laws for selling gold

Rules and regulations In Tasmania for prospecting

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darth
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laws for selling gold

Postby darth » Fri Jan 10, 2014 10:50 pm

Hi guys do you know where i can find laws on selling gold in Tasmania if there is any I've searched net there are plenty of places that sell but I'm not sure what the rules are.

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admin
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Re: laws for selling gold

Postby admin » Fri Jan 10, 2014 11:27 pm

Hi Darth

You can legally sell and hold Gold in Australia. as of today.


Below is the text of a 1976 Australian Government press release announcing the removal of restrictions on the ownership and trading of gold in Australia. The attachment to the press release provides a history of controls over gold in Australia.


Prior to this it has changed many times since the 1841 Californian Gold rush which was a catalyst for change globally. Back then, the Crown got your gold.

EMGARBO 6.00pm

STATEMENT BY THE TREASURER, THE HON PHILLIP LYNCH, M.P.

PRIVATE OWNERSHIP AND SALE OF GOLD BY AUSTRALIAN RESIDENTS
SUSPENSION OF PART IV OF THE BANKING ACT

The Treasurer, Mr Phillip Lynch, said today that Commonwealth restrictions on the freedom of Australian residents to own, buy and sell gold in Australia had been removed.

He added that current restrictions on the purchase of gold coins had also been removed.

Australian residents could now export and import gold subject to normal exchange control and customs procedures.

Mr Lynch pointed out that legislation existed in some States to regulate gold buying and some dealings in gold.

The Treasurer was commenting on the effect of the suspension of Part IV of the Banking Act 1959-1974 by His Excellency the Administrator in Council on 30 January.

In terms of this part of the Banking Act, gold, apart from wrought gold and gold coins to a limited extent, had to be delivered to the Reserve Bank of Australia within one month of its coming into a person's possession.

The legislation had restricted the sale of gold in Australia only to the Reserve Bank or a person authorised by the bank.

It had also prohibited the export of gold without the Reserve Bank's permission.

Mr Lynch said the reasons for these restrictions on gold dealings by Australians no longer existed.

The role of gold in the international monetary system had declined substantially in recent years.

Similar restraints were not placed by the Commonwealth on dealings in silver, precious stones or other like forms of investment.

He noted that several other developed countries, including the United States and Japan, had removed restrictions on the private ownership of, and dealings in, gold.

A number of European countries also had no restrictions on gold holdings.

The Treasurer also pointed out that the Industries Assistance Commission, in its report on the "Production of Gold" dated 5 Jun 1975, had expressed doubts that the continued existence of the restrictions on gold transactions in Australia served any useful purpose.

Submissions received from the Gold Producers' Association (GPA) had pressed for removal of restrictions on gold marketing in Australia.

The Association welcomed the Government's decision to suspect Part IV of the Banking Act.

The Reserve Bank had been holding discussions with the GPA, the Banks and gold refiners to ensure that the marketing of Australia's gold was not disrupted.

The Treasurer said that gold producers, for the time being, would still be able to take their gold to banks or to refiners as they had done in the past.

However, if they wished they could now also sell their gold in other ways.

The industry would, in future, have greater flexibility in the disposal and marketing of its output.

Mr Lynch mentioned that investment in gold was not risk free and it involved significant costs such as storage, insurance and assaying.

An outline of the history of gold controls in Australia is attached.

30 Jan 1976
CANBERRA ACT

Thats for private ownership of physical gold.
//////////////////////////

Gold, Silver and some minerals on the land are the crowns without the appropriate licences. Land is defined as under the sea as well as dry land.

below taken from MRT
Who owns the minerals?
Ownership of minerals is complex and varies from title to title:
Under common law the Crown always owns gold and silver.
By past legislation the Crown owns oil (which includes mineral oil, natural gas and solid bitumen), helium, atomic substances and geothermal substances.
Ownership of other minerals depends on the date of original land grant and the Act under which the land was granted.
Owners of land granted prior to 1 July 1996 always own sand and stone.

darth
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Re: laws for selling gold

Postby darth » Sat Jan 11, 2014 10:39 pm

Thank you admin very helpful .

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mfdes
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Re: laws for selling gold

Postby mfdes » Wed Mar 12, 2014 1:04 pm

darth,

Trading in gold is legal and unrestricted. However, how that gold was obtained is important: if you hold a prospecting licence, the gold you find (within some limits) belongs to you. However, if you sell any, I believe royalties are due to the State of Tasmania. If you do not have a prospecting licence but dig up gold in a designated fossicking area, the same rule applies. However, if you have no prospecting licence, any gold you find belongs to the State, as far as I know.
There are, as stated above, some rules depending on the conditions of the original land title grant for private land.

Miguel

TassieDigger
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Re: laws for selling gold

Postby TassieDigger » Fri Dec 18, 2015 5:44 pm

They make it so difficult to navigate the legal side of things. Surely, if one has a Prospecting Licence and finds anything, within the licence rules, they own it. Otherwise, we would be designated slaves to the State?

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mfdes
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Re: laws for selling gold

Postby mfdes » Sat Dec 19, 2015 8:55 am

Hi TassieDigger,

I asked the Director of Mines this very question a couple of months ago. They replied that we don't, in fact, own anything we find under a prospecting licence. I think this isn't kosher according to the MRDA. I wrote a post about it: http://www.appleisleprospector.com/who- ... -tasmania/

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