fictional, it has no doubt actually occurred on any number of occasions.

      🙂

    • From Andrews Twitter account:

      Appologies but the delay is small.I will update 48 hours ahead, billions of physcal orders will hit the offer.Physcal backed Gold AND Silver

      Andrew  Maguire (@andrewmaguire1)

  2. What gives here? Maguire was saying a big influx of physical orders will happen in 26 days causing the price to go up a lot. But now, 26 days later, silver is now way down on a huge derivative dump.  But they’re talking as though Maguire was right? Is this *&$$%#^ or what?

    • There is a chance… though admittedly slight… that this is the final take-down before the “Boyz” end the shorting and go long.  It DOES have to happen at some point… so maybe the time is now…

      Wishful thinking?  Mebbe.

    • Vouch?!?

      Turd’s world of self aggrandizement now believes he can offer an apologist excuse or vouch for Maguire…based on what?

      Seriously, what? Based on some fantasy scenario and your imagination or your sense of self preservation because the B.S. narrative is coming to an end and you’re sensing the crowd finally waking up to it and you?

      Weren’t you, Maguire and Max Keiser telling everyone last year that the gold market would collapse by end of 2016???

      How pathetic has this all become?

      Here’s some classic nonsense about $1200 gold once upon a time….a number which has been breached significantly and repeatedly btw.

       


      My 2c
      Submitted by Turd Ferguson on May 23, 2012 – 1:37pm.
      MODERATOR

      There is ZERO CHANCE that gold is headed to $1200. ZERO.
      Physical demand will not allow it. Additionally, at some point, mines will close due to the lack of profit on extracting difficult veins. This means even less supply. This is all well and good but it’s just noise.
      Nope. I will eat my hat at 1200. It would be the opportunity of a lifetime. Post-whateverthisis, as fiat finally collapses, the world (including the U.S.) will be forcedback onto a gold standard. A gold price that is anything other thanmultipleshigher from here would be tremendously deflationary and counter-productive. Simply divide your favorite measure of dollar money supply by the (alleged) number of ounces held by the U.S., add a few extra thousand dollars on for good measure to allow for overshoot, and you get an ultimate dollar value. Again,multiples higher than today.
      Knowing this, why do I even care about $1550 vs $1500 vs $1450 vs $1600. It simply doesn’t matter toward the end game. And trust me, The End Game is coming a lot sooner than you think.”

      http://www.tfmetalsreport.com/comment/170246#comment-170246

    • A person would have to be either an epic sucker for believing this contrived B.S. or a dedicated and compensated shill/pumper to keep spewing out the same tired B.S. narrative from Sprott, Maguire and similar hucksters week after week, year after year.

      How obvious is it at this point that they’ve been full of B.S. the whole time and that they’ll say anything to pretend and extend their completely synthetic narrative and predictions?
      Wake up! They think you’re suckers and you’ll continue to believe anything…for a price of course.

    • This thing will fall apart, when ???  I dont think we have alot of time and pms are the best store of labor over time , and for sure as we come to the end of the petro dollar. BRICS nations are moving away from the dollar. They are tired of the fed printing Trillions and making the debt they hold worth less. They are trying to cash in for real value. Does any one think the trillions will be paid back ???? What about 5%-10% interest ?????   Buy low sell high , paper at highs =sell , metals at cost of production = Buy .

  3. OK… some of you are questioning the 26 day timing.  If I was planning a big buy… and I saw them slamming the market… then I would wait to buy also… wouldn’t you want to buy low as possible.   Heck… I might even be tempted to spoof the market myself… just saying.

  4. I have an update on Maguire on my latest blog post:

    http://lonestarwhitehouse.blogspot.com/2017/07/cryptocurrency-followup-imf-paper-backs.html

    I contacted his representative earlier this week and was told that he was expecting this news he has now put out to come out a little later now than he originally expected.

    Basically, he has said on his Twitter feed that a new gold backed cryptocurrency that will attract buying from sovereigns and large funds will soon launch and that he is sure that this will lead to 250 tons of physical gold buy orders very soon. On the one hand, he has pushed back his timing. On the other hand I am happy to give him some time to see what actually happens.  A few days aren’t a big deal.

    If he is correct and 250 tons of physical gold buy orders do come into the market, I think most gold advocates will be happy about that. If it does not happen, his credibility will suffer as it should.

    I just follow and events and see what actually happens. I feel like that works much better than making predictions. I have seen tons of predictions come and go unfulfilled during the 4 years I have been writing my blog.

    I will add that I am interested in hearing about this new product Maguire is talking about. In his Twitter feed he claims it will somehow have a yield. I don’t understand how that would work with a physical allocated gold backed product, but am willing to hear about it.

    If such a thing will exists, I can see how large pension funds etc. that would not allocate anything to gold right now might want some of something like this as a hedge in their overall portfolios.

    I will cover it on my blog once he explains it in more detail and we observe what impact there is on the gold and silver markets.

    Just one other comment. Those who have viewed precious metals as insurance and not over allocated to them are likely not concerned with the short term ups and (mostly) downs in gold and silver. I think if you look at them that way (which I think is the proper way), you know they are something you plan to hold very long term anyway. If you are trying to speculate and trade, then you have to realize that these markets are controlled and you are speculating in a rigged environment. I know (and hope) I will lose money every year on my home owners insurance, but I want to have it anyway in case the day comes when I need it. It’s worth losing every year on it for a long time if I ever do need it. And really, I am OK if I never need it since that means nothing terrible happened to my house. I think that is the best way to view precious metals FWIW.

