There are a few Bullion Retailers in Australia but nothing like what you’d find in North America, UK or other parts of the world with a greater appreciation for the precious metals. Most retailers here are utterly focused on just Selling Bullion and when it comes to Buying it back you might struggle to get a bid, or if they do bid then likely they will seriously low-ball you. It’s a bit of an issue for Australian Stackers and I personally have always relied on Secondary Markets Online to sell my metal even though it carries additional postage costs and risk. The good news is that there is a new brick-and-mortar kid on the block in Melbourne called Bullion Network
Source
The Silver Gold Stackers Community here on HIVE isn’t the only stacking community I’ve been involved with over the years. I actually started out at silverstackers.com back in 2015 even before I got into Crypto. There is a solid community there made up of mostly Australian Stackers and Traders and this is where I found out about Bullion Network recently. One of the long standing and high reputation members of Silver Stackers – known by many as spannermonkey – has started up Bullion Network and last week they launched their website.
Having a peruse through the site today you can see that it is mostly focused on trading no-frills precious metal and they list both Sell AND Buy prices on their website. These prices are obviously updating in real time so the interesting part for me was the spread they are quoting with. For instance – at time of writing the spot price for Gold in AUD is $2,941.39 and the Buy / Sell quotes for a typical 1 oz Gold Kangaroo / Nugget is $2,942.06 / $3,042.06 which is a spread of about 3.4%. This is not too bad in these parts and definitely better than I’ve seen at any other Bullion Retailer.
They have an online store and also a physical presence in the Manchester Unity Building, plus they offer to come to you if you are looking for a valuation on your stack or collection. Obviously it’s a bit far for them to come to me in New South Wales but if I was based in Melbourne or visiting I would seriously consider dropping in on them for a trade. I know we don’t have a lot of Australian Stackers here on HIVE, but if anyone is in the Melbourne area these guys would be worth looking into and I’d be very keen to hear about any experiences dealing with them.
I have only been contributing to the #silvergoldstackers community for a month. I don't know a lot of things. Is there a map of where members from this community lives?
I live in Prague, in the Czech Republic, in Central Europe.
We have people from all over the world. No map to show - though that's a good idea.
We have a couple of Europeans on board but more is great as we love seeing different stuff from different parts of the world. No members yet from Czech Republic, but hopefully soon! ;)
Thank you for answer.
Oh interesting! I'm in Melbourne a couple of times later this month. Might drop by and have a look.
Please do, and let me know how you go!
Don't suppose you know any places in Brisbane? I've got a day to kill up here...
Maybe these guys https://www.brisbanegoldcompany.com.au
I have no experience with them. Their Buy / Sell spread looks to be about 6.3%
These guys also have a presence in Brisbane https://ainsliebullion.com.au
I have bought online from Ainslie before.
Ta!
That’s great news for you. Hope the word spreads and they stick around.
It's great y'all getting an alternative but I don't get why they don't like buying it back?
I think some just like selling new / pristine stuff and market more to collectors than stackers. They probably don't like getting stuck with old 2nd hand stock that they might not be able to move.
How are the premiums for buying ? this is just so confusing to me Y'all got a famous mint and stuff
It depends on the product. For 1 oz Generic Gold Bullion Coins like the Kangaroo or Nugget that I've used in the example above you might pay a premium of 2-4% over spot for brand new at most decent Bullion Retailers. They just aren't interested in 2nd hand stuff. They don't buy or sell 2nd hand.
That's a fairly low premium the best I get is junk silver 10% over spot unless its a private seller
Premiums are always higher for silver in percentage terms.
Very interesting how it works! Australia bullions are famous around here in canada … even banks sell them , probably is something around common wealth stuff
Australian bullion is outstanding. The Perth Mint is my favourite....but our people just don't seem that interested. Maybe they take it all for granted.
😊👍 a few percent spread isn't bad.. cost of doing business is how I think of it.
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I have heard about this bullion-network before, but I don't know how they work. they sell coins?
The way you are saying it is a very special item, so why aren't people buying it? If I were them, I would definitely buy it because I am very fond of collecting gold and silver. Time is for those things.
I'm so glad to hear that you've had a positive experience with them. It's always helpful to hear from other investors who have used a particular service before I decide to try it myself.