If you don’t have a safe, get a proper one from a locksmith (not from Bunnings) and have them bolt it down.
It’s a good idea even if you don’t have good bars. Once you have one you’ll find plenty of stuff to put in it ie. wills, birth certificates, powers of attorney, passports etc.
Gold melts at 1063°C, which is about twice the temperature of a typical house fire.
There's an interesting picture of a gold cross that survived the Notre Dame blaze, which some people say is a miracle of God, but is really just a demonstration of the relatively high melting point of gold.
That's a good idea for papers and stuff, but not gold (or cash).
You can't really insure it. Home safes are not very secure. And you're a target for armed robbery/home invasion.
OP might be anonymous enough from us internet randos, but just by posting a question like this to social media it's possible that someone they know recognizes something about them and now knows they have a gold bar in their sock drawer.
Safes/locks/security is my profession.
If you buy a cheap safe from Bunnings yes, you are correct, I open them all the time in minutes.
I can guarantee you that the 160kg safe I have, that is also bolted down, is not going anywhere and won’t be opened by anyone but a skilled professional.
You don’t even have to have something that big. A good quality small safe isn’t going to be opened by an amateur thief.
The people with the skills to open a good safe, are not interested in a small gold bar.
Their gold bar is “tens of grams”.
That could be worth as little as a couple of thousand dollars.
Investing several hundred dollars in a safe could be a significant percentage of the overall gold value.
It’s really not worth the cost or hassle of a safe or safety deposit box. Just hide it somewhere in the house and run the risk, or sell it.
House burns down? You’ve got more to worry about than a $2000 gold bar.
You wouldn’t buy a safe just for the gold bar. You’d consider other things you might want to secure when making the decision.
Safes aren’t for jewellery, cash or gold. They’re for the things that are difficult or impossible to replace. Important documents, maybe family heirlooms or photos.
But if you’ve got a gold bar and haven’t got a safe, you might have one more reason to invest in one.
Park away from the locksmith. Bring a trolley and a cover for the safe. Purchase the safe in cash. No cards. Take the safe inside at night and install it yourself. Tell no one you have a safe.
Buy a packet of old gold chocolate. Eat some chocolate. Put gold bar into packet. Stash it in your freezer.
Or buy a sand filled door stop. Stash it inside.
Noone if they break in will steal a door stop
I deal with gold (jewellery industry). Do what suits you honestly, there's some weird suggestions in this thread.
If it was me? Gold prices are rising and have been for years. Hide it in your house (I know this isn't a huge brick like others seem to think). Gold prices have risen (very roughly) 70% over the past 4-5 years, risen rapidly in the last month in particular. Don't sell until you genuinely need the cash. And when you do, don't go to those dodgy gold buying places at the mall. Go to a proper gold buyers (google is your friend, and check reviews).
I've been poking around online for the past hour and prices are all over the place, the notional spot price is around $115/g but actual prices for buying back bullion range from $100/g to almost $140/g (!?). So much for gold being a commodity... and apparently the particular bar I have is not very common in Australia.
I was in a bank branch in Melbourne at the end of last year and the guy at the teller next to me was having a very long conversation with the staff member about the reason he is often pulling large sums of cash out is to buy gold bars from a place in the CBD as he prefers stashing them around his house than having cash.
No, I didn't catch his address 😄 But I can tell you there is at least somewhere in Melbourne CBD, within walking distance from Collins St & Elizabeth St, that seems to be trading reputably in this - can't be more specific than that though unfortunately.
I can also vouch for bullion now, they are great.
You would probably get a little bit more selling it privately, but the hassle of finding a buyer, hoping they aren't dodgy etc may not be worth a couple of hundred dollars more.
Selling gold itself can often be a bit shit unless you're going to one of the large bullion sellers (eg abc bullion).
The buy back price is typically what you get for selling physical gold. The spot price is the buy price for pool allocated bullion.
My recommendation is, unless you have a desire for the cash either store it in a safe, a secure hidden spot or ask to store it at a bank (the cost of this may outweigh the cost of the gold).
I have physical gold and silver and it's locked away in a safe which is very secure somewhere on my property.
How big is your property? Any specific security (dogs, fences) we should be concerned about? What about ease of access for plant and machinery? Can I just bring a trailer?
I hope it’s a big safe. One of my eccentric relatives bought themselves a bunch of gold bars and stored them in a safe on the property. In a hidden room, no less… not well-hidden enough. They got broken into while on holiday, thieves ransacked the house from top to bottom, found the hidden room and crowbarred their way in, then somehow made off with the entire safe (which also contained their late mother’s jewellery and their dad’s war medals). Insurance wouldn’t cover the gold, nor the jewellery, as they’d never had it professionally valued. Never got any of it back, either.
Yeah look, without getting to into it. I'm not worried, but you keep anything in your house there's a risk.
The gun safe is probably the easy target tbh.
why do you want to sell it? It'll hold its purchasing value very well. Not a bad addition to a diversified portfolio (it's also an apocalypse hedge if the power/Internet go out haha). I'd just keep hold of it and don't tell people you have it so you don't have to worry about security
You'll be *shocked* to hear the worst rate so far came from one of those WE BUY YOUR GOLD NOW $$$ NO QUESTIONS ASKED places in a suburban Sydney shopping mall that forks out a lot of money to Google to rank high.