     

     

     

     

     

     

     

     

    • Great post. Thanks for relaying your insight.
      I just had a life insurance guy telling me about his 85 percent allocation to government bonds. It occasioned a gold conversation. His lackey in training told me you can’t eat gold.

      Counter party risk is not on these guys radar. Gold is not on their radar. Volitility isn’t on their radar. Zerohedge is not on their radar. Inflation isn’t on their radar. Empty grocery stores aren’t on their radar. Venuezuela is for Venuzuelans.

      This is going to be ugly

    • @Strannick

       

      “His lackey in training told me you can’t eat gold.”

      This is an IQ test.  Anyone who comes out with that statement has clearly failed the test.  Being able to eat something is only ONE measure of its value.  The world is filled with MANY useful things that cannot be eaten.  Did you ask him how tasty his life insurance policy is?  While paper CAN be eaten, it won’t do a thing for the consumer of it and could cause an intestinal blockage that requires surgery.  Not my idea of a good time.

       

      “Counter party risk is not on these guys radar.”

      No, of course it isn’t.  They ARE counter-parties.  😀

       

      “Inflation isn’t on their radar.”

      Then they won’t be charging people more for their products in the future?  HA!  Of course inflation is on their radar; they just don’t talk about it to prospective clients.

       

      “This is going to be ugly”

      Yes, it absolutely will.  Makes me wonder just how long after a big crash it will be before we start seeing the “Who could have seen this coming?” type segments on TV and in newspaper and magazine articles.  My guess is not very long at all.  lol

       

    • The new crypto is BullionCoin backed by physical. Check out http://www.abx.com who will be the exchange. There is some form of ongoing income producing ability for early adopters. I was invited to the first webinar . They have a link with BullionCapital which is an Australian bullion dealer and use their MetalDesk trading platform. I was told this will be taking off early July, so I guess that is where they see the huge demand coming from.

    • There are already multiple crypto currencies that back or partially back their coins with physcial gold.  They are lagging other coins like DASH, Litecoin, Monero, Bitcoin, etc.

      They would need upwards of $9 USD Billion to purchase 250 tons of gold.  This is a joke and basically he’s stating they will overcome the #3 worldwide crypto currency in a few days or weeks?   This is insane and stuff of rainbows, keebler elves and unicorns!

      An absolute joke being played on the public.  Once again, please prove me wrong!

    • “His credibility will suffer?” hahahaha!!!!!  WHAT CREDIBILITY?? HE ALREADY HAS NONE or shouldn’t have unless you are a blubbering idiot.

  5. I think Andrew knows something of merit, but in a bout of terrible judgment shot his mouth of bleaux peauxknee style and paid the price for it. I bought more silver this month than I have in years because I think we’re finally due for a ride. That being the case as I said, if the pundits get it right this time it will be by accident.

    • Agreed @Canadian Dirtlump

       

      ” … if the pundits get it right this time it will be by accident.”

       

      This is one of those things like an infinite number of monkeys with typewriters eventually typing out the Bible word for word.  By throwing enough darts, at least one of them will eventually hit something.  At which point, the lucky dart thrower can bray about it for years.  :-/

       

  6. No bell tolled for the interred; No relative was present; beneath his head was placed a copy of “The Creature from Jekyll Island”. – The Death of King Dollar

    The ink hasn’t had time to dry from the last check cut for silver………time to order more checks.  🙂

  7. PMs will continue to go down against the dollar until the lawlessness comes to an end.  A privileged few are free to break whatever rules, regulations and laws they so choose and care not one wit for the damage they do to the bag holders on the other side of the trade.  Obviously the markets are being moved to favor some while inflicting as much damage as is possible to those not falling in line with their wishes.  Gold, silver and oil, the tangible assets of the real world languish within the programed reality of the Matrix.  Do you still believe that you can invest unmolested in this place?  Do you think you are holding a real stock or cryptcoin?

    Until the rule of law is restored to the real world it shall be thus.

     

     

     

    • “Do you still believe that you can invest unmolested in this place?”

      I take it you are out of the markets and PM’s since this will not end in yoar life time? So you have dollars in a bank account and come here just to troll?

    • I take it you are out of the markets and PM’s since this will not end in yoar life time? So you have dollars in a bank account and come here just to troll?

      You’re sounding a little like old mother Yellen with that lifetime talk.

    • There’s an over abundance of ignorance emanating from this site. People threw their money on the table without knowing the market, and now find comfort in blaming the manipulators for their errors. There is one golden rule of investing that you should always follow: Never invest money you cannot afford to lose. Investing is not saving.

      If you always remember this and never violate it, you shouldn’t have to worry about eating cat food during your retirement. But there is a natural human tendency to want to overreach, to put more money in than you can afford, and go for a huge payout. In fact, this trait tends to be magnified the more desperate someone is for money because they hope that hitting the jackpot will make all of their problems go away (you see a lot of people below the poverty line playing the lottery but not very many executives).

      Manipulation has always been in the markets. 1929 market crash was also a banker created event.

      Over $2 quadrillion per year in trades happen in just two Exchange Casinos–the CME Group, Inc. and ICE, Inc.

      These private corporations run their casinos with high-speed computer programs that have high-jacked 80% of U.S. mortgages and 100% of the stocks, bonds, commodities and futures traded on the New York Stock Exchange (NYSE:ICE) and the Chicago and New York Mercantile Exchanges and the many other exchanges owned by CME and ICE.

