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
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.