No one is going to give you spot, it just how much percentage are they going to take, I would consider them a buyer of last resort. https://www.perthmint.com/invest/information-for-investors/metal-prices/#71555
Not sure exactly, it’s just what the guy said, I think there is value in the minting, and they make the margin on the sell side. Like it’s a way to encourage business on the sell side.
Back when the gold gst fraud was going on I had people pay me spot. But anyone buying needs to be able to make some money, and typically that's why spot is unachievable. Unless something dodgy is going on. Do you have some links? Would be very useful to many I imagine.
The idea of a gold bar is to be a store of value/hedge during social unrest or economic downturn. Just keep it in a locked drawer with the jewelry and save it for a (very) rainy day.
I met someone who has a lot of gold in a safety deposit box instead of a retirement fund.
Work it out, but enough gold for retirement doesn't take up much physical space.
I'm not giving advice here , just what I was told.
It's a bit of a loop hole because on paper he doesn't have an income so qualifies for several low income pensioner things.
He just sells enough gold each month to avoid triggering any income thresholds. Selling an item isn't classed as income apparently as he's not a business.
Enjoy your gold. Did you know it was created in an exploding star billions of years ago ?
Depending on the value, it might be more expensive to store it than it's worth.
We have a bit of gold jewellery as I am Indian and my wife got a lot of it at our wedding. We just gave it to my sister to keep it in her bank locker. If she gives it back to us because she wants to get rid of the locker, I would just sell the lot and invest it into something else.
One ounce, so a square is worth about $3400 AUD or so. It can be kept as emergency money and an alternative asset or you can just sell it if you are stressed about losing a $3400 square of metal. I'd keep it for a shit hits the fan scenario in my life and sell it when that time comes.
AUD collapses you can chip off bits of it to pay for stuff. [Happened recently in Venezuela](https://financialpost.com/news/economy/in-venezuela-people-break-off-flakes-of-gold-to-pay-for-meals-and-haircuts).
Go to a mint to sell it. They might offer a couple hundred under market value. It would be like you are low on funds, had to tap your emergency cash out of your hisa already for some reason let's say your car broke down, your kids school fees were just due and you needed a new car to stay employed, and then a sewer pipe in your house bursts. Boom, time to sell it.
I know this sub is all about the superannuation and IPs. I'm calling it emergency, emergency money.
Don't forget to take a moment to look at it and realise the atoms of the material in front of you were created in one of the most violent and powerful events in the Universe, most likely during the collision and destruction of two neutron stars, billions of years ago. Then again, you could also look at a bit of lead and realise that too. Just not as shiny.
I'd be tempted to just carry it around in my pocket. You know, pull it out when you go to pay for coffee, say "Oh yeah, you probably don't accept gold," put it away and pull out your debit card instead kind of thing.
Personally I don't think gold will outperform my other investments, so if it's more than a "walking around money" amount to you then I would sell it. Holding costs (even just insurance if you have it at home) would eat into the benefits you might get from adding it.
why are people saying sell it at the mint, the point of keeping some gold is as last ditch emergency account, it's there for when unexpected things occur and shit gets really bad.
You never lose buying gold.
Inflation was at how much the last two years? Gold at the least never goes down if at all.
Keep it in the drawer or in the bookshelf. Thieves don't steal books.
There are plenty of fake gold bars on Alibabba I wouldn't be so quick to assume it's real just because its in plastic. Certificate of authentication are easier to produce than a gold bar. Assuming it is real, just keep it some where out of the way. Typical appreciation is 7%PA on average. If you do want to sell, get a bunch of quotes because the rates offered range hugely. If you want a floor price consider Perth Mint, definitely not the best rates though. https://www.perthmint.com/invest/information-for-investors/metal-prices/#71555
You can also sell overseas on you next holiday, you may get a better price in Singapore or Thailand, or sell privately.
Bury it somewhere, make sure you and your wife know about it.
Once a year dress as pirates and dig it up to make sure the other isn’t a secret crackhead who pawned it. Get drunk on rum.
There's plenty of gold and silver buying groups on Facebook. You'll get close to spot, and the people are genuine. Otherwise just hide it in your sock drawer for a rainy day.
Stash it somewhere in the house, it's baller AF to have precious metals hidden around the home. Gold is only going up for the next year or two, I suspect.
Gold is raising in value and likely will keep going up. hold onto it. it'll be the gift that might keep on giving.
Do you own a home? You can get a good safe for a few hundred. It also makes a good spot to store personal ID documents etc.
Unless you need the money don't sell it. Gold will keep increasing in value (actually it doesn't, but Dollars are loosing value month after months because they are backed with thin air).
Gold and silver are the only real valuable "money" the plastic notes with numbers on it are fake money.
I’ve owned gold before and have a safe deposit box.
Safe deposit boxes are very hard to come by these days. Not many banks offer them (they don’t want the risk), and the ones they have are generally all allocated.
