Where can I buy gold sovereigns in Melbourne? Plus sovereign questions

S

SovereignBuyerMelbourne

Member
Hello just joined, and as you can probably tell from my name I'm looking to buy Gold Sovereigns from a reputable buyer without extortionate prices in Melbourne.
let me know if you know of any, I've already found some using this site...
http://www.australian-gold.com/dealers-traders.html?
I'd love to know your recomendations and if you have had any experiences with the traders mentioned on this list.

I'd also like to double check some things and get a confirmation as to whether they are correct or not.

From my research I've discovered that Australian sovereigns are VAT and Capital gains tax free in the uk, could the knowledgeable members of silver stackers back this up and confirm this?

Thank you in advance for any help I get.
 
So you're planning on buying them in melbourne to take back to the uk or are you residing in melbourne?

Either way there'll be an added 10% GST if you're buying from any dealer as they are 22ct and are not an investment grade of bullion
 
Some dealers do charge 10% GST on sovs., but they don't have to, because they can clam the input credit when they buy the coins.
Best to avoid any dealers charging GST on gold sovereigns obtained from the public.


If you are taking any GST paid coins out of the country within 3 months, you can clam back the GST at the airport if you have the receipt.
 
DanielM said:
So you're planning on buying them in melbourne to take back to the uk or are you residing in melbourne?
Click to expand...

Yes that exactly what I plan to do use some of my Aussie dollars to buy gold then sell the gold once in the UK to avoid any exchange fees, but I'll also hold some coins back just to save, rather than have all my money in the bank.

DanielM said:
Either way there'll be an added 10% GST if you're buying from any dealer as they are 22ct and are not an investment grade of bullion
Click to expand...

Yes that's why ideally I'd like to buy some Gold Britannia coin, however I've yet to find any.

projack said:
Some dealers do charge 10% GST on sovs., but they don't have to, because they can clam the input credit when they buy the coins.
Best to avoid any dealers charging GST on gold sovereigns obtained from the public.
Click to expand...

Ideally I hope to find one of these dealers


projack said:
If you are taking any GST paid coins out of the country within 3 months, you can clam back the GST at the airport if you have the receipt.
Click to expand...

Yes I suppose that could be an option.
 
Sovereign premiums are increasing - it's easy to find them advertised at 10%, but try buying more than a couple at that price, they quickly run out, or are out of stock.

Gold Stackers has 9999 Britannias in stock, no GST.

The Tourist Refund Scheme is 60 days before travel, and the item must be in your carry-on (unless it is required to be checked by the airline, but I have not claimed in this way, so don't know of the difficulties). My wife was once refused a GST refund on sovereigns taken internationally because of her occupation (gold dealer), so the TRS refused the refund on the grounds it was "commercial goods" related to her business, when it was personal. We didn't fight it, we just brought them back to Australia on the return trip. So it has to be crystal clear on an invoice that they are personal goods - you couldn't for example buy sovs (or Krugerrands or $200 Koalas etc) in the name of a trust or SMSF and get the GST back by travelling overseas with them. You also need to dispose of the coins overseas, or redeclare them on entry for GST to be re-assessed.

On my recent flight to the US I brought some sterling silver flatware I had just purchased from a second hand shop, and was able to claim the GST back that I was charged.
 
I've had PC trouble so i've not been able to attend to my threads, sorry about that.


goldpelican said:
Sovereign premiums are increasing - it's easy to find them advertised at 10%
Click to expand...

What is that? are sovereign premiums just another way of saying mark up?

goldpelican said:
Gold Stackers has 9999 Britannias in stock, no GST.
Click to expand...

are these the Britannias you are referring to? http://www.goldstackers.com.au/store/royal-mint-1oz-gold-britannia.html
:D Thanks I will enquire on my day off.


Thanks for all the help so far from you and others in this thread.
 
SovereignBuyerMelbourne said:
goldpelican said:
Sovereign premiums are increasing - it's easy to find them advertised at 10%
Click to expand...

What is that? are sovereign premiums just another way of saying mark up?
Click to expand...

Sovereign volumes are way down in the industry - doesn't help when the scrap trade treats them as GST playthings to melt down. They're getting destroyed at the rate of hundreds if not thousands per week - I've spoken to a number of the people doing it in efforts to buy them as bullion coins instead of seeing them destroyed. Much of the stock at Gold Stackers is "rescued" sovereigns diverted from the crucible - we've been actively trying to get refiners to on-sell them as coins rather than just see them as 22K scrap to melt and refine, which is their normal fate. Even Young Heads get melted down.
 
Really?

Wow. I'd have thought it cheaper (and less upsetting!) to melt Krugs if one wanted to refine 22k gold...
 
This is not about refine 22k gold, it is just to melt any scrap gold.

Sovereigns are one of the best ways to invest in gold as they are:

1, recognized everywhere in all continents.
2, they have numismatic poetical.
3, they are the right size.
4, no CGT if you sell them in the UK.
5, not only no worry with any potential gold confiscation issue, but they can be traded openly as numismatics.
 
We're not disputing that.

I'm just surprised people would be choosing them to melt, as GP describes.

On top of that, such actions will reduce supply and increase premiums.
 
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