Gold

[funkyman]

hi
Does anyone here know how I can invest in / buy gold?


cheers

R.

[duncan macgregor]

FUNKYMAN, The only time i nearly lost my shirt in NZ was about to do what you are asking now. Lucky me, i bought another house GOLDCORP ripped investors off. Their life savings gone. You buy the gold we keep it in the safe etc etc. They opened the safe whoopee nothing, or very little there. I will never buy invest in something as useless as gold. The price of gold is measured in US dollars . Gold has gone up but, then so has the NZ dollar so the actual increase is pathetic. Gold will go up and down but the price will even out to be relative to where it is right now. Have a rethink.
ALL THE BEST MACDUNK

[whiteheron]

One method of getting into gold is to buy shares in mining companies that produce gold
There are plenty of them , but make sure that you choose very carefully

Alternatively you can buy gold bullion if you prefer , but there can be problems with physically transporting and insuring it etc

Try a google search for gold bullion or similar
I am not sure if there are any bullion dealers in NZ
Try a google search for that too --- google can dredge up all sorts (no pun intended )

[Packersoldkidney]

Funkyman.

The funkiest place to invest in gold is apparently The Perth Mint. Do a google search. Very highly recommended, apparently. I have some bullion there, so it good enough for me. As Macdunk pointed out, previously people have been burnt by unscrupulous bullion dealers - the best thing about The Perth Mint is that it is backed by the Western Australian government.

Good luck in your search.

[Longtack]

Some people buy gold b4 a crisis Funkyman. Spill ya guts!!
Or more politely - why do you want to buy gold?

[stolwyk]

The Perth Mint is backed by the Govt, I believe. Google will show you. They store it for free.

I wouldn't go anywhere else.

Don't hold physical gold as I prefer Canadian Goldminers.


Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks. To visit archived posts, please use the Search button.

[StainlessSteelRat]

quote:Originally posted by funkyman

hi
Does anyone here know how I can invest in / buy gold?


cheers

R.



Check out the NZ Mint
http://www.newzealandmint.com (though i just checked the site and couldn't connect for some reason.

You may also want to read this article:
http://www.unlimited.co.nz/unlimited.nsf/0/4BB8A87462DAE802CC256E9F0070F2E4?OpenDocument

Cheers

[stolwyk]

THE GOLDEN CITY:

http://www.kitcomm.com/showthread.php?s=0ccb2d375a53c4ac57fde6fc9666c4c3&threadid=6667

[funkyman]

Great, thanks for all the replied. I'm much more informed as to my options now!!

[Alpine Dragon]

Sorry to dig up an old thread, But regarding the Perth Mint, How does one actually go about purchasing some gold through them and have it stored with the mint (For Free).

From visiting their site, it looks like you have to go through one of the Approved Dealers and from looking at the list, there isn't any New Zealand based Dealers, Also from reading around, it looks like you have to pay a fee to them for storage.

Please enlighten me.

Thanks in Advance

[lambton]

quote:Originally posted by Alpine Dragon

Sorry to dig up an old thread, But regarding the Perth Mint, How does one actually go about purchasing some gold through them and have it stored with the mint (For Free).

From visiting their site, it looks like you have to go through one of the Approved Dealers and from looking at the list, there isn't any New Zealand based Dealers, Also from reading around, it looks like you have to pay a fee to them for storage.

Please enlighten me.


Thanks in Advance




Contact the Perth Mint directly (ring them up - I did and was surprised how helpful they were). NZ residents are treated the same as Australians re the purchase of gold. Others have higher $ limits. They will guide you through the process. It is quite a process but once an account is opened easy to transact. There is no fee for unallocated certificated gold. You could always take delivery absorbing transport cost as a one off. But then other issues arise as a result of holding the stuff.

[Bling_Bling]

quote:Originally posted by funkyman

Great, thanks for all the replied. I'm much more informed as to my options now!!



More info as to why you think is it time to invest in gold.

[rmbbrave]

The is a GOLD KRUGERRAND for sale on Trade me.

http://www.trademe.co.nz/Antiques-collectables/Coins/Other/auction-65961259.htm

Each Krugerrand gold coin in this release contains 1 troy ounce of pure gold.

Gold is $US628 or $NZ996 an ounce ( 1NZD = 63cents )

You can buy Kruggerrand coins for US$693 or $NZ1100 here http://goldinfo.net/krugerrands.html

But the one on trade me is currently selling for $1245

Crazy !

[peat]

gold can now be traded using CFD's of course.

[clearasmud]

You can buy gold 1/10th ounce at asx.gold at very close to the actual price

[Blue Horseshoe]

Just wondering, with the ird clamping down on profits from gold and silver bullion sales, what happens if the bullion was gifted to you and you sell it, is it tax on the 100% profit or nil as it was a gift?.
And if you purchased it and keep it for over seven years then sold it how the hell do they know what you paid for it as you only have to hold records for seven years.