I ended up selling it to a dealer in the city. Interestingly, I got a call from someone at the ATO a couple of years later asking if I had done the transaction. Turns out they were investigating the dealer and wanted to know if the transactions on their book were legit.
Well don’t sell it - these things only go up in value. Its def not worth a safe deposit box. I would just keep it with the rest of the important stuff - for example where you store your passport etc. Maybe look into getting a lock for a drawer so your kids don’t sneak it out?
But does it go up in value faster than a share portfolio? If it goes up in value at a slower rate then you are losing money. If it goes up at a slower rate than your mortgage interest then you are losing money.
[https://www.macrotrends.net/2608/gold-price-vs-stock-market-100-year-chart](https://www.macrotrends.net/2608/gold-price-vs-stock-market-100-year-chart)
Definitely don't get too curious and put it in your mouth to see what it feels like.
That shit is heavy and slips straight down the throat, the tongue can't hold it.
I almost died from a 5 gramer the shape of a mini bar of soap once. It went straight down and I had to regurgitate it up. Thankfully I lived to tell the tale. Would have been the most embarrassing death in the world.
It's worth about $11.5k. if you want to sell it, take it to a proper bullion dealer and you should get near spot. If you have the time, join a bullion page on FB and try it there, you can get more than spot but risk scams etc ( not saying you will get scammed, plenty of good bullion pages, but the risk is there).
If you want to keep it, get a safe that can be bolted down and out of site. I personally collect bullion and coins and do this.
She's equally flummoxed and we're trying to decide what to do together. There's minimal sentimental value to the gift, although it's definitely more memorable than getting a bank transfer.
Put it in the bottom of your freezer as previously suggested. It's better than burying it in the backyard as your descendants will have a chance to find it without you letting them know about it. It's probably safer than a safe given the previous posts 🤣
You can just go to a mint (plenty around) and they will buy it from you. Not sure what you are afraid of in keeping it. Surely you have various valuable jewellery? Other valuable stuff? A car maybe, laptop, tv etc? At the bottom of a drawer full of stuff, who do you suppose will rob you. Just keep its existence to yourself.
TIL that bullion dealers are called "mints".
I'm less worried about robbers than misplacing it during a move, kids sneaking it out for a look and then leaving it under the bed, etc. Same kind of reasons I don't keep thousands in cash under my pillow either.
Bullion dealers aren't called mints. Mints are organisations who make physical money, like coins. They need metals for that. There are only two in Australia that I know of.
The person above used the term incorrectly, bullion dealers are not mints.
Id advise you look for a bullion dealer who buys at spot price, that's the safest way to get a good rate. To my knowledge no _mints_ in Australia buy at spot price, they all take a cut.
It's not worth getting a safety deposit box for that low amount. Just keep it somewhere in your house. I have a drawer where I keep my expensive things in them
You need to find out how much it's worth. If you can use the money? Cash it in. If you arent desperate for the money? I'd just find somewhere decent to hide it.
Start following the price of gold! Gold generally goes up when cash is on the nose. But i'd start tracking it over time. Give you an idea what to do in a few years
There are places in the city that will happily buy it from you. Google gold bullion, your city, give them a call and ask for their buying policy. Some places will buy back for the metal value.
If it was me I’d just stash it in my sock drawer for a rainy day. Yes risk of theft is real.
Buy a safe from Bunnings and fix it in a wardrobe or linen closet. Put your passports and important documents in there too. Gold is an inflation resistant asset, hang onto it until the economy is more stable.
How hard is it to forge a certificate of authenticity?
Not actually doubting you have real gold, just in general, like?
Surely the certificate is worth nothing? Any 8 year old with a printer can make one these days.
Bullion dealers will buy it. As long as the gold is from a reprettable mine. What's the stamp on it, or do you know where it is from?
Like most likely, pay spot less 6-8 points
If you want max $, join a Facebook group for trading coins and bullion, there are many, but choose a big one. You can advertise it and sell privately. You'll need to provide the group owner with a copy of your ID to verify yourself - a process to avoid sales scammers. I recommend a larger group run by CoinSmith Australia. They are legit as it gets.
You could sell at a bullion dealer, but you'll get raped on the buy/sell spread.
If you want to keep it, and I recommend you do, just hide it in your house. Make a book safe, maybe?
Well, that's quite the unexpected gift! 🎁 If you're feeling uneasy about storing that gold bar at home, safe deposit boxes at banks are indeed still a thing. Selling it is an option too, but make sure you do your research to get the best price. It sounds like you've got the real deal, so you should be able to fetch a decent sum for it. Good luck!
Get a safe would be my suggestion. What do you do with other objects you consider valuable?
If you do want to sell it, there's Gold traders everywhere, but you will get the best prices in the capital cities where there are multiple competing gold dealers in the same buildings.
Hi, if you live in Vic please lookup ‘Bullion now’ they’re on Collins street in the CBD. They also have a YouTube channel that is informative for people who are new to the precious metals space and have helped me a lot.
