How to Purchase Gold in Australia
Australia is known for its gold mining industry. It produces gold not just to satisfy domestic demand, but also for exports to China, India, the U.S. and other countries.
Gold is a good investment in a time of inflation, as the price of this commodity rises together with other prices. It also serves as a safe haven for investors when they are panicky about other asset classes, such as stocks or property. However, gold doesn't yield any regular payments, in contrast to the dividends that many stocks pay or the rents that real estate brings.
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Instructions
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Determine how much gold you'd like to purchase. For that, study the gold market and think about your investment priorities. Gold generally offers a protection against inflation and economic slowdowns. While stocks usually decline in periods of recession, gold prices often rise. However, gold produces no income like dividends for stocks or rents for real estate.
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Research where you can buy gold and at what prices. There are numerous Australian gold dealers operating online or having shops in major Australian cities. For example, you can check the prices of the dealers provided in the Resources section of this article.
Gold bullion can come in different weights, typically one ounce, 10 grams, 100 grams and 1,000 grams. Make sure the gold grading in 99.99 percent, which is the industry norm for bullion.
You can also buy gold jewelry, but in addition to the price of gold it is made of, you have to pay for the actual manufacturing of jewelry as well as to the people who designed it. For investment purposes, stick with bullion or coins. However, do not pay more than the melt value of coins unless they are of truly numismatic value. Many merchants are selling bogus coins for as much as eight times their real value.
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Order the bullion from online dealers or buy them directly from gold shops. When buying significant amounts, be prepared to prove your identity with a passport and some utility bills. The bullion you buy should be marked with a stamp, measuring their fineness. In addition, you will also get a paper certificate, verifying the legal status of your gold.
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References
Resources
- Photo Credit Perle aus Gold . Wasser . / Gold water image by Nazar Chabara from Fotolia.com