[skid]

Just wondering, with the ird clamping down on profits from gold and silver bullion sales, what happens if the bullion was gifted to you and you sell it, is it tax on the 100% profit or nil as it was a gift?.
And if you purchased it and keep it for over seven years then sold it how the hell do they know what you paid for it as you only have to hold records for seven years.

Surely it must be like other forms of investment--Its your intent when buying--just like a house or shares.--Must be the same as a gift of a house or shares (I would think)

[Aaron]

I think BlueHorseShoe is referring to this article.
http://www.interest.co.nz/personal-finance/80328/ird-issues-exposure-draft-whether-proceeds-sale-gold-are-income-and-finds-it
Hard to argue that your intention when buying bullion, coins or paper gold is for anything other than resale. That said if your speculation is unsuccessful make sure to claim the loss.
A gift means you didn't purchase it so no problems I would think, although that could lead to a lot of people wanting to gift their gold bars just prior to sale but that is just lying.
Maybe build a house of gold and you can get around the problem. When you find out it is too expensive and not as good as wood you could slowly dismantle your house and sell it bit by bit.
More realistically buy gold as jewellery for your wife or for yourself for that matter.
A bullion bar makes a great paper weight not even a hurricane could move it.
Our society and tax system runs on honesty so it is always nice to see dishonest people get caught out, especially if you are contributing to society.

[LAC]

They also say jewellery not included, so what if gold merchants just start making 1,10,100 ounce gold chains or bracelets instead..... how would they tax that? I knew a guy that used to buy gold overseas and get a jeweller to melt them into tools and bring them into NZ.

[JBmurc]

I think BlueHorseShoe is referring to this article.
http://www.interest.co.nz/personal-finance/80328/ird-issues-exposure-draft-whether-proceeds-sale-gold-are-income-and-finds-it
Hard to argue that your intention when buying bullion, coins or paper gold is for anything other than resale. That said if your speculation is unsuccessful make sure to claim the loss.
A gift means you didn't purchase it so no problems I would think, although that could lead to a lot of people wanting to gift their gold bars just prior to sale but that is just lying.
Maybe build a house of gold and you can get around the problem. When you find out it is too expensive and not as good as wood you could slowly dismantle your house and sell it bit by bit.
More realistically buy gold as jewellery for your wife or for yourself for that matter.
A bullion bar makes a great paper weight not even a hurricane could move it.
Our society and tax system runs on honesty so it is always nice to see dishonest people get caught out, especially if you are contributing to society.

Good old IRD what a bunch of crooks .....so is it money or not ?? if it's money and it goes up then is taxable just like the interest you get on NZD ....but I'd say it's more like ART or property or Shares etc if you brought with the intention to hold long term and not trade then non-taxable

If it is taxable, then those selling at the loss in recent years should be able to claim a tax deduction??


.... 0800 IRD ,,,,,,,,,,"yeah my Personal Million dollar Gold Holding is worth 200k less than what I paid Can I have my 60k in personal income tax back !!!!?? Yes NO ?

Fact is GOLD really doesn't go up but the Fiat currency goes down this is seen by the fact the purchasing power over decades of time has stayed the same....

[Aaron]

Just wondering, with the ird clamping down on profits from gold and silver bullion sales, what happens if the bullion was gifted to you and you sell it, is it tax on the 100% profit or nil as it was a gift?.
And if you purchased it and keep it for over seven years then sold it how the hell do they know what you paid for it as you only have to hold records for seven years.
Here is an expert opinion

http://www.stuff.co.nz/business/opinion-analysis/78029539/taxing-times-ird-want-to-tax-the-world

[GTM 3442]

Here is an expert opinion

http://www.stuff.co.nz/business/opinion-analysis/78029539/taxing-times-ird-want-to-tax-the-world

That's pretty scary stuff.

That's IRD determining the purpose of the acquisition. That's not a good place to be going!

If the individual and IRD are in dispute, then it should be up to a court to decide.

[peat]

That's pretty scary stuff.

That's IRD determining the purpose of the acquisition. That's not a good place to be going!

If the individual and IRD are in dispute, then it should be up to a court to decide.
the logic the IRD applies is attractive but as the article says flawed. The dominant purpose of acquisition may well be as a store of wealth with no intention to dispose at that time

Lets face it, to determine liability based on intention is asking for problems so the law should be reviewed.

[skid]

I would certainly argue the point IRD is making in the article--those who have been holding gold for a period of time ,especially through the GFC could have certainly been doing so as a form of insurance.I think you would have a valid argument if you had been holding for a relatively long time--especially if you sold with the intention of doing something else with the proceeds.