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Gold (again) - What Would The Govt Do...

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I've heard it mentioned that anything over £5k invested in gold requires proof of id and that over £10k per year (is that right?) will cause the government to be notified. So... if I were to buy £500k of gold (which I'm not - this is hypothetical) then would the govt make enquiries of or to me? In other words is it just to protect againstnot informing them of any capital gain or are there other reasons?

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I've heard it mentioned that anything over £5k invested in gold requires proof of id and that over £10k per year (is that right?) will cause the government to be notified. So... if I were to buy £500k of gold (which I'm not - this is hypothetical) then would the govt make enquiries of or to me? In other words is it just to protect againstnot informing them of any capital gain or are there other reasons?

If you were to purchase your 'Hypothetical' amount of Gold.......I would be very confident the Government would be looking at you!

Why?.......money laundering with possible terrorist links.

Although I doubt if you are about to spent this amount of dosh, if you do please let us know first because I imagine your purchase would push the price of Gold even higher & I would want to buy some more before hand.

Cheers.

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Guest absolutezero

The US government have been going about confiscating gold from people. There's some law that allows them to do this.

I'd bet we have a similar law.

Maybe that's why they want your name and address.

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Guest Riser
The US government have been going about confiscating gold from people.  There's some law that allows them to do this.

I'd bet we have a similar law.

Maybe that's why they want your name and address.

My understanding of this scare story is that back inthe 30's the US did indeed introduce laws to confiscate gold, since then they have not been used although recently they voted to keep the powers if required.

The recent confiscation was in connection with a vary rare coin called a "double eagle" which I undertand was the result a minting error decades ago when a couple of hundred double headed coins were produced. There was an order made to destroy the coins but a few got sprited away. They are so rare that one went for a few million dollars a couple of years ago. The latest case involved a woman who inherrited around six of the coins and left them with a dealer for valuation. The FED learned of the coins existance and confiscated them, needless to say when the woman learned of the potential value of the coins she was gutted.

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My understanding of this scare story is that back inthe 30's the US did indeed introduce laws to confiscate gold, since then they have not been used although recently they voted to keep the powers if required.

The recent confiscation was in connection with a vary rare coin called a "double eagle" which I undertand was the result a minting error decades ago when a couple of hundred double headed coins were produced. There was an order made to destroy the coins but a few got sprited away. They are so rare that one went for a few million dollars a couple of years ago. The latest case involved a woman who inherrited around six of the coins and left them with a dealer for valuation. The FED learned of the coins existance and confiscated them, needless to say when the woman learned of the potential value of the coins she was gutted.

Wow!! 10 of them!! Thanks for bringing this up, it had totally passed me by. If you want to know about the 1933 double eagle, I highly recommend downloading this interview with David Trip - it is historical, highly entertaining and nothing about gold ramping or anything:

Illegal Tender

Try and resist following these links until you have listened to the above interview as it spoils the story:

wikipedia

Guardian article

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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