Gold Market
how can I buy 24 carat gold bullion at market prices in Australia for investment purposes?
I want to buy gold for investment (gold ingots or bullion) at market price in Australia, Melbourne, does anyone know where I should go? Thanks.
You can’t…because the MARKET price is NOT what you will buy it for…the dealers have to make a profit so they add on a percentage over market, or service or handling charge.
So you will NEVER buy it for the market price.
And if you go to sell it BACK, they will only pay you a percentage of market price….at least 25% or more LESS than the market price. So they can make a better profit selling it to someone else! They might call it an ‘assaying charge’ (they will say they have to test it to prove the gold content, etc.)
I have owned a jewelry store for 30+ years, and had friends invest in bullion and raw stock against my advice…because they thought they could make a good profit. Never happened…gold would have to almost DOUBLE in price from what you buy it for to make a profit selling it.
I had the chance to stock up on gold when it was only $40 an ounce…stupid me…I didn’t think it would change much. It is almost $1000 an ounce now…I could have made a fortune if I had even spent only $1000 back then and stuck it in a safe!
Market jitters cause Thai gold rush
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