Buying Gold In Australia
Whether you are a first-time gold buyer or a seasoned investor in precious metals, there are a couple of factors to consider when you decide to buy gold bullion. You should choose a location that is stable, has an active trading market, and be placed in production and distribution channels with better advantages.
Is gold cheap to buy in Australia?
Yes. It is very easy to buy gold in Australia. The current gold price per gram in Australia is 86 AUD/ gram for 22-karat gold and 93 AUD for 24-karat gold.
Do Australians believe gold to be a good investment?
Gold has been seen as a valuable store of wealth since ancient times. It has been a stable investment that is not affected by the volatility of stock markets. This is true for a lot of investors across the globe including investors in Brisbane.
How much of your gold do you have to report in Australia?
Australian Precious dealers are required by law to report a single transaction in which where gold worth $10,000 was traded. This is required to be done within 24 hours.
Is there GST payable for gold in Australia?
There is no requirement to pay GST for investment-grade gold and silver. The definition of “investment grade” is specific. The gold must have a purity of 99.5% or greater. The same is true for silver.
You may be required to pay GST on your gold if the sale value is greater than what you paid when you first purchased the gold.
Reasons why you should buy your gold from an Australian dealer
- The country is one of the highest producers of gold in the world.
It is the second-biggest producer of gold in the world. The number 1 gold producer in the world is China.
About 75% country’s gold is produced in the West of Australia. A lot of the gold is sold to other countries in the world.
- The Perth Mint
The Perth Mint is one of the biggest refineries in the Southern Hemisphere, managing more than 300 tonnes of gold a year which is about all the gold that is produced throughout Australia.
When does the gold price change?
The price of gold is updated every minute of the day. However, the AUD rate might take an hour or so. The price of gold all over the world is expressed in U.S dollars. This is because of the time difference between global markets as well as the current currency exchange rate between the U.S dollar and the Australian Dollar. The price of gold in AUD is often exchanged according to the rate of exchange between the default currency of the U.S. Dollar and the Australian dollar. You will find that a lot of Aussie gold dealer sites display the gold price per gram instead of ounces as you would find on most other sites.
Is gold the right investment for you?
When it comes to investing your money, only you can decide whether gold is a good investment to buy into. You would have to find out what investing in gold will mean to you. With the current economic uncertainty and Australia set to become the leading company in the world, you should consider taking advantage of the current situation and investing your money in gold.