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$5000 limit buy - no personal details required?

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$5000 limit buy - no personal details required? Empty $5000 limit buy - no personal details required?

Post  Gold Rock on Wed Jul 01, 2015 10:39 pm

A friend tells me that I can buy up to $5000 in gold without having to register the buy/hand over my personal details to a registered commercial seller. He says this is federal law. Is anyone here able to verify this, or point me to the legislation he's talking about, please? If this is the case, does somewhere like Perth Mint follow this policy, or are they like many retailers, who score as much personal info from you that they can? Any help appreciated.


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Post  peter_s on Thu Jul 02, 2015 8:32 am

I believe the legislation requires that transactions from $5000 and over be forwarded to federal agencies. Perth mint being quasi state govt agency will follow that legislation to the letter

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Post  mfdes on Thu Jul 02, 2015 9:44 am

You are allowed to buy up to $5K without registering, but you have to register to sell any at all.
Regardless, virtually all bullion traders require you to do the paper registration thingy. I deal with a particular one that I did not need to register for small amounts. Are we allowed to mention business names here? Otherwise PM me.
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Post  geof_junk on Thu Jul 02, 2015 11:59 am

Any CASH transaction of $10,000 or greater needs to be registered with the Gov
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Post  Gold Rock on Thu Jul 02, 2015 12:30 pm

peter_s, mfdes, Geof_junk, thanks for your replies.

"....but you have to register to sell any at all" .... to a commercial dealer. I could sell privately to you. Anyhow, I appreciate the heads up info.

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Post  mfdes on Thu Jul 02, 2015 1:19 pm

Private sales fall under the radar, that's be the way I'd go about it if I wanted to sell any gold. I see a lot of nuggets traded in Ebay, and that's where I bought my original, test-target nuggets from.

Cheers,

M
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Post  geof_junk on Thu Jul 02, 2015 5:22 pm

Gold Rock wrote:peter_s, mfdes, Geof_junk, thanks for your replies.

"....but you have to register to sell any at all" .... to a commercial dealer.  I could sell privately to you. Anyhow, I appreciate the heads up info.
I see you are a new member, so I will assume that you think you may have to pay tax on it. In most cases this is not the case but it may effect any CentreLink or Government Payment if you have any. Gold can be sold to any Licence Second Hand Dealer who only has to keep records for himself against stolen good.(they usually require driver licence etc for ID). Ammounts of just under $10,000 a day can be sold each day with no requirement of notifying the Gov. However most don't give the best price.
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