GOLD 0.51% $1,391.7 gold futures

Hi Dub and all, I’m fairly sure that profits from Gold bullion...

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    Hi Dub and all,

     

    I’m fairly sure that profits from Gold bullion sales will attract tax in Australia.

     

    If people recall once John Howard fessed up to having spent whatever money we thought, we had due for our pensions by way of taxes paid throughout our working lives.  By way of an apology he encouraged us to save for our future super fund requirements and many of us did.   The rule was 15% tax of funds going into the fund to be returned at pension age tax free.  Now as we know they also want another 15% as you take it out!  The kind of government theft and deceit that every day apathetic Australians seem happy to bend-over for whereas the average French man buys a yellow vest! 

     

    I took the opportunity to remove a lump of my super fund holdings (Gold) when the Australian public trough feeders in Canberra moved the goal posts on super fund savers.  Fortunately, at the time I could do this from the fund tax free (last chance apparently!)

     

    I moved then used the funds to purchase Gold coins here in the UK, the Gold price moved slightly down during this transfer but nothing major to brag about, effectively I moved Gold purchased between 2002-06 over to the Gold coins mentioned above.

     

    The reasons I did this is that there is definitely no Capital Gains Tax on UK Gold coins such as the Britannia and the Sovereign.  There is a possibility that the UK government could change this rule at some point in the future; however, the average working man here is not a major buyer of Gold coins and I know the wealthy here always leave themselves a loop-hole. Clearly, we all know we can’t trust the bustards in Canberra as they have proved it so many times.

     

    I have duel citizenship and the above was a simple enough procedure; however, I’m sure many others reading in here have UK relatives or are smart enough to work out how to exploit such a clear CGT loop-hole!

     

    The problem we will face in the future is we just don’t know what politicians of any ilk will do once the tax taken from the population is insufficient to keep their feeding trough full.  Desperate Australian politicians have proved they will resort to just about anything to maintain their living standards off the backs of the few remaining hard-working citizens!   Plus, the apathy shown by our Australian population over so many years seems to have emboldened to feel confident they can still pull the wool over so many eyes and remember a frightened population is a great deal easier to govern!

     

    Here in the UK I am noticing a refreshing change whereas the Australians are afraid of their governments generally here the politicians are starting to look like they understand the public anger towards their recent actions particularly with Brexit etc.  I think a society where the government is afraid of its population is a better bet for this particular Gold enthusiast.

     

    Dr Who,

     

    I take your points about the rapid chances in technology and that you feel these, and other advancements will save the day.

     

    Yesterday I had a four-hour flight to the UK from Tenerife, much more convenient than taking a trip by a wind clipper of yesteryear.  The time allowed me to read a renowned UK newspaper from cover to cover and I notice that not all the recent changes in life are for the better. 

     

    When I left school, I completed an apprenticeship other friends went off to university the big difference than was we had no education bills to repay for our training.  Not so today I read that some humanities students are paying just over GBP 9,000.00 PA for a little as seven contact hours per week. Apparently, few of these degrees lead to decent paying jobs either and the loans do need to be repaid.

     

    I bought my first house in my early twenties on a 25-year mortgage at one point paying 21% interest. I recall multiplying my monthly payments by 300 and realised I was being seriously fleeced.  I worked long hours including a two-year spell working in the ME (Dubai) and paid out my mortgage on my return.   Yesterdays, paper tells me more and more UK mortgages are of 35 years or longer, I accept rates are lower; however, this still means the current generation of home buyers are starting later and that they will still possibly have mortgage payments well past their 65 th birthdays.

     

    The other shocking news item was about the increasing amount of credit card debt being racked up on gambling!  8 Billion PA apparently and now the UK government are talking about legislation to stop this predatory behaviour.  I’m not a farmer but even I know it’s best to bolt the barn door whilst it still contains the horse!

     

    All in all, what I see with my own eyes I am convinced that some kind of crash or reset is now all but inevitable and therefore I will continue to hold physical Gold as insurance on my future purchasing power. 

     

    Cheers and very best regards:  Andy

     

 
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