G'day, just a regular queenslander bloke looking to set up a SMSF sometime soon (thinking esuper for simplicity's sake) and wondering what the opinion here is about miner's shares as far as gold and silver outfits are concerned. What companies are favoured? What should I look out for? I know I could go on hotcopper and get some advise but there's so much keyboard carrot spanking and general idiocy on there that I stay away...yikes :/ Cheers
I'd recommend you purchase gold bullion directly and get a safety deposit box that is outside the regular banking system. Purchasing shares in a gold company unless you own 51% of the company means that you are relying on the company directors to act in an honest and transparent manner. In today's world that is asking too much. If your super does not hold the physical gold you are setting yourself up for a potential total loss. If the price of gold collapses you will lose a percentage of the value if your fund is holding the physical gold. If you are holding shares you can lose the lot. Kind Regards non recourse
Big thanks for the replies...as for phyz I've already got that sorted it I'd say The main reason I posed this question to you blokes (ladies to?) is that I wanted to hear the opinion on shares from like minded individuals who believe in physical metals. I'll do some more research on here and make my move. Cheers
I see no problem owning gold/silver mining shares for your SMSF. I don't own any atm but intend to when the time is right. If/when gold and silver do make a genuine move upwards, this will be magnified in mining shares especially good junior to mid-tier miners with a good balance sheet and quality assets. Like picking any shares though you have to do your own due diligence. I would then look to convert the profits quickly to physical if economically things continue to deteriorate.
G'day knuckleheart, What was the path you chose? did you choose the physical metals route or take the direct shares or ETF route? Cheers Ivan
