Australia is known to be one of the top producers of gold and silver globally, and it is also believed to have the largest gold reserves at 9,500 tonnes. There are several advantages to buying and investing in precious metals, including reliability, diversification of investment portfolio, tangibility, and liquidity. The traditional way of investing in metals is buying them as bullions. You can purchase bullions as bars or coins from companies like https://www.goldbullionaustralia.com.au/. However, you need to check a few things before going ahead. What are some of those?
What kind of bullions can you buy?
Some precious metal dealers or companies in Australia only allow you to invest in gold or silver. It is better to go with those that offer you the option of investing in all three noble metals: gold, silver, and platinum. That way, you won’t have to look for a new dealer and do research every time you decide to invest in them.
Do they have both buying and selling options?
Many bullion dealers will only offer you the option of buying precious metals, which is excellent. However, you will have to sell them at some point in time. For instance, you might want to sell gold when it’s high in demand but low on supply. Similarly, you might need cash for vacation and decide to sell your silver stock. In those cases, you should be able to sell your holdings quickly. You should also check at what prices the dealers buy back the bullions.
Read more: What Are The Pros and Cons of Using Gold Coins As An Investment?
What is the registration process?
According to Australian law, you will have to register as a customer with any bullion dealer if your purchase exceeds 5,000 AU$. It is advisable to ask the company regarding its registration process and do it online. They should also tell you about their confidentiality agreement if they have one. You might also be required to provide an ID since AUSTRAC or Australian Transaction Reports and Analysis Center requires all bullion dealers in the country to identify their customers.
What kind of services are available?
Any good precious metals dealer will have a wide range of services on offer. Besides the apparent buying and selling, other facilities you should look out for are vaulting, superannuation, delivery, and safe deposit boxes. Each of these is essential because you will need them at some point. For instance, if you want to store your coins or bars safely, a well-guarded bond box with your key would be the way to do it. If a dealer offers these services, they are experienced in the business.
What are the ways you can buy bullions?
It is better to go with a dealer that provides options for buying bullions, including online, over the telephone, via email, or visiting one of their locations across Australia. That will ensure that the process is convenient and easy both for you and them. It would also be reasonable to check which cities their offices are located in and the trading hours.
Do they guarantee the purity of the metal?
Purchasing any precious metal, including gold and silver, is a significant investment. Therefore, you should proceed only after assuring yourself that the product is of the highest quality. The highest quality of gold is 24 karat, while the purest silver is 999, which is used in bullion silver bars. Australia has a National Measurement Institute or NMI that oversees the inspection of precious metals sold to customers. All bullion dealers must follow the correct procedures.
Investing in gold, silver, or platinum bullions in Australia with dealers is a safe and secure way of transacting your purchases. It is crucial to ask the right questions and have all the information before buying and selling precious metals.