With more people diving into the world of precious metal investments, a lot of buyers wonder what the legal requirements for buying or holding gold are. Knowing the limitations on how much gold you can own or store is important if you want to develop a more effective investment strategy. But are there limitations?
There are no real restrictions on how much gold one can buy in Australia. If you can afford to buy gold and store it safely, you can buy as much gold as your heart desires. This is true for investment-grade bullion and gold jewellery. People buy gold for a variety of reasons. Some keep it for their own personal use whilst others buy it so they can pass it on. There are no real restrictions on the amount of gold jewellery an individual can own. This might be the case for countries like India where married women can keep 500 grams of gold jewellery while single ladies are allowed to keep half of that. If one has more, they have to disclose the amount and the source of the money used to purchase the jewellery.
Whilst most people can’t imagine any government agency coming into their homes and taking all the gold they have, this happenedin America in 1933 when U.S President Franklin D. Roosevelt issued an executive order that allowed the government to confiscate gold from ordinary people. Even though people were compensated, the money they got was far below the market value at the time.
The lack of regulations around gold bullion today has contributed to the price of gold being much higher than it was some 90 years ago.
Still, gold holds its value better than any investment class and it is easier to trade globally. Investors today do not have to worry about storing their gold as most gold buyers Melbourne and dealers provide vaulting services.
If you have gold jewellery you don’t have to worry about having Fort Knox-like vaulting. Your jewellery box is probably enough to store your jewellery safely. If you do have a lot of it though and some of it is made by high-end jewellers, you might want to invest in a good home safe. Storing your gold well not only keeps it safe it will also help keep it in good condition as it won’t mix with other things that might scratch or damage it.
Most people have more gold jewellery than they know what to do with it or old unwanted gold jewellery. This is why gold buyers are important. Instead of letting your jewellery sit in a box or safe for years for no reason gathering dust why not sell it? There are a lot of gold buyers Melbourne who are looking for gold jewellery to buy and are currently paying top prices for it. You might have gold jewellery that you never wear because it is out of fashion, or you might have gold pieces that hold a sentiment that you no longer have like an engagement ring or wedding ring leftover after a painful separation. Gold jewellery is more than just an accessory, it is worth money. You can sell your jewellery to update your collection, get rid of bad memories, or simply sell what you have for cash when you need it.