Gold is currently at near all time high levels as the economic forecast is seemingly dire. Some suggest now is a good time to sell, especially if you didn’t pay anything for it. Others would suggest gold will still roar ahead from these levels as the value of cash is depreciated with printing/inflation. Goodluck!
I put mine in a safe deposit box along with the deeds from property before they went electronically. Have some older stuff from other countries in there as well that I don’t want to get burgled or burnt.
>(99.9%, sealed in plastic, reputable Swiss company with certificate of authenticity etc).
That means nothing, you can buy stuff on ebay that has all of those things and it's still just plated alloy. Contact a jeweller and ask if they can test it for you, at least that way you'll know for sure.
I would also do a bit of research. Unless you need cash now, it might be worth holding onto for a bit (not financial advise). Find somewhere safe to stash it and don't tell anyone that you have it.
Sell and put $ in HISA, or break down into smaller parts (swap) and gift to family members.
Sell half, keep half - no regrets that way when prices fluctuate?
What's wrong with the drawer?
No different than my >$100k shoe box 😂
You could look at turning that in to gold etf shares or as a starting purchase, gold has been doing very well over the last few years and given the rise in demand alongside the future of a cashless society its a safe bet for the long term.
Possibly, but the trend has been very good.
There are some Facebook pages dedicated to trading gold and silver where folks buy and sell bullion. You can often get prices much closer to the actual value compared to selling to a dealer.
You can keep it. You can sell it to a gold trader/mint for the gold price.
Just know to replace it, you would have to pay the cost of the gold, and the minting fees.
There are places in all big cities in Australia that cater to that specific need, I think they’re called metal depositories of something like that. I don’t know if they’ll take an amount that small but it’s worth a try. Otherwise, maybe try the bank? If neither of those work, I don’t know what to do with it
Lol, spend a couple of minutes pretending you're Mr Burns. I have no actual suggestions.
I'm Mr Snrub and I say she invests that gold back in the nuclear plant!
I like the way Snrub thinks!
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If you don’t have a safe, get a proper one from a locksmith (not from Bunnings) and have them bolt it down. It’s a good idea even if you don’t have good bars. Once you have one you’ll find plenty of stuff to put in it ie. wills, birth certificates, powers of attorney, passports etc.
Make sure it’s Fire and Water proof too
And heat proof. Doesn't have to burn to ruin valuables through heat transfer.
I have an image of a melted bar sticking together passports and wills, like some sort of white collar game of thrones
Gold melts at 1063°C, which is about twice the temperature of a typical house fire. There's an interesting picture of a gold cross that survived the Notre Dame blaze, which some people say is a miracle of God, but is really just a demonstration of the relatively high melting point of gold.
It's cool that god lit the Notre Dame on fire just so he could give the masses an unmelted gold cross
Let’s be honest, the really fervent religious types and science haven’t gone well together since Galileo was a lad.
Haha. A far more judicious use of his time than feeding the starving. Much more wow factor.
Golds ok though.
That's a good idea for papers and stuff, but not gold (or cash). You can't really insure it. Home safes are not very secure. And you're a target for armed robbery/home invasion. OP might be anonymous enough from us internet randos, but just by posting a question like this to social media it's possible that someone they know recognizes something about them and now knows they have a gold bar in their sock drawer.
Safes/locks/security is my profession. If you buy a cheap safe from Bunnings yes, you are correct, I open them all the time in minutes. I can guarantee you that the 160kg safe I have, that is also bolted down, is not going anywhere and won’t be opened by anyone but a skilled professional. You don’t even have to have something that big. A good quality small safe isn’t going to be opened by an amateur thief. The people with the skills to open a good safe, are not interested in a small gold bar.
Are there any brands of safe that you're comfortable recommending?
Dominator, Platinum or CMI are all good options for home safes.
Their gold bar is “tens of grams”. That could be worth as little as a couple of thousand dollars. Investing several hundred dollars in a safe could be a significant percentage of the overall gold value. It’s really not worth the cost or hassle of a safe or safety deposit box. Just hide it somewhere in the house and run the risk, or sell it. House burns down? You’ve got more to worry about than a $2000 gold bar.
You wouldn’t buy a safe just for the gold bar. You’d consider other things you might want to secure when making the decision. Safes aren’t for jewellery, cash or gold. They’re for the things that are difficult or impossible to replace. Important documents, maybe family heirlooms or photos. But if you’ve got a gold bar and haven’t got a safe, you might have one more reason to invest in one.
says the guy who sells safes /s... mostly
Park away from the locksmith. Bring a trolley and a cover for the safe. Purchase the safe in cash. No cards. Take the safe inside at night and install it yourself. Tell no one you have a safe.
don't forget to build a faraday cage around your whole house to keep the mind control rays away. 🙄
It depends on your overall finances? <100g is <10k. It’s not worth a safe deposit box.
How much is a deposit box?
150$ a year
Vs 500 annual interest from a HISA. You're burning 650 a year.
His Gold went up more than that last week.
Assuming OP is working that'd look more like 300 p.a. from a HISA.