      The computers that run these exchanges are private and are not subject to federal regulation, but are in fact considered “self-regulating organizations.”

      You need to shit or get off the pot. If you sit on yoar losses you may be missing other opportunities. Redeploy yoar capital or if you made the mistake of throwing all yoar money into PMs, you can wait patiently. PMs will never go to zero like stawks of fiat paper. I bought gold @ $284.00/oz in 1984 as a savings plan and hold it until today. Only put in what I was willing to lose. I could say: if I coulda, shoulda, woulda bought moar, but I don’t, b/c it was the right thing to do and I’m not greedy.

    • @Justin Case

       

      “… and I’m not greedy.”

      This too is one of the “secrets” of being a successful investor.

      Well done on the sub-$300/oz. gold buy.  🙂

       

  8. On a lighter note, I heard it said that Ole Andy’s been running around yelling that the sky is falling!  Trying to to rebuild his reputation?

    Sure am enjoying all these folks big pity party on this site.  Lighten up folks!

  9. When I hear the word “Imminent’ used in any sentence it causes me pain; due to the remembrances of the 500 last times ‘Imminent’ was used in some fashion to imply one of several factors noted below.
    It makes me reach for the liniment.
    I’ve traded stocks and PMs based on the world “Imminent” so many times I feel like the crash test dummy for the Cirque Del Soliel bad trick out takes.
    Picture Shamu hauled tail first to the top of the tent then poked with cattle prods for a few hours I admit, the thought of that being an act is kind of funny, unless that’s what happens when I trade on the word ‘IMMINENT’

    1.  The price of precious metals would go to the moon due to imminent supply demand imbalances

    2.  The imminent demise of petrodollar; PM prices would go to the moon this week, month or year

    3. COMEX would default / bankrupt imminently when physical demand reveals it’s lack of inventory. Silver will go to the moon

    4.  The debt empire is in imminent default/bankrupt because Cyprus, Greece, Italy, Spain, Scotland, Ireland, Brussels or Poland just defaulted on their Euro bonds. Silver goes to the moon

    5.  An airliner crashed somewhere in the Pacific, holding secrets to the criminal empires or, better yet, people who knew all the answers to who rigs the markets. Silver’s run to the moon is imminent

    6.  Crypto currencies have inflated by 2000%. It imminent that Bitcoin will be used to buy 10 ounces of silver for every ounce for sale, thus causing silver to go to the moon

    7.  It’s imminent that the elites and oligarchs will go long on precious metals and force silver prices to the moon

    8.  Bo Polny bets his stack on the Fourth race in Santa Anita. The winner’s name is “Silver Goes to the Moon’   His subscribers all plunk down $10,000 for that prediction in his latest news letter. With Bo you know silver will STB. Just saying but Bo is a narcissistic douchenozzle and imminent danger of a second bankruptcy

    9.  Clif High says silver will be $600 an ounce in September 2017 because his emotionally charged, computer ALGO programmed lower intestinal track finally emptied this morning. Clif uses Ben Gay, a well known liniment.

    All this said, I know for certain my prediction somehow, in some cosmodic spazmodic totality of duckfuqqery, cause silver to go in exactly the opposite direction of my predicted price.

    Now here is a prediction that will cause silver to go to the moon

    I’ve been wrong 137 times and right once over the last 7 years.

    Based on my own moronic ability to be wrong virtually every time, I predict silver will drop to $11.35 an ounce by September 5 2017, immediately after the Labor day weekend (a 3 day bank holiday)

    On that lightly traded Labor day Monday Sept 4, Wun Hung Lo, a fat finger ALGO trader in Shanghai, will do a stop loss seeking silver stink bid of $11.34, dumping 18,000 contracts, or 112,000,000 ounces of paper silver at 8.45 PM Monday, while all us western drones are half in the bag with beer and nachos.

    Some will be awake, watching Kitco or the eastern indices and notice this huge plunge.  But this time the CME won’t break the trades that are $3 less than the price of silver on the prior Friday

    Why?  Because someone wants silver at $11.34 an ounce and needs to cover their shorts.

    That’s my prediction. It’s bloody effing awful but as useful and accurate as anyone else’s over the last 7 years; but it’s my call and I’m sticking to it

    I also admit committing the two cardinal errors of precious price prediction

    I name price and time in the same prediction

    But you can trade your hat, horse and saddle blanket that I am right because we all know these sorts of predictions are for entertainment value and I’m all about the joviality of this incredibly stupid and inane paradigm we call the Silver Stackers Homeland.

    “Are you not entertained?”
    If not, you’re dead from the neck up.

     

  10. PS  I got no beef with Craig or Andrew.

    As a subscriber to TFMR I find Craig’s site immensely entertaining and informative—as much due to the people who populate his site as I do from reading Craig’s commentaries.   It’s worth $100 a year. I equate that value to 3 bottles of decent scotch.

    Consuming same while reading TFMR creates a whole nuther dimension of entertainment.

    It’s just that “Vouch” rhymes with “Ouch”

    • lol @AGXIIK

       

      “It’s worth $100 a year. I equate that value to 3 bottles of decent scotch.”

      First, it might be worth that to finally be in a troll-free environment for a while.

      Second, OK, maybe TWO bottles of decent single malt.  😀

       

    • “Surprised you still have to nickles to rub together after your loses today.”

      Shooting yoar wad at the roulette table right when you walk into the casino makes it a short night. A fool and his money are soon parted. Play the markets with money you can afford to lose. By now you should be a scholar on how to invest. A learning curve. Some are expensive, when you don’t do yoar homework.

