Greetings to everyone - this is my first posting after spendind some time as a "lurker". I am rapidly approaching retirement age (55) and do not want all of my super at the mercy of the world markets which are looking shakier by the day. I already have a small gold stack and I am thinking seriously of withdrawing $50,000 from super and investing it in something a little more concrete. I like the idea of owning bullion but there is always the question of where to keep it securely - I am still very green on this subject and will welcome any suggestions re: purchasing bullion and coins and other ways to get started investing in gold.
This just my personal experience not advice. I am retired and run our SMSF. I started with precious metals on the 1s June 2010. I set up an account with the Perth Mint under the umbrella of my fund. I bought $90000 in gold and $10000 in silver, this unallocated which means they store it at no cost. What I did not get across was the exchange rate which has a huge influence on the value in AUD. Gold and silver are priced in USD and when I bought AUD was worth about 80c USD. I bought another $45000 of gold before the end of 2010 which reduced the price for us. Silver increased to about $44 in May this year and then dropped to about $32. I had bought silver at about $22.50 so not a concern. I then sold $30000 of the gold then and bought silver, so that I had $40000 of silver at about $30 per oz. Our gold base is now $105000 at $1455 per oz. The gains we have made are very pleasing far more than the rotten stock market. I also have had some gold coin for 10 years. Nicely made in their case and a small run. Look good but useless as an investment. Much dearer than the gold spot at the time and now only the spot price. That is if they were melted into a lump it would be worth the same. Being coins connected to the 2000 olympics has no value as far as I can see.
What tax implications are there if you were to withdraw that $50K? It could be cheap to setup a SMSF and buy bullion in the fund until you qualify for the tax breaks? Something to think about.
I'm young and with Esuper, somthing that was covered in another thread was the question of insurance and storage. Now my superfund bought a safe for my pms and that solved my security issues and was excepted by law.
