Where Do People Buy & Sell Gold in Australia Since the Melbourne Gold Rush
Melbourne is where it all started. The immigrants that were leaving Britain in 1852 bought more tickets to Melbourne than to any other city in the world. As you might have guessed, all the new arrivals were chasing a single thing – gold. There were thousands of British people arriving daily and the lodging houses and hotels were all full to the point of bursting.
Gold in Australia brought both development and as well as problems. This sudden discovery of gold deposits transformed a small port town into a chaotic world centre. By 1861, Melbourne was a city that housed 125,000 people. Gas street lights, piped water delivery and solid buildings began to give the city a more mature look.
The gold rush that started a century ago in Melbourne has now transformed into a bullion market that offers gold in various forms, weights and sizes to the investors. Millions of investors invest in precious metals investment products today. These days there is more than one way of investing in gold. Let’s take a look at what are the modern and easy ways of buying and selling gold in Australia.
1- Buying Gold Bullion
The easiest way of buying and selling gold bullion is to do so directly from the Perth Mint. The benefit of trading gold bullion from the Perth Mint is that you have the facility of storing your bullion in a company provided vault. Moreover, bullions are highly liquid. You can buy them and sell them easily whenever you want.
2- Buying Gold Coins
People who are interested in purchasing physical gold always buy bullion coins. The advantage of doing so is that you can buy them from anywhere in the world because the intrinsic value of gold will always be the same. There are numismatic coins which are traded at a premium that depends on the intrinsic value of the gold coin. You can buy these coins at goldstackers.com.au/store/.
3- Exchange Traded Funds
ETFs are the most recommended way of buying and selling gold. They can easily be traded on the stock exchanges. ETFs are very attractive because the investor doesn’t have to worry about buying, storing and selling gold physically. ETFs can be easily bought and sold on the Australian share markets.
4- Buying / Selling the Shares of Gold Producers
Buying and selling the shares of gold producers is another option available today to invest in gold. But your investment is subject to the risks every company has like unstable political conditions, the number of active gold mines they have in the world, their operating costs, and their total debt amount.
Buying gold jewellery might be a good short term investment but not a very good idea if you’re looking for a long term investment. This is because it’s difficult to monetise gold jewellery by selling it when you need money. Also, the value of gold in the jewellery is only the fraction of the cost of that jewellery.
These are the easy sources from where people in Australia are buying and selling gold these days. If you’re interested in diversifying your investment portfolio by adding gold investments to it, then you should consider these options for buying gold as well.