      Built a house without plans or skills?

       

       

    • @Da yooper

       

      Define “decent”?  No doubt we all have our own definitions there but for me that would be older versions of Tamdhu single malt or Glenfiddich 15 yr old single malt. There are more expensive drinks out there but these will do for “decent” sipping.

      Nice graphic, BTW.  Also a very good choice.

       

  11. SD needs a millennial whining blog to share their tears and how much they hate PMs. A masochist thread. Just pack it in kids and move on with yoar life. Write it off as a learning lesson. You won’t make any money sitting on it. Go and invest yoar money in what you believe will be the next best investment and you will be on the road to recovery of yoar capital. Sitting on losses makes no money.

    • @Justin Case

       

      “Sitting on losses makes no money.”

      No, it doesn’t… but then, it seems to provide some with endless opportunities to pee in the punch bowl at the PM party.  🙁

       

  12. King World News has now posted the full interview with Andrew Maguire. I added a bullet point summary of what I thought were his key points to my blog article linked above. Basically, he is saying by mid August he thinks that gold will have broken out above $1300 and that this will be the start of a process where the physical market over powers the paper market by next year. I’ll just follow it and see what happens. We will know if he is right or wrong by September I would think.

    • and if not by September…. I’m sure by mid January 2018. If not by January 2018…. I’m sure by mid July 2018. If not …..then I’m sure by next December 2018 for sure.

    • Well then, this is somewhat skewed from his previous indications isn’t it? He had indicated there was a large sovereign buy in the works, now he’s saying he thinks that will happen because of a new gold backed crypto-currency? Doesn’t what he has said over the last few months amount to a promotional campaign for it?

  13. I am just waiting for the day when they are giving away silver for free. Can’t catch a decent bid in an environment where everything else in sight is going up in price. Talk about a hated asset.

    I need to visit my local PM dealer this weekend to see if he has any silver he wants to throw away.

    • @Precious Mental

       

      “I need a bigger safe.”

      Yes, I do too.  It’s pretty well stuffed these days.  It would be fine but for the gun collection that needed a safe storage place.  Might have to get another safe of the same size just for the guns.  That will give the PMs some much-needed space.

       

  14. I’ve just listened to the KWN “Whistle Blower Out Of London” interview.

    As an Englishman I believe Andrew Maguire and everything he says.   Anyone who can speak English for 20 minutes and I cannot understand a word of what he is saying must be an incredible expert.

    It all sounds very technical, very exciting and completely incomprehensible.

    The man’s a genius.

    Gold to the Moon….. I’ll just go and check my stash.

    • “As an Englishman I believe Andrew Maguire and everything he says.   Anyone who can speak English for 20 minutes and I cannot understand a word of what he is saying must be an incredible expert.  
      It all sounds very technical, very exciting and completely incomprehensible.  
      The man’s a genius.”    

      LOL                    I think it comes under the heading of ‘BAFFLE THEM WITH BULLSHEET’. 

    • @don quixote  “I think I’ll go home and go long in my shorts then rinse them out with some large commercials detergent. ” 

          

      Nice one don, looks like you are thinking the same as some of us are thinking. _JLG. 

    • MONDAY MORNING, MONDAY MORNING, Couldn’t wait to see.

      MONDAY MORNING, MONDAY MORNING, Couldn’t wait to see.

      They should have made a song with those words in it – OH they did? 

       JOHNLGALT is coming down to the BIG_SMOKE Melbourne MONDAY MORNING, to help sort these M/Pl****ing manipulators out LOL.(( (converting THEFT CERTIFICATES into real money). _JOHNLGALT. 

    • Thanks for putting the song up @Ed_B  

      Just back from the Big Smoke and it was very good to me.

      Converted THEFT CERTIFICATES into real money. Oh, what a feeling. 

      A young fellow was cashing in about 7-8 Kilograms of Silver, What the hell is he thinking with. 

  15. The problem that these and other analysts have, along with investors, is that they don’t know what they don’t know (to paraphrase Rumsfield). Specifically, they don’t know how much physical gold the manipulators have access to in order to contain the price mechanism. They don’t know how much gold is spent to contain the price (that isn’t recovered in subsequent smash downs) and I suspect that we really don’t know EXACTLY how many different ways that are available to them to contain the price.

    So without knowing those details above, how can anyone successfully analyze how long the manipulators can keep the price under their control? I submit that they can’t. It’s very frustrating to hear these people continually come out with analysis that presupposes some of these details and then put out a timeline (only to be wrong) but never revisit WHY they were wrong. Why don’t they do a self analysis of what details they got wrong that led them to the bad timing call? Perhaps they’d finally figure out that there is no way they can really know what is going on in this market. Without knowing the amount of gold available along with the “burn rate”, it’s impossible to predict the end of manipulation.

    One final thought, any cryptogold system that offers an interest rate is not based on real gold sitting in a vault. It really sounds like another GLD type system to bleed off real investors taking delivery of real gold. Until someone can explain how this system works using real gold in real vaults that is audited and not some sort of hypothecated deal that pretends to be backed dollar for dollar in real gold, I remain skeptical and out of that market.

    • “So without knowing those details above, how can anyone successfully analyze how long the manipulators can keep the price under their control?”

      That is, indeed, the question.  Fact is, they can’t… but they can give out WAGs and call it “analysis”.

