Buying and selling physical gold

[Sdajii]

GG's thread about buying and selling minted gold coins got me thinking, and rather than hijacking his thread I thought I'd ask here.

What would be the most efficient way to buy and sell physical gold or silver, and how would it compare to coins and online/non physical gold?

I've never owned physical gold and other than a coin someone gave me as a six year old which I loved but lost as some stage (never give a precious coin to a little kid! Not only will it be wasted but they'll be upset about it when they're older!) I've never owned silver.

In Thailand I've seen gold shops advertising their buy and sell prices for physical gold and silver at surprisingly narrow margins, though I've never tried and perhaps if you tried to sell they'd find an excuse to offer less than the advertised rates. In Australia I see gold dealers offering much less favourable margins. Next time I go to Vietnam I'll have to check out their rates - I see many gold shops there but have never investigated. I'm sure the game would be all sorts of terrible (bad prices and I wouldn't trust any of the dealers) but I'll check it out next time I'm there. I'll also have to check it out next time I'm in more honest and dependable countries such as Singapore and Japan.

Assuming we're just looking at bars/rounds or very basic jewelry (a chunky basic necklace or rings or something), how close to the spot price would it be likely possible to buy from a dealer for, and how close to the spot price would it be possible to sell to dealers (or private buyers I suppose) for? Are there significant price differences between what dealers in different countries offer?

I've often seen large premiums in price for coins vs rounds or bars, and of course some jewelry can be multiples of the gold price, but how close can jewelry get if it's just basic such as simple rings or chains?

 

[Sean K]

GG's thread about buying and selling minted gold coins got me thinking, and rather than hijacking his thread I thought I'd ask here.

What would be the most efficient way to buy and sell physical gold or silver, and how would it compare to coins and online/non physical gold?

I've never owned physical gold and other than a coin someone gave me as a six year old which I loved but lost as some stage (never give a precious coin to a little kid! Not only will it be wasted but they'll be upset about it when they're older!) I've never owned silver.

In Thailand I've seen gold shops advertising their buy and sell prices for physical gold and silver at surprisingly narrow margins, though I've never tried and perhaps if you tried to sell they'd find an excuse to offer less than the advertised rates. In Australia I see gold dealers offering much less favourable margins. Next time I go to Vietnam I'll have to check out their rates - I see many gold shops there but have never investigated. I'm sure the game would be all sorts of terrible (bad prices and I wouldn't trust any of the dealers) but I'll check it out next time I'm there. I'll also have to check it out next time I'm in more honest and dependable countries such as Singapore and Japan.

Assuming we're just looking at bars/rounds or very basic jewelry (a chunky basic necklace or rings or something), how close to the spot price would it be likely possible to buy from a dealer for, and how close to the spot price would it be possible to sell to dealers (or private buyers I suppose) for? Are there significant price differences between what dealers in different countries offer?

I've often seen large premiums in price for coins vs rounds or bars, and of course some jewelry can be multiples of the gold price, but how close can jewelry get if it's just basic such as simple rings or chains?

Is buying in Thailand safe? How guaranteed is the product? Would you be able to resell easily?

Singapore or Hong Kong might be a better option if you're travelling through. Compare prices to the Perth Mint, because if it's the same, you might be better sticking with the Mint for guaranteed authenticity.

 

[Garpal Gumnut]

I'm inclined to go Perth Mint. It's easier and backed by the WA Govt.

Sometimes we make it difficult for ourselves. I had to buy a non prescription item from the pharmacy mid $30's in price. It was $5 cheaper at the Chemist Warehouse, 2 stores in town, not on my usual runs too and fro. So I bought it at the local pharmacy. They have bigger overheads than the Chemist Warehouse and the pharmacists and assistants are a bit of eye candy and make me feel young again.

Anyways, sorry off topic. If I lived in Brisbane I'd probably try the mob in Adelaide St. I believe that is where we bought bar back in the 80's, 90's and noughties when I was earning good. As I said elsewhere on ASF, I prefer the ASX listed PMGOLD now.

I don't trust foreign banks or anything to do with gold, jewellery or precious objects overseas. I'm a xenophobe and make no apologies, mainly because I don't know how the xeno world works. They probably feel the same about me.

So I'd recommend Perth Mint for bar and coin. I'll let everyone know how I go once I've decided what coins to buy. Hopefully, as I expect, (see the "gold heading" thread), Gold is going to fall in price on Chinese selling to raise the $USD and then buy back in cheaper with all the f-ups going on in fascist USA.

gg

 

[Sdajii]

Is buying in Thailand safe? How guaranteed is the product? Would you be able to resell easily?

Singapore or Hong Kong might be a better option if you're travelling through. Compare prices to the Perth Mint, because if it's the same, you might be better sticking with the Mint for guaranteed authenticity.

Thailand would not be my first choice for buying, though I'd sell there or anywhere else as long as they paid well. I'm not even entirely sure Australia is the best choice. No doubt somewhere like Perth Mint would be safe, but you'd pay a premium for that assurance which is probably a premium above its value.

 

[Sean K]

Thailand would not be my first choice for buying, though I'd sell there or anywhere else as long as they paid well. I'm not even entirely sure Australia is the best choice. No doubt somewhere like Perth Mint would be safe, but you'd pay a premium for that assurance which is probably a premium above its value.

It would be an interesting desk top study to compare AUD prices of spot v P Mint v Thailand v any other outlet where it's advertised. That might be a start.

 

[Garpal Gumnut]

Excellent idea @Sean K . I don't have the skills to do that or even the skill to prompt AI to do so.

I must admit that I went in to that "Adelaide St. " Brisbane Gold site this morning. they are Brisbane Gold Company and may have similar capital city named companies in other states. Their buy/sell prices appear reasonable to me. And I may change my mind to buying small 1/2 oz bar over coin for the grandchildren. I'll be in bne in August. They have not paid me for this post although I wish they would as I have principles but not around gold. I'll repost most of this on the "grandchildren" site later.

@rcw1 @Sdajii

Gold Price Current AUD Gold Price - Brisbane Gold Company

Current Gold Price in AUD with full price lists, historic spot gold price and latest gold price. Includes Silver price lists and Silver price information.

www.brisbanegoldcompany.com.au

gg

 

[Sean K]

Excellent idea @Sean K . I don't have the skills to do that or even the skill to prompt AI to do so.

I must admit that I went in to that "Adelaide St. " Brisbane Gold site this morning. they are Brisbane Gold Company and may have similar capital city named companies in other states. Their buy/sell prices appear reasonable to me. And I may change my mind to buying small 1/2 oz bar over coin for the grandchildren. I'll be in bne in August. They have not paid me for this post although I wish they would as I have principles but not around gold. I'll repost most of this on the "grandchildren" site later.

@rcw1 @Sdajii

Gold Price Current AUD Gold Price - Brisbane Gold Company

Current Gold Price in AUD with full price lists, historic spot gold price and latest gold price. Includes Silver price lists and Silver price information.

www.brisbanegoldcompany.com.au

gg

There's a Melbourne Gold Company that looks to be owned by the same people as the Brisbane Gold Company. Same web site.

There's quite a few buyers and sellers out there. Just a matter of authentication I guess. Prices vary by $100 or so.

@Sdajii this site might be interesting for buying in Thailand. https://offshoreinasia.com/the-complete-guide-to-buying-gold-in-thailand/