Brisbane person buying gold to hedge against inflation - where to buy?

B

backupplan

New Member
I'm wanting to accumulate a small stash of physical gold as a hedge against some sort of significant inflation event in the future. I live in Brisbane and I want to avoid my purchases being tracked (given to AUSTRAC), purely from a "slight fear-of-confiscation" perspective. I get that the transaction generally won't be given to AUSTRAC for individual purchases less than $5000, as per this thread http://forums.silverstackers.com/to...acting-with-site-sponsors-online-sellers.html, although it appears to depend on the individual dealer.

So with that in mind, where would you buy gold if you were living in Brisbane?

The only dealers in Brisbane I am aware of are Ainslie Bullion and City Gold Bullion. It appears neither of these are PAMP approved though. If an inflation event (or something more serious) occurs I want to be comfortable that my gold can easily converted into cash/land/a motorbike/food/whatever. Given my objective, do you think I'd be better off seeking gold from a PAMP approved dealer?
If so, how can I buy PAMP approved without my purchase being recorded if there aren't any PAMP dealers in Brissy?

Also, should I go for bullion or minted bars or coins, given my objective?
 
Get a list of dealers in the city, dealer crawl and at each one ask them if they require ID for under $5000, if yes move onto the next one, elseif no; buy up to $5000 and repeat until you have your desired ounces. Most dealers will follow the $5000 limit. Obviously, you will need to bring cash.
 
Bricks and Mortar stores are pretty dated, they have to pay for staff and rent and overheads etc. and the gold is the same wherever you go, plus you lack competitive prices if there aren't a large number of outlets around. I like Coin Stores because they have different stock, you can look at the items, talk to them about the different coins etc. But bullion is bullion, unless a shop is giving you a special discount as a loyal customer I would be comparing prices before every single purchase and maybe buying from multiple places.

I live in North North Brisbane and I get all my gold from Melbourne, online via the Goldstackers website. I have also bought from other site sponsors and other members. Goldstackers will store small amounts of gold for free until you have enough to make it worthwhile posting, saves lots of small postage charges and cheaper than buying directly from Perth Mint.

Members of the public do not often report private sales to the government, no matter what the value. However you do take the additional risk of dealing with the public, I would be happy to do business with private individuals here to the value of several thousand dollars and have done so in the past.

If you are concerned about inflation then you might as well get the cheapest gold available, if it all goes horribly wrong you are only going to get spot for it so paying additional premiums for a brand name is a bit pointless. Of course if you trust the PAMP brand and you think others will to, then you have the added peace of mind knowing that you are getting a brand name.

I have a small amount of Perth Mint Gold (I prefer silver), a few sovereigns and some maples.

I would probably go for minted bars from Perth Mint, not as cheap as poured bars but cheaper than minted coins, and from a well known company. You are paying a bit extra to have it put into a little plastic card with a serial number on it but that might pay off later when it comes to sell them.
 
BiGs said:
Get a list of dealers in the city, dealer crawl and at each one ask them if they require ID for under $5000, if yes move onto the next one, elseif no; buy up to $5000 and repeat until you have your desired ounces. Most dealers will follow the $5000 limit. Obviously, you will need to bring cash.
Click to expand...

So I went to Ainslie - they need to see my ID. I asked if my name will be recorded to be passed on to any government-related organisation and they said they cannot comment. They said to "check on an internet forum" :S

Why Pamp ?
Have you been sucked in by the marketing dep ?
Click to expand...

So you wouldn't be worried about getting PAMP given my line of thinking?
 
backupplan said:
Why Pamp ?
Have you been sucked in by the marketing dep ?
Click to expand...

So you wouldn't be worried about getting PAMP given my line of thinking?
Click to expand...
I think you've totally missed it ;)
I suggest you do a lot of reading here first & get to know the local dealers
 
I think you've totally missed it wink
I suggest you do a lot of reading here first & get to know the local dealers
Click to expand...

Ok, my apologies there is plenty of PAMP discussion on here already.

I've tried searching for threads with info on other Brissy dealers though, to no avail.

Can anyone suggest what dealers I should check out here? Or if buying online from interstate might be the most economic option (e.g. Goldstackers as mentionedthanks JisLizard)
 
Goldstackers: Allocated/Stored until you are ready to have it sent.
Alternatively unallocated; build up a pool of PM and either redeem for physical as you mentioned or in a pinch sell back to Goldstackers.
Brisbane area as well and I refuse to purchase from Ainslie.
Have had nothing but great service from Goldstackers and Bullion Money as well as private site sponsors.
 
Personally I have found Perth Bullion (Bullion Bourse) very good on prices and they have a good variety of stock. It just takes a bit of time to get from Perth to Qld (where I am).
 
backupplan said:
I live in Brisbane and I want to avoid my purchases being tracked (given to AUSTRAC), purely from a "slight fear-of-confiscation" perspective.
Click to expand...
And you thought that it would be good to broadcast this on a site, that some suspect, may be monitored by government departments?

I suggest that you go to a Brisbane meeting, and ask in person.
 
dont buy pamp, buy anything, what the hell is pamp approved?. buy all your stuff online, dont spent over 5k at a time.. thats all u gota know. do those things.
 
Couple of things, why not buy from site sponsors or members on here? very easy to deal with. Like put in like $4000 orders through goldstackers, perthbullion, bullion money ect ect

Also check out the perth mint gold certi cards, i love them and personally prefer them over my pamp dragon
 
BiGs said:
Get a list of dealers in the city, dealer crawl and at each one ask them if they require ID for under $5000, if yes move onto the next one,
Click to expand...


Isn't it only a requirement for $5k plus?
Why would any dealer lose a sale of potentially $4.9k?

Does the "move to the next one" ever eventuate?

I'd be staggered.
 
scrooged said:
BiGs said:
Get a list of dealers in the city, dealer crawl and at each one ask them if they require ID for under $5000, if yes move onto the next one,
Click to expand...


Isn't it only a requirement for $5k plus?
Why would any dealer lose a sale of potentially $4.9k?

Does the "move to the next one" ever eventuate?

I'd be staggered.
Click to expand...


Ainslie Bullion ask for ID even if you're only spending $500. Does anyone know why this might be?
 
backupplan said:
scrooged said:
BiGs said:
Get a list of dealers in the city, dealer crawl and at each one ask them if they require ID for under $5000, if yes move onto the next one,
Click to expand...


Isn't it only a requirement for $5k plus?
Why would any dealer lose a sale of potentially $4.9k?

Does the "move to the next one" ever eventuate?

I'd be staggered.
Click to expand...


Ainslie Bullion ask for ID even if you're only spending $500. Does anyone know why this might be?
Click to expand...



To ID potential thieves?
 
Last time I was there, Ainslie required you to present ID on entering the premises in order to proceed to be served. Very good "bad element" deterrent for a security conscious business.

It is permitted under AUSTRAC legislation, but not required - under the Act businesses have the discretion of applying KYC to orders below $5000. It would be a risk-based business decision.
 
You must log in or register to reply here.
Back
Top