       

  16. Anyone who might be tempted to waste any time with Andrew Maguire’s prognostications should contemplate his track record. These are just a few headlines from SD and KWN, all from 2016-2017 plus one from 2013. There are many, many more of similar ilk. Although Maguire isn’t responsible for the headlines, they presumably  bear some relationship to what he said at the time
    3/12/2017 ‘London Trader Andrew Maguire On Latest Gold & Silver Smash: “This Is the FINAL RINSE!”’
    3/31/2017 ‘Andrew Maguire – We’re Witnessing a Historic Shift In The Dynamics Of The Gold Market’
    3/24/2017 ‘Andrew Maguire – This Will Rock the Gold Market and Shock the World’
    2/25/2017 ‘Andrew Maguire – Death Knell of Central Bank Manipulation to Send Gold & Silver Skyrocketing In 2017’
    10/28/2017 ‘This Is Where It Gets Interesting – We’ve Never Seen Such a Run on Fractional Reserve’
    6/14/2017 ‘“Gold Market Will Break This Year!” Andrew Maguire, Craig Hemke, & Max Keiser Break Down GOLD MANIPULATION’
    5/18/2017 ‘Andrew Maguire: This is a COMEX Breaker!’
    12/5/2017 ‘Does COT Data Indicate Big Move Imminent in Gold?’
    6/17/2016 ‘ALERT: Whistleblower Maguire Warns Massive Stampede into Gold Taking Place As Elites Lose Control’
    7/15/2016 ‘Andrew Maguire – We Almost Witnessed a Commercial Signal Failure In The Gold Market’
    6/18/2016 ‘Andrew Maguire – We Are Witnessing A Major Paradigm Shift In The Gold Market’
    6/4/2016 ‘Andrew Maguire – This Will Send The Price Of Gold Hurtling Into The $1,400s’
    6/3/2016 ‘ALERT: Whistleblower Andrew Maguire Says China Just Put A Huge Floor Under The Gold Market’
    10/6/2016 ‘Andrew Maguire – This Gold Takedown Charade Is About to Backfire Violently on Western Central Banks’
    5/27/2016 ‘Andrew Maguire – Ignore the Pullback, Gold to Surge Above $1,400 On the Next Leg Higher’
    3/23/2016 ‘Andrew Maguire – China & Russia Set to Dominate As Western Control Of The Gold Market Collapses’

    3/26/2013 ‘Andrew Maguire: Cyprus Was Straw That Broke the Camel’s Back- A Gold Default is Underway!’

    • Another disgruntled ignorant amateur investor becomes troll? Shot his wad into PMs expecting to be a genius investor, thinking someone has a crystal ball?

      Rather than posting this drivel that nobody gives a rat’s ass about, invest some time in gathering knowledge so not to repeat yoar mistakes, rather then coming here to whine like a 5 yr old to mommy. Don’t want to read the articles, then leave if they are of no value to you, like yoar investments, a waste of time and money.

      Do yoar self and others on these forums a favor and read this:

      Nobody Knows Anything: Investing Basics Learn to Ignore the Experts, the Gurus and other Fools
      by Robert Moriarty

      Can’t lose on this investment. Invest yoar time to learn before you invest yoar money.

      Now run along sonnyboy.

  17. Hi Justin,

    I started investing in precious metals in 2004 and stopped in 2008. I’m in the black. I don’t feel it’s inappropriate to question the track record of a metals commentator who receives as much publicity as Andrew Maguire. I’m familiar with the Moriarty reference,  thanks. BTW – do yoar self and others a favor and learn to spell.

  18. Off the usual topics (It’s about buying silver):

    For US citizens who like a little variety at a “little” over SD prices and British punters who don’t mind paying VAT (OK no interest but I will persist) it is worth checking out Baird AKA goldline:

    http://www.goldline.co.uk/silver-rounds.page

    Prices are plus shipping – I believe they are VAT exempt for destinations outside the EU.  I have myself never bought from them but they are interesting as one of the few British round minters in .9999 silver.  You can also buy some coins like the UK year of the sheep (2015) at £13.75 per round per 100, £14.25 per round per 20.

    The mintages on some RM coins are shown. Suprisingly low.  You need IE browser to get prices in dollars. Don’t ask.

    • Oops:   Link is …. http://www.goldline.co.uk/silver-rounds.page

      Doc…  They seem to be a good outfit in that from vague recollection they refine, mint, vault and deal bullion.  I do not think they are that good at marketing on the bullion dealer front unlike SD so suspect the rounds are low volume.  SD might consider doing business with them.

       

       

    • Thanks for the link to the Bairds website. I wish they had a conversion to the Aussie Dollar so we compare the prices here.

      My P.M’s shop is a Perth Mint Subsidiary in Melbourne, so I can buy most of their products there. _JLG. 

  19. The fury of the siege persists, morale wears thin and dissension has run amok within the Stackers.

    I wear two personages during the turmoil and work in a single direction.

    Dry powder on standby til further notice.

     

     

  20. @Da Yooper  There are many things that weigh heavily on a man’s heart

    A half full cup is one.

    Your friend’s cup at half mast is another

    I remember my dad saying he’d always fill his friends cups full

    Because a good and old scotch should never be small for its age

    • Sage advice @AGXIIK

       

      “I remember my dad saying he’d always fill his friends cups full
      Because a good and old scotch should never be small for its age”

      Now THAT is one way to become a true and lifelong friend.  🙂

    • Well said AGXIIK  

      Looks like you had an awesome dad 

       

      “Now THAT is one way to become a true and lifelong friend.  ”

       

      True that Ed_B 

  21. If the additional 25o tonne physical demand is about to be real what would the CB’s do about it?  As @robw posted we have no way to know what’s left in the CB,s armory and what contingency plans are in place should PM’s manage to slip the leash.  Reading Ronan Manly’s excellent series on the second gold pool that was discussed in secret during the early 80’s does give some insight into how proactive banks are regarding gold and more important their intent to interfere in a supposedly free market.

