Practical Gold

As a significant practical aside to this, how does one actually buy pieces of gold for the storage of wealth? I’ll limit this to gold you can hold as investment forms are really too extensive to cover at this time and have some non-obvious disadvantages.

In Australia, pretty much all of our minted gold is produced by the Perth Mint. Perth Mint is a good reference for prices and the sizes and types of bullion available. The Perth Mint has a number of options for buying gold, however, they really are not set up for dealing with small purchases of gold bullion, unless you live within driving distance of the mint. Generally, for amounts that are not in 5 figures or more, you are better off purchasing gold from a dealer. The mint gives dealers significant discounts on their purchases, which has allowed a distribution market to develop. Most major cities have places you can go to purchase gold. There are no dealers in Tasmania at this stage.

Alternatively, some options you might look at online are:
Ainslie Bullion
Bullion Bourse
Aurora et Luna

The only real issue with getting stuff online rather than from a dealer locally is postage, which can be relatively expensive on smaller parcels. It is possible to get good discounts of the smaller pieces if you are buying in quantity, so if you are only interested in small amounts at a time, consider making a group purchase of some kind.

Finally, the other option left to you is trading with other owners. This will probably get you the closest to the current price as there is no margin being made, but unless they are local to you there is still the cost of postage to sort out. If you’re interested in this approach, a subject specific forum like Silver Stackers might be a good place to start.

If you are looking to save for the future – for something that has caught your eye, for a house deposit, for retirement or simply against a time of need, realise that we have yet to find a superior alternative to the store of wealth used throughout recorded history, and start saving gold.

P.S. One final thing to note is that there is a government requirement that any transactions over $5,000 be identified and recorded by the dealer, which is similar to the requirements for large cash transactions. Expect to have to provide ID to purchase.


About Neocolonial

Ideas. Dreams. Collector of alternative perspectives. Engineering. Education. Politics. Photography. Whatever else catches my attention.
This entry was posted in Economics Links. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s