Bullion Group "gold bar database"

[grimsqueaker]

Caught this headline on Kitco today.

Bullion groups launch gold bar database to thwart fraud​

What do y'all think about this? I could be wrong, but it looks to me to be the same kind of shenannigans that governments are attempting to pull re cryptocurrencies, so that no transaction, of any magnitude, anywhere, can escape their notice (and immediate taxation). If that is the case, what are the implications and options for small-time prospectors, miners, refiners, treasure hunters, etc. who would like to melt and refine their gleanings into uniform bars or coins to streamline any possible sales, but would like to avoid as much scrutiny as possible? I'm not asking about activities that most people would consider to be unlawful by right, just the ability to manipulate one's own rightful earnings/belongings without Big Brother's watchful eye ever over one's shoulder. In my opinion, if gold was to be standardized, serialized, and tracked in the way this seems to facilitate, it likely becomes subject to all of the detrimental issues associated with paper (fiat) currency. Thanks.

 

[Martijn]

Sounds like a control thing to me. Big money wants more money... The same way 'blood' diamonds will eventually end up in Antwerp with certificate and all looks legit just to keep the hard working, poor low wage workers on the poor side of the production line.
So that the rich dealers can make even more profit. Without getting dirty hands.

 

[orvi]

Sounds like a control thing to me. Big money wants more money... The same way 'blood' diamonds will eventually end up in Antwerp with certificate and all looks legit just to keep the hard working, poor low wage workers on the poor side of the production line.
So that the rich dealers can make even more profit. Without getting dirty hands.

Yes. Sooner or later every bit of gold will eventually end up on the "legal" side of market. It is only the matter of time, stakes are high and motivation is very appealing. Antwerp covers the diamonds, Swiss gold giants will cover the gold. Through some middlemans etc... But it eventually complete the circle.

 

[grimsqueaker]

Yes. Sooner or later every bit of gold will eventually end up on the "legal" side of market. It is only the matter of time, stakes are high and motivation is very appealing. Antwerp covers the diamonds, Swiss gold giants will cover the gold. Through some middlemans etc... But it eventually complete the circle.

So, you seem to think that little sellers in possession of "unofficial" gold will continue to have channels allowing them to sell, albeit possibly at a significantly reduced price point? Do you think that potentially could be as low as 50% of spot, or less?

 

[orvi]

So, you seem to think that little sellers in possession of "unofficial" gold will continue to have channels allowing them to sell, albeit possibly at a significantly reduced price point? Do you think that potentially could be as low as 50% of spot, or less?

I meant that illegaly mined gold from third world will maybe make few more "turns" but inevitably end up "legalized" by some big company. I did not write it clearly, I apologize.

 

[goldshark]

Maybe on investment grade bars. Until all countries pass some law that it has to have an official gold buyers/sellers mark, you could stamp the fineness, weight, and some ******** serial number to comply.

 

[GoIdman]

Maybe on investment grade bars. Until all countries pass some law that it has to have an official gold buyers/sellers mark, you could stamp the fineness, weight, and some ******** serial number to comply.

I totally agree, my thoughts exactly.