    I like the fact that McGuire focuses on the physical market but I must admit some of the terminology he uses is difficult to understand but I get the gist of what he’s saying.  Having said that why do none of these commentators ever give us the downside risk analysis?  Personally I tend to give more weight to a advocate if they’ve demonstrated they’ve have knowledge of and weighed up all the major options.

     

     

  22. Well, I am up in PMs and look at them as a safe haven unlike the few quid I have (on average) in Barclays etc. which I regard as probably lost unless I get the timing for a near complete spend/withdrawal right.  I am still giving Maguire the benefit of the doubt on the timing issue.  He certainly thinks he knows something and was right once before when he started talking dates but quite late before he was. I shall await the outcome as it might be important in deciding the future of my fiat and signal the SHTF disater ahead. Capital gain?  That is just a future possibility and probably as certain as a capital loss in third party paper.  The two will be fairly coincident.  Just a guessy/feel.

    For those anticipating the days of free silver, I don’t ever see that happening until after the asteroid impact … but I have bought a little silver under spot from my favourite bullion dealer a couple of times.

     

  23. @AGXIIK  

    1. The currency act 19652. The banking act 1959.As the name suggests, the currency act cover all the coins and notes issued in Australia.

    It is important to know that this act repealed previous currency acts so that all previous coins and notes issued now fall under this act.

    The part of the act that is relative to confiscation is section 6, part 23:23 Coins may be called in(1) The Governor-General may, by Proclamation, call in any coins issued under this Act or the repealed Acts before a date specified in the Proclamation.(2)

    A Proclamation under subsection (1) has effect from such date as is specified in the Proclamation for the purpose.Australia has two main mints,

    The Royal Australian Mint in Canberra which issues our circulating currency and a few special collector coins and The Perth Mint which issues the vast majority of our precious metal coins which are issued under the currency act.

    So in Australia, it is already in law that the government can confiscate all of our gold and silver coins going right back to the first gold sovereigns minted in the mid 1800’s.What about gold and silver in other formats?This is where the banking act comes in.

    The relevant section of this act is section four. This section is currently suspended but is still in law and can be revived at any time without the need of an act of parliament:Part IV—Gold40 Operation of Part(1)

    This Part shall not be in operation except as provided by this section.(2) Where 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, the Governor‑General may, by Proclamation, declare that this Part, or such of the provisions of this Part as are specified in the Proclamation, shall come into operation, and this Part, or the provisions so specified, shall thereupon come into operation.(3)

    Where the Governor‑General is satisfied that it is no longer expedient, for the protection of the currency or of the public credit of the Commonwealth, that this Part, or any of the provisions of this Part, should remain in operation, the Governor‑General may, by Proclamation, declare that this Part, or such of the provisions of this Part as are specified in the Proclamation, shall cease to be in operation, and thereupon this Part, or the provisions so specified, shall cease to be in operation.41 Transfer of gold out of Australia1)

    A person shall not, except with the consent in writing of the Reserve Bank, take or send any gold out of Australia.(2) A person is guilty of an offence if:(a) the person contravenes subsection (1); andc) there is no instrument in force under section 48 exempting the person from the application of this subsection.

    Penalty: 200 penalty units.Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.Note 2: If a body corporate is convicted of an offence against this 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.(3) An offense against subsection (2) is an indictable offense.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 connection 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 offense if:(a) the person fails to comply with subsection (1); and(c) there is no instrument in force under section 48 exempting the person from the application of this subsection.

    Penalty: 50 penalty units.Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.Note 2: If a body corporate is convicted of an offense against this 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.(2)

    Where a person who has gold lawfully in the person’s possession for the purpose of being worked or used by the person in connection with the person’s profession or trade ceases to have that purpose in respect of that gold, the person shall deliver the gold to the Reserve Bank, or as prescribed, within one month after the person has ceased to have that purpose in respect of that gold.(3)

    A person is guilty of an offense if:(a) the person fails to comply with subsection (2); and(c) there is no instrument in force under section 48 exempting the person from the application of this subsection.

    Penalty: 50 penalty units.Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.Note 2: If a body corporate is convicted of an offense against this 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.43 Vesting of gold delivered

    All gold delivered in pursuance of section 42 shall thereupon vest in the Reserve Bank absolutely, free from any mortgage, charge, lien, trust or other interest in or affecting the gold, and the Reserve Bank shall pay for the gold, to the person delivering the gold, on behalf of all persons having any interest in the gold, an amount determined in accordance with section 44 and the Reserve Bank shall not be under any liability to any other person claiming any interest in the gold.44 Payment for gold

    The amount to be paid for any gold delivered in pursuance of section 42 shall be an amount determined in accordance with such price as is fixed and published by the Reserve Bank or, at the option of the person delivering the gold, such amount as is determined in an action for compensation against the Reserve Bank.45

    Limitation of sale and purchase of gold(1) Subject to this Part:(a) a person shall not sell or otherwise dispose of gold to a person other than the Reserve Bank or a person authorized in writing by the Reserve Bank to purchase gold; and(b) a person, other than the Reserve Bank or a person so authorized, shall not buy or otherwise obtain gold from any person.(1A) A person is guilty of an offense if:(a the person fails to comply with subsection (1); and(c) there is no instrument in force under section 48 exempting the person from the application of this subsection.