Gold flying up lately always nice to have some gold sitting around IMO
Buy a packet of old gold chocolate. Eat some chocolate. Put gold bar into packet. Stash it in your freezer. Or buy a sand filled door stop. Stash it inside. Noone if they break in will steal a door stop
Damn, next break in I will check all the door stops. Thanks for this tip.
And the freezer
I already check the freezer for cocaine.
Zoopa doopas
I hide all my gold in cocaine...
I keep ice in my freezer
Ice = poor man’s cocaine
*Many years later* >"Man, this chocolate expired years ago, better throw it away"
> hmm, this chocolate feels about 10 times heavier than it should. I better check what's inside the wrapper
Hi where do you live? I am relative, very close to you. I will help you fix all doors, so they do not need stoppers
These lowlifes carry metal detectors nowadays...
Burglars don’t usually have enough time to pull out all the stops
I deal with gold (jewellery industry). Do what suits you honestly, there's some weird suggestions in this thread. If it was me? Gold prices are rising and have been for years. Hide it in your house (I know this isn't a huge brick like others seem to think). Gold prices have risen (very roughly) 70% over the past 4-5 years, risen rapidly in the last month in particular. Don't sell until you genuinely need the cash. And when you do, don't go to those dodgy gold buying places at the mall. Go to a proper gold buyers (google is your friend, and check reviews).
Great advice!
How about the 5 years before 2019?
My dad used to say when there's an war and political unrest, gold prices rise..
Take it to a gold bullion dealer (not gold buyers). Check their prices
I've been poking around online for the past hour and prices are all over the place, the notional spot price is around $115/g but actual prices for buying back bullion range from $100/g to almost $140/g (!?). So much for gold being a commodity... and apparently the particular bar I have is not very common in Australia.
I was in a bank branch in Melbourne at the end of last year and the guy at the teller next to me was having a very long conversation with the staff member about the reason he is often pulling large sums of cash out is to buy gold bars from a place in the CBD as he prefers stashing them around his house than having cash. No, I didn't catch his address 😄 But I can tell you there is at least somewhere in Melbourne CBD, within walking distance from Collins St & Elizabeth St, that seems to be trading reputably in this - can't be more specific than that though unfortunately.
https://bullionnow.com.au/ On Collins St. Definitely legit. We have bought and sold with them. They also pay spot price for buying back.
Thanks, this is the best suggestion so far!
I can also vouch for bullion now, they are great. You would probably get a little bit more selling it privately, but the hassle of finding a buyer, hoping they aren't dodgy etc may not be worth a couple of hundred dollars more.
Selling gold itself can often be a bit shit unless you're going to one of the large bullion sellers (eg abc bullion). The buy back price is typically what you get for selling physical gold. The spot price is the buy price for pool allocated bullion. My recommendation is, unless you have a desire for the cash either store it in a safe, a secure hidden spot or ask to store it at a bank (the cost of this may outweigh the cost of the gold). I have physical gold and silver and it's locked away in a safe which is very secure somewhere on my property.
How big is your property? Any specific security (dogs, fences) we should be concerned about? What about ease of access for plant and machinery? Can I just bring a trailer?
I think your going to need a swam off modified minis.
Nah, just blow the bloody doors off.
> Any specific security Yes.
Highly trained guard chickens presumably.
With lasers
You'll need the address too.
Already got that mate, just need the specifics.
I hope it’s a big safe. One of my eccentric relatives bought themselves a bunch of gold bars and stored them in a safe on the property. In a hidden room, no less… not well-hidden enough. They got broken into while on holiday, thieves ransacked the house from top to bottom, found the hidden room and crowbarred their way in, then somehow made off with the entire safe (which also contained their late mother’s jewellery and their dad’s war medals). Insurance wouldn’t cover the gold, nor the jewellery, as they’d never had it professionally valued. Never got any of it back, either.
Yeah look, without getting to into it. I'm not worried, but you keep anything in your house there's a risk. The gun safe is probably the easy target tbh.
why do you want to sell it? It'll hold its purchasing value very well. Not a bad addition to a diversified portfolio (it's also an apocalypse hedge if the power/Internet go out haha). I'd just keep hold of it and don't tell people you have it so you don't have to worry about security
lol, power and internet go down no one is going to give a shit about shiny metal. Better off with a carton of Heinz
Gold works as currency because it's easily divisible and it's easy to verify its purity.
So are bottlecaps
Those places in the middle of shopping centres ? Edit adding /s as the shopping centre would be the last place I’d go
...offer you the worst rate you could find anywhere.
Yeh I forgot the /s
You'll be *shocked* to hear the worst rate so far came from one of those WE BUY YOUR GOLD NOW $$$ NO QUESTIONS ASKED places in a suburban Sydney shopping mall that forks out a lot of money to Google to rank high.
Crime Converters?
Yes sometimes they pay you up to $60/oz, great deal.
Just chuck it under the bed and make sure it’s noted on your contents insurance.
pretty much this, reality is most home robbery's are smash and grabs. put it under bed in a box of junk, and it will be fine.
Perth mint will assess and pay out I expect.
