The posibility of government seizure is just as real if you hold gold see the below

Part IV of the Banking Act 1959.

The Reserve Bank of Australia have the ability to set the price of gold at any time.

Which means the RBA could tell the mines what they are going to pay for the gold, and set whatever price they like.

note that  prior to 1976 anyone having possession of gold other than jewellry had  one month from it coming into their possession to surrender it to the government
also note that the law  that  authorised the government to do this has never been repealed just suspended  . To bring it back again it only requires the governor generals signature not neccessary to pass through parliament.

History of Gold Controls in Australia

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

PRESS RELEASE No 29

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.

30 Jan 1976
CANBERRA ACT