    Penalty: 200 penalty units.Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.Note 2: If a body corporate is convicted of an offense against this 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.(1B)

    An offense against subsection (1A) is an indictable offense.(2) A person may buy gold from the Reserve Bank or from a person authorized in writing by the Reserve Bank to sell gold, and the Reserve Bank or a person so authorized may sell gold to a person, for the purpose of its being worked or used by the purchaser in connexion with the person’s profession or trade.(3)

    A person authorized by the Reserve Bank under this section shall comply with such directions relating to gold as are given to the person by the Reserve Bank.(4)

    A person is guilty of an offense if:(a) the person fails to comply with subsection (3); and(c) there is no instrument in force under section 48 exempting the person from the application of this subsection.Penalty: 200 penalty units.Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.Note 2:

    If a body corporate is convicted of an offense against this 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.(5) An offense against subsection (4) is an indictable offense.46 Limitation on working of gold(1)

    A person shall not work or use in manufacture any gold, not being gold lawfully in the person’s possession for the purpose of being worked or used by the person in connexion with the person’s profession or trade.(2) A person is guilty of an offense if:(a) the person fails to comply with subsection (1); and(c) there is no instrument in force under section 48 exempting the person from the application of subsection (1).Penalty: 200 penalty units.Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.Note 2:

    If a body corporate is convicted of an offense against this 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.(3) An offense against subsection (2) is an indictable offense.47 Application of Part(1)

    This Part does not apply to wrought gold, not being wrought gold worked or manufactured in contravention of this Part.(2) In this section, wrought gold means gold and gold alloys which on view have apparently been worked or manufactured for professional or trade purposes and includes the waste products arising from the working or manufacturing of gold and gold alloys for professional or trade purposes.

    So by reading this part of the act, we can see that it is already in law that the government can confiscate gold (part 4, section 42, b) AND determine how much they pay for it. (section 44)

    In conclusion, In Australia, we already have the laws in place to confiscate all of our precious metal coins and all of our gold. Only silver, platinum and palladium in bar form are not currently covered by confiscation laws 

    _JOHNLGALT. 

    • Fairly dismal at first sight…. JOHNLGALT

      Of course if the currency is collapsed then backed by your gold it will hold its value and the government will know that if the recompense aint right they will not get all there is by a long way, especially in Oz I wager.  I think it is likely that in the event of such an expropriation that the expropriated persons will at least maintain the value of their investment and maybe much more.  Fiat holders prior to such a move will likely lose most.

      If in a global currency reset we get a new global reserve currency part backed by gold the debt must be defaulted on before gold is introduced according to Lynette Zang so if your gold is needed to give Australia some trading tokens it will have a massively increased value so I guess that the recompense will most likely be made after a crash/reset rather than before and be much bigger than it would be before the event.  I mean I do not see any government confiscating gold at the same time as they are telling the world that their currency is solid.  It just would not be convincing and undermine behind the scenes attempts at an orderly reset.

      Confiscation is a real possibility come a calamity but likely to occur after the event with much better compensation in a sound currency.  I think that will be the case in most sovereigns.

       

    • @JOHNLGALT

      First, the government giveth

      Then the government taketh

      Then the government taketh more

      Then the government taketh everything-eth including your lifeth, wifeth, kidseth, stuffeth

      ‘Verily I say unto to thee.  Render unto Caesar what is Caesar’s

      That’s all folks   Keep rendering while Caesar’s plundering  The son of a bitch gets everything including your gold and silver

      It’s well known that I have shovels but in some cases I will indulged in some digging if the need is sufficiently great

      You might tied your kangaroo down in the down under but when Caesar comes to plunder you better have a pouch to stash your gold.

    • As @silverine said “Fairly dismal at first sight” 

      Oh well, jj will probably come along and tell us it isn’t so.

      Good idea @Alan 

      When I saw what a mess the big data dump was I should have cancelled the posting until I had put it into Word and tidied it up. Sorry ’bout that.

    • Confiscation is a 50 cent word for THEFT.  Allow me to remind others that, “They cannot steal what they cannot find”.  🙂

       

    • This is the same content ‘as above’ but hopefully easier to read.

      Copied from the Silver Stackers website with permission of @ozcopper administrator & staff member.

       
      1. The currency act 1965  
      2. The banking act 1959.  

      As the name suggests, the currency act cover all the coins and notes issued in Australia. It is important to know that this act repealed previous currency acts so that all previous coins and notes issued now fall under this act. The part of the act that is relative to confiscation is section 6, part 23:

      23 Coins may be called in

      (1) The Governor-General may, by Proclamation, call in any coins

      issued under this Act or the repealed Acts before a date specified in the Proclamation.

      (2) A Proclamation under subsection (1) has effect from such date as is specified in the Proclamation for the purpose. 

      Australia has two main mints, The Royal Australian Mint in Canberra which issues our circulating currency and a few special collector coins and The Perth Mint which issues the vast majority of our precious metal coins which are issued under the currency act. 

      So in Australia, it is already in law that the government can confiscate all of our gold and silver coins going right back to the first gold sovereigns minted in the mid 1800’s. 

      What about gold and silver in other formats? 

      This is where the banking act comes in. The relevant section of this act is section four. This section is currently suspended but is still in law and can be revived at any time without the need of an act of parliament: 

      Part IV—Gold 

      40 Operation of Part 

      (1) This Part shall not be in operation except as provided by this section. 

