Choosing the right Gold Buyers or Gold bullion dealer
Talk of true monetary value anywhere in the world through known history? It would definitely always be gold. This shiny metal, for all nations at any time and era, has been considered as a true medium of exchange or currency. As history tells, for previous societies, gold has always been a medium of exchange until this new modern era.
Not only was gold used a medium of exchange, gold was and still is in many cultures flaunted during their daily living and most specially during weddings. But the endless desire for gold doesn’t stop during those periods. Up until today, gold trading, the selling and buying gold is still a live thriving market.
There are many options to take if one wants to buy and/or sell gold. Firstly, there is the Exchange Traded Funds (ETF) which is the most affordable and convenient way to buy and sell gold. However, trading through EFT might expose yourself to counterparty risks. When you buy ETF, your contract is not held in hand by the ETF provider; but rather by large banking corporations. If such global banks go broke, soon your gold is gone, too. Additionally, you are not assured that they really have the gold they are claiming. Having this in mind, it is much safer to have your gold bullion seen before your very eyes before trading.
Australia is quite known to have a number of gold bullion dealers. Some of the main ones include Perth Mint in Perth, ABC Bullion in Sydney and Brisbane Gold Company in Brisbane. One can directly go to the bullion office to buy gold. Should there is none near your residence, they also accept orders placed over the phone or online. They accept delivery requests but be minded of the method to be used and if your precious bullion is insured.
eBay is also a means to buy and sell gold. Surprisingly, there is quite an active market here. Using this means, however, is riskier than going through a registered dealer. It is necessary to have the metal tested. Once you have found a good seller, it’s a smarter move to just stick with them. Be sure also to track your delivery package and have it insured.
You can check forums and Google for and reviews on different gold buyers or bullion dealers before making a choice where to buy your gold. All the gold buyers and dealers have a strong internet presence so choosing one shouldn’t be too difficult.
Above all these, one must consider the tax implications of buying and selling your gold assets. This includes Goods and Services Tax (GST) and Capital Gains Tax (CGT). Investment grade gold (99.5%+ fine) will not be subjected to GST. However, bullion products of lesser grade come with GST when sold by bullion dealers or gold buyers. CGT, on the other hand, is applicable on capital gains made from gold. If a gold is bought at a certain price and sold with profit, then you’ll be liable to pay the tax on the profit gained.
Now that you are nearing to own your most precious gold, the next question is how to store them. There are many options to choose from. But for now, head on to your route of choice to have, in your bare hands, your real reserve gold.