Gold Dealers in Melbourne
If you’re looking to invest in precious metals, it’s a wise decision, and a gold dealer is available to do the transaction. The first thing you need to do is to check on the global spot price of gold, which will help you to find the best deal. If you go online, you can see many sellers displaying the products available for purchase along with their prices. And each product is also accompanied by its weight with reference to the spot price of gold. So, when you find what you wish to buy, you can place your order and then later pick it up at the dealer’s shop.
Investment Grade Gold is 99.99% pure
A gold dealer will offer bullion in the form of coins and bars, and you can choose according to your preference. Some dealers even offer rare coins, and you can also buy handcrafted bullion of the highest quality. You can buy bullion in weights from 2.5g and up to 1Kg in ingots or bars. But unlike gold jewellery, the investment grade gold must be 99.60% pure and be stamped accordingly. If you’re purchasing bullion worth $5,000 and above, you must provide personal identification. And one must report all cash trades above $10,000 to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Look for a Reputable Supplier
To avoid getting ripped off, ensure that you source the gold from a trustworthy supplier whose bullion is accepted in the market. A sign of good reputation is a gold dealer who has been in business for many years. The bullion bar’s Hallmark will be recognised on the LBMA. Also, you need to ask the gold dealer whether there is a buy-back option. If there is a buy-back program, you should learn about the buy and sell spread, which can make a lot of difference when you’re trying to recoup your investment.
Choose the Type of Investment
Before you visit a gold dealer, you should determine the kind of investment that will be suitable to your needs. You can buy gold bars in various sizes, and each should have a hallmark stamp to show the company that produced it. You can even buy gold coins ranging from 1/20th ounces to 1Kg in size. Aussie gold coins are available in various depictions, including animals and popular landmarks. You also need to consider storage costs, and dealers will offer you a vault to keep your investment. Keeping your gold in a vault is a prudent move because you’re guaranteed that your investment is safe and secure.
Knowing when to Buy or Sell
Another thing you need to consider is the length of time you’re planning to possess the gold. The asset is not like a conventional investment such as property that will acquire value with time. It’s a static asset whose value rises and falls due to demand, and so you should plan. The good news is that you can create wealth by investing in gold, but you need to learn everything you can about the market to avoid getting your fingers burnt.