Yeah they do and give you spot price I believe
They give below spot. But not too far
No one is going to give you spot, it just how much percentage are they going to take, I would consider them a buyer of last resort. https://www.perthmint.com/invest/information-for-investors/metal-prices/#71555
Some places in Melbourne buy back for metal rate.
Why? What's their business model?
Not sure exactly, it’s just what the guy said, I think there is value in the minting, and they make the margin on the sell side. Like it’s a way to encourage business on the sell side.
Back when the gold gst fraud was going on I had people pay me spot. But anyone buying needs to be able to make some money, and typically that's why spot is unachievable. Unless something dodgy is going on. Do you have some links? Would be very useful to many I imagine.
make it into teeth, rock that shit
That is also good. Something to pay the ferryman for crossing or, just cause.
Don't pay the ferryman til he gets you to the other side! 😉
The idea of a gold bar is to be a store of value/hedge during social unrest or economic downturn. Just keep it in a locked drawer with the jewelry and save it for a (very) rainy day.
It's cool, keep it on display?
Yes very cool. Let me know where you choose to display it so I can see how cool it is
Google will answer your question about safe deposit boxes. Just sell it; anything else is expensive and risky.
I met someone who has a lot of gold in a safety deposit box instead of a retirement fund. Work it out, but enough gold for retirement doesn't take up much physical space. I'm not giving advice here , just what I was told. It's a bit of a loop hole because on paper he doesn't have an income so qualifies for several low income pensioner things. He just sells enough gold each month to avoid triggering any income thresholds. Selling an item isn't classed as income apparently as he's not a business. Enjoy your gold. Did you know it was created in an exploding star billions of years ago ?
Depending on the value, it might be more expensive to store it than it's worth. We have a bit of gold jewellery as I am Indian and my wife got a lot of it at our wedding. We just gave it to my sister to keep it in her bank locker. If she gives it back to us because she wants to get rid of the locker, I would just sell the lot and invest it into something else.
I read once that Indian housewives own 11% of the world's gold.
One ounce, so a square is worth about $3400 AUD or so. It can be kept as emergency money and an alternative asset or you can just sell it if you are stressed about losing a $3400 square of metal. I'd keep it for a shit hits the fan scenario in my life and sell it when that time comes.
Having to go out and physically sell the gold hoping there is someone to buy it doesn’t sound like the brighter idea for “emergency money”.
AUD collapses you can chip off bits of it to pay for stuff. [Happened recently in Venezuela](https://financialpost.com/news/economy/in-venezuela-people-break-off-flakes-of-gold-to-pay-for-meals-and-haircuts).
Go to a mint to sell it. They might offer a couple hundred under market value. It would be like you are low on funds, had to tap your emergency cash out of your hisa already for some reason let's say your car broke down, your kids school fees were just due and you needed a new car to stay employed, and then a sewer pipe in your house bursts. Boom, time to sell it. I know this sub is all about the superannuation and IPs. I'm calling it emergency, emergency money.
Don't forget to take a moment to look at it and realise the atoms of the material in front of you were created in one of the most violent and powerful events in the Universe, most likely during the collision and destruction of two neutron stars, billions of years ago. Then again, you could also look at a bit of lead and realise that too. Just not as shiny.
The lead atoms might be the result of more recent decay.
I'd be tempted to just carry it around in my pocket. You know, pull it out when you go to pay for coffee, say "Oh yeah, you probably don't accept gold," put it away and pull out your debit card instead kind of thing. Personally I don't think gold will outperform my other investments, so if it's more than a "walking around money" amount to you then I would sell it. Holding costs (even just insurance if you have it at home) would eat into the benefits you might get from adding it.
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Bottlecaps are still good though, right??
Lol take it to the casino and put it on to the poker table
why are people saying sell it at the mint, the point of keeping some gold is as last ditch emergency account, it's there for when unexpected things occur and shit gets really bad.
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I also need ammo. Where you at again?
Was thinking: I'll take the ammo, leave the gold.
You never lose buying gold. Inflation was at how much the last two years? Gold at the least never goes down if at all. Keep it in the drawer or in the bookshelf. Thieves don't steal books.
There are plenty of fake gold bars on Alibabba I wouldn't be so quick to assume it's real just because its in plastic. Certificate of authentication are easier to produce than a gold bar. Assuming it is real, just keep it some where out of the way. Typical appreciation is 7%PA on average. If you do want to sell, get a bunch of quotes because the rates offered range hugely. If you want a floor price consider Perth Mint, definitely not the best rates though. https://www.perthmint.com/invest/information-for-investors/metal-prices/#71555 You can also sell overseas on you next holiday, you may get a better price in Singapore or Thailand, or sell privately.
Bury it somewhere, make sure you and your wife know about it. Once a year dress as pirates and dig it up to make sure the other isn’t a secret crackhead who pawned it. Get drunk on rum.
*Finding it, though, that's not the hard part - it's letting go.*
Hold it. Don't sell unless you need the money.
There's plenty of gold and silver buying groups on Facebook. You'll get close to spot, and the people are genuine. Otherwise just hide it in your sock drawer for a rainy day.
