Hey all, I own a mix of both 22k and 24k. I went to Jaggards recently and they said they buy 22k gold at least 10% under spot because of GST. The issue I'm thinking of is how liquid the 22k market is in Australia. So I own some krugerrands, a 50 peso and some gold eagles but am thinking they may be harder to liquidate in Australia. I'm thinking of trading for 24k coins. Thoughts please
I wish the Australian government would rectify the legislation re sovereigns (22k). I mean, they were minted here at some point for goods sake, and are the Commonwealth's old 'legal tender'. In the UK selling a sov is always a CGT free transaction. Here they're subject to GST. I know it'll never happen, but it makes no sense to me.
Bullion Now apparently pays 100% of spot up until a certain point, that presumably applies to 22k and all other purities as well. I can't say anything much about the pesos and AGEs as that's not my knowledge base, but I'm guessing that particular years will still be particularly harder to get hold of and therefore carry a premium when it does come time to sell; there's always the opportunity to sell on here, Facebook or even eBay (discounting the additional fees). As far as Krugerrands go, certain years are again key; 1988 for some reason is hugely popular - I'm guessing it's mostly due to the aspect of the double 8s and their importance in some demographics - as well as 1967 of course, that being the very first year of mintage. As far as liquidity goes, I've never had any issues moving 22k compared to 24k. The importation of 22k, however, always incurs the GST surcharge and oftentimes people don't really want to pay that extra... It's all just part of the process.