      (2) Where 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, the Governor‑General may, by Proclamation, declare that this Part, or such of the provisions of this Part as are specified in the Proclamation, shall come into operation, and this Part, or the provisions so specified, shall thereupon come into operation. 

      (3) Where the Governor‑General is satisfied that it is no longer expedient, for the protection of the currency or of the public credit of the Commonwealth, that this Part, or any of the provisions of this Part, should remain in operation, the Governor‑General may, by Proclamation, declare that this Part, or such of the provisions of this Part as are specified in the Proclamation, shall cease to be in operation, and thereupon this Part, or the provisions so specified, shall cease to be in operation. 

      41 Transfer of gold out of Australia 

      1) A person shall not, except with the consent in writing of the Reserve Bank, take or send any gold out of Australia. 

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

      (a) the person contravenes subsection (1); and 

      c) there is no instrument in force under section 48 exempting the person from the application of this subsection. 

      Penalty: 200 penalty units. 

      Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 

      Note 2: If a body corporate is convicted of an offence against this 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. 

      (3) An offense against subsection (2) is an indictable offense. 

      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 offense if: 

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

      (c) there is no instrument in force under section 48 exempting the person from the application of this subsection. 

      Penalty: 50 penalty units. 

      Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 

      Note 2: If a body corporate is convicted of an offense against this 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. 

      (2) Where a person who has gold lawfully in the person’s possession for the purpose of being worked or used by the person in connexion with the person’s profession or trade ceases to have that purpose in respect of that gold, the person shall deliver the gold to the Reserve Bank, or as prescribed, within one month after the person has ceased to have that purpose in respect of that gold. 

      (3) A person is guilty of an offense if: 

      (a) the person fails to comply with subsection (2); and 

      (c) there is no instrument in force under section 48 exempting the person from the application of this subsection. 

      Penalty: 50 penalty units. 

      Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 

      Note 2: If a body corporate is convicted of an offense against this 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. 

      43 Vesting of gold delivered 

      All gold delivered in pursuance of section 42 shall thereupon vest in the Reserve Bank absolutely, free from any mortgage, charge, lien, trust or other interest in or affecting the gold, and the Reserve Bank shall pay for the gold, to the person delivering the gold, on behalf of all persons having any interest in the gold, an amount determined in accordance with section 44 and the Reserve Bank shall not be under any liability to any other person claiming any interest in the gold. 

      44 Payment for gold 

      The amount to be paid for any gold delivered in pursuance of section 42 shall be an amount determined in accordance with such price as is fixed and published by the Reserve Bank or, at the option of the person delivering the gold, such amount as is determined in an action for compensation against the Reserve Bank. 

      45 Limitation of sale and purchase of gold 

      (1) Subject to this Part: 

      (a) a person shall not sell or otherwise dispose of gold to a person other than the Reserve Bank or a person authorized in writing by the Reserve Bank to purchase gold; and 

      (b) a person, other than the Reserve Bank or a person so authorized, shall not buy or otherwise obtain gold from any person. 

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

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

      (c) there is no instrument in force under section 48 exempting the person from the application of this subsection. 

      Penalty: 200 penalty units. 

      Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 

      Note 2: If a body corporate is convicted of an offense against this 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. 

      (1B) An offense against subsection (1A) is an indictable offense. 

      (2) A person may buy gold from the Reserve Bank or from a person authorized in writing by the Reserve Bank to sell gold, and the Reserve Bank or a person so authorized may sell gold to a person, for the purpose of its being worked or used by the purchaser in connexion with the person’s profession or trade. 

      (3) A person authorized by the Reserve Bank under this section shall comply with such directions relating to gold as are given to the person by the Reserve Bank. 

      (4) A person is guilty of an offense if: 

      (a) the person fails to comply with subsection (3); and 

      (c) there is no instrument in force under section 48 exempting the person from the application of this subsection. 

      Penalty: 200 penalty units. 

      Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 

      Note 2: If a body corporate is convicted of an offense against this 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. 

      (5) An offense against subsection (4) is an indictable offense. 

      46 Limitation on working of gold 

      (1) A person shall not work or use in manufacture any gold, not being gold lawfully in the person’s possession for the purpose of being worked or used by the person in connexion with the person’s profession or trade. 

      (2) A person is guilty of an offense if: 

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

      (c) there is no instrument in force under section 48 exempting the person from the application of subsection (1). 

      Penalty: 200 penalty units. 

      Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 

      Note 2: If a body corporate is convicted of an offense against this 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. 

      (3) An offense against subsection (2) is an indictable offense. 

      47 Application of Part 

      (1) This Part does not apply to wrought gold, not being wrought gold worked or manufactured in contravention of this Part. 

      (2) In this section, wrought gold means gold and gold alloys which on view have apparently been worked or manufactured for professional or trade purposes and includes the waste products arising from the working or manufacturing of gold and gold alloys for professional or trade purposes. 

      So by reading this part of the act, we can see that it is already in law that the government can confiscate gold (part 4, section 42, b) AND determine how much they pay for it. (section 44) 

      In conclusion, In Australia, we already have the laws in place to confiscate all of our precious metal coins and all of our gold. Only silver, platinum and palladium in bar form are not currently covered by confiscation laws.  

  24. @JLG If, say, your gold coins were “sold” to someone outside of Oz, and that recipient “sold” you the same number of coins would the law still apply?  IE your gold is officially not from Oz, not minted there for example Kruger Rands

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