I am currently deciding on purchasing some 1kg Pamp Gold bullion from ABC in Sydney(while Gold is cheap). Can people with personal experience attest to this company's reputation regarding their Buy back policy. I know its one thing to buy back an oz of Gold although will they cough up when someone places quite a few kilo bars on their counter?
Hi TRH. I am unsure about that specific company's buyback regime, however if your concern is liquidity, there are people on this forum who would pay good prices for 1kg gold. I believe 1kg gold transactions have happened on this forum before.
If push really comes to shove, you'll find certain independent jewelers may be willing to buy it from you at 2.5-3% under spot. Sometimes these types of jewelers don't have street-level shops and dwell in anonymous commercial buildings for security reasons. For a 1kg bar you may even find a precious metals refinery who'll buy it from you direct, purely at melt value.
1kg gold has sold through here on several occasions via the Buy, Swap & Sell forums - and probably many more behind the scenes.
Thanks everyone for your responses. I plan on buying quite a few of these 1 Kg Pamp bars and think should I strike now or very soon. If the Aud holds then I can wait a few weeks to see if the Gold price lowers further. Any thoughts?
Personally, I'd be waiting out till about July 5th-10th, just to see how the markets are reacting to the new financial year and end of QE and act accordingly. But then again, I'm just a highschooler... hahaha
I was curious about this as well, until one day in ABC Melbourne when i went to get some silver there was a guy selling 2 1kg bars(not pamp or abc i forgot the brand) but they had no problem buying them.
ABC is a big company and 'coughing' up money is not an issue for them as they will on sell the pm's on a better margin to their customers and therefore making their profit.
That's not really how the larger dealers work. The backside could fall out of spot overnight and they could sell the kilo for $1000 less than they paid the day before and still make money. It's all about the hedging.