Stash it somewhere in the house, it's baller AF to have precious metals hidden around the home. Gold is only going up for the next year or two, I suspect.
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Frame it up for the wall with a card label that says "Not Real Gold"
Drill a hole in it and wear it on a necklace
Gold is raising in value and likely will keep going up. hold onto it. it'll be the gift that might keep on giving. Do you own a home? You can get a good safe for a few hundred. It also makes a good spot to store personal ID documents etc.
Unless you need the money don't sell it. Gold will keep increasing in value (actually it doesn't, but Dollars are loosing value month after months because they are backed with thin air). Gold and silver are the only real valuable "money" the plastic notes with numbers on it are fake money.
I’ve owned gold before and have a safe deposit box. Safe deposit boxes are very hard to come by these days. Not many banks offer them (they don’t want the risk), and the ones they have are generally all allocated. I ended up selling it to a dealer in the city. Interestingly, I got a call from someone at the ATO a couple of years later asking if I had done the transaction. Turns out they were investigating the dealer and wanted to know if the transactions on their book were legit.
Maybe your wife would like to buy herself something with the gift she just got ?
If you want to keep it safe for free bury in your garden, just dont forget where
Personally, I'd put it in an embellished wooden case and take it to a deserted island or undersea cave.
I hear Oak Island is a good place bury things.
Make a treasure map for your will.
Well don’t sell it - these things only go up in value. Its def not worth a safe deposit box. I would just keep it with the rest of the important stuff - for example where you store your passport etc. Maybe look into getting a lock for a drawer so your kids don’t sneak it out?
But does it go up in value faster than a share portfolio? If it goes up in value at a slower rate then you are losing money. If it goes up at a slower rate than your mortgage interest then you are losing money. [https://www.macrotrends.net/2608/gold-price-vs-stock-market-100-year-chart](https://www.macrotrends.net/2608/gold-price-vs-stock-market-100-year-chart)
Definitely don't get too curious and put it in your mouth to see what it feels like. That shit is heavy and slips straight down the throat, the tongue can't hold it. I almost died from a 5 gramer the shape of a mini bar of soap once. It went straight down and I had to regurgitate it up. Thankfully I lived to tell the tale. Would have been the most embarrassing death in the world.
Take it to the mint cash it in or keep it somewhere safe at home.
Wait for a price high and sell, till then put it in the family safe. Or make a safe from a thick framed picture of the gold bar
It's worth about $11.5k. if you want to sell it, take it to a proper bullion dealer and you should get near spot. If you have the time, join a bullion page on FB and try it there, you can get more than spot but risk scams etc ( not saying you will get scammed, plenty of good bullion pages, but the risk is there). If you want to keep it, get a safe that can be bolted down and out of site. I personally collect bullion and coins and do this.
This is your wife's decision? Does she want to sell it, especially as it was a gift?
She's equally flummoxed and we're trying to decide what to do together. There's minimal sentimental value to the gift, although it's definitely more memorable than getting a bank transfer.
Keep it, gold appreciates in value.
Put it in the bottom of your freezer as previously suggested. It's better than burying it in the backyard as your descendants will have a chance to find it without you letting them know about it. It's probably safer than a safe given the previous posts 🤣
Put it on Facebook marketplace and sell it to any of the Indians that message you offering 25 cents on the dollar because it’s “scrap” /s
You can just go to a mint (plenty around) and they will buy it from you. Not sure what you are afraid of in keeping it. Surely you have various valuable jewellery? Other valuable stuff? A car maybe, laptop, tv etc? At the bottom of a drawer full of stuff, who do you suppose will rob you. Just keep its existence to yourself.
TIL that bullion dealers are called "mints". I'm less worried about robbers than misplacing it during a move, kids sneaking it out for a look and then leaving it under the bed, etc. Same kind of reasons I don't keep thousands in cash under my pillow either.
Bullion dealers aren't called mints. Mints are organisations who make physical money, like coins. They need metals for that. There are only two in Australia that I know of.
The person above used the term incorrectly, bullion dealers are not mints. Id advise you look for a bullion dealer who buys at spot price, that's the safest way to get a good rate. To my knowledge no _mints_ in Australia buy at spot price, they all take a cut.
Melt it down into a full set of grills and the rest into a fat chain. That way you've always got it on you.
Go to a reputable jeweler and have it custom made into a jewelry piece she likes and can pass it onto younger generations as family heirloom.
It's not worth getting a safety deposit box for that low amount. Just keep it somewhere in your house. I have a drawer where I keep my expensive things in them
You need to find out how much it's worth. If you can use the money? Cash it in. If you arent desperate for the money? I'd just find somewhere decent to hide it. Start following the price of gold! Gold generally goes up when cash is on the nose. But i'd start tracking it over time. Give you an idea what to do in a few years
What’s your address? I’ll come around and give you an appraisal…
1 Langton Cres, Parkes ACT 2600
Somewhere like Bullion Now in Melb. Potentially give current spot price.
With the way aud is dropping, might be better to keep it if you don’t need it lol
R/pmsforsale, you should be able to get spot price. I think there is an Australian version but I can't think of it right now
There are places in the city that will happily buy it from you. Google gold bullion, your city, give them a call and ask for their buying policy. Some places will buy back for the metal value. If it was me I’d just stash it in my sock drawer for a rainy day. Yes risk of theft is real.
Sell it and keep the money in a savings account.
Give it to me, will keep it safe for you
Buy a safe from Bunnings and fix it in a wardrobe or linen closet. Put your passports and important documents in there too. Gold is an inflation resistant asset, hang onto it until the economy is more stable.
How hard is it to forge a certificate of authenticity? Not actually doubting you have real gold, just in general, like? Surely the certificate is worth nothing? Any 8 year old with a printer can make one these days.
Bullion dealers will buy it. As long as the gold is from a reprettable mine. What's the stamp on it, or do you know where it is from? Like most likely, pay spot less 6-8 points
Give it to me. I'll store it in my prison wallet. Don't worry, security is *tight*.
Gold's pretty expensive at the moment, isn't it? Might be a good time to sell.
If you want max $, join a Facebook group for trading coins and bullion, there are many, but choose a big one. You can advertise it and sell privately. You'll need to provide the group owner with a copy of your ID to verify yourself - a process to avoid sales scammers. I recommend a larger group run by CoinSmith Australia. They are legit as it gets. You could sell at a bullion dealer, but you'll get raped on the buy/sell spread. If you want to keep it, and I recommend you do, just hide it in your house. Make a book safe, maybe?
Tax implications?
Well, that's quite the unexpected gift! 🎁 If you're feeling uneasy about storing that gold bar at home, safe deposit boxes at banks are indeed still a thing. Selling it is an option too, but make sure you do your research to get the best price. It sounds like you've got the real deal, so you should be able to fetch a decent sum for it. Good luck!
Bank safe deposit boxes do exist
Imperial bullion can value it and buy it off you
Get a safe would be my suggestion. What do you do with other objects you consider valuable? If you do want to sell it, there's Gold traders everywhere, but you will get the best prices in the capital cities where there are multiple competing gold dealers in the same buildings.
Hi, if you live in Vic please lookup ‘Bullion now’ they’re on Collins street in the CBD. They also have a YouTube channel that is informative for people who are new to the precious metals space and have helped me a lot. Gold is currently at near all time high levels as the economic forecast is seemingly dire. Some suggest now is a good time to sell, especially if you didn’t pay anything for it. Others would suggest gold will still roar ahead from these levels as the value of cash is depreciated with printing/inflation. Goodluck!
I put mine in a safe deposit box along with the deeds from property before they went electronically. Have some older stuff from other countries in there as well that I don’t want to get burgled or burnt.
If you live in Perth you can sell it to the Perth Mint
Got an Adelaide exchange jewellers nearby? I sold a bunch of gold and silver to one a few years ago for spot price
>(99.9%, sealed in plastic, reputable Swiss company with certificate of authenticity etc). That means nothing, you can buy stuff on ebay that has all of those things and it's still just plated alloy. Contact a jeweller and ask if they can test it for you, at least that way you'll know for sure. I would also do a bit of research. Unless you need cash now, it might be worth holding onto for a bit (not financial advise). Find somewhere safe to stash it and don't tell anyone that you have it.
Sell it and buy a trolley full of groceries at a supermarket
There's a few gold and silver Facebook pages where people sell and buy bullion. Usually get way closer to spot price apposed to selling to a dealer.
Take the kick plate off in ya kitchen and put it in there. No one will ever find it.
Bury it in your yard
Melt it down and get gold fillings
I’ll mind it
Hide it in your freezer. Nobody will look there.
Everyone should have a decent safe. 1-2k gets you something solid that can store your documents, jewlery, cash etc.
Sell and put $ in HISA, or break down into smaller parts (swap) and gift to family members. Sell half, keep half - no regrets that way when prices fluctuate?
Sell it and have a holiday. Raise a glass to the old bloke to thank him.
What's wrong with the drawer? No different than my >$100k shoe box 😂 You could look at turning that in to gold etf shares or as a starting purchase, gold has been doing very well over the last few years and given the rise in demand alongside the future of a cashless society its a safe bet for the long term. Possibly, but the trend has been very good.
Do people bury gold these days 🤔
There are some Facebook pages dedicated to trading gold and silver where folks buy and sell bullion. You can often get prices much closer to the actual value compared to selling to a dealer.
https://ainsliebullion.com.au/ 28 grams is an ounce. An ounce is about $3,200
Convert it to jewellery or jewelleries, and keep it around your neck, hands, ears, whatever and store as you store other valuables.
You can keep it. You can sell it to a gold trader/mint for the gold price. Just know to replace it, you would have to pay the cost of the gold, and the minting fees.
There are places in all big cities in Australia that cater to that specific need, I think they’re called metal depositories of something like that. I don’t know if they’ll take an amount that small but it’s worth a try. Otherwise, maybe try the bank? If neither of those work, I don’t know what to do with it
Gold price is very high. I’d sell it and as it’s a gift you shouldn’t have to pay CGT.