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Buying and selling Gold instead of exchanging currency....

Buying and selling Gold instead of exchanging currency....

Old Sep 18th 2010, 9:53 am
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Default Buying and selling Gold instead of exchanging currency....

Hi,

As all of you know, the exchange is horrible at the moment and many like us will loose lots of money when exchanging currency.

So I was thinking....what if we buy gold, take it to OZ, and then resell it again?

Has anyone done it? Is it feasible and legal? Would you get a better deal then exchanging money? Would you be able to sell it in OZ at a good price?

Your ideas, feedback and experience is appreciated!

Cheers
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Old Sep 18th 2010, 4:13 pm
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Default Re: Buying and selling Gold instead of exchanging currency....

Well if you have £100 and get (Idon't know) 30 Dollars in Aus.

Buy gold - £100 plus VAT = £117.5 and sell in oz and get 30 dollars. Bad idea
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Old Sep 19th 2010, 12:27 am
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Default Re: Buying and selling Gold instead of exchanging currency....

Originally Posted by Bijilo123 View Post
Well if you have £100 and get (Idon't know) 30 Dollars in Aus.

Buy gold - £100 plus VAT = £117.5 and sell in oz and get 30 dollars. Bad idea
You don't have to pay VAT on gold in the UK, just silver.
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Old Sep 19th 2010, 12:28 am
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Default Re: Buying and selling Gold instead of exchanging currency....

I think you'd find you'd be attracting the attention of the police on both sides of the border if you are converting money into gold and selling it again. Not a good idea.
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Old Sep 19th 2010, 12:34 am
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Default Re: Buying and selling Gold instead of exchanging currency....

Originally Posted by B1K3R View Post
Hi,
Has anyone done it? Is it feasible and legal? Would you get a better deal then exchanging money? Would you be able to sell it in OZ at a good price?
I don't think it wold be a good idea as you would be buying the gold for pounds and selling it for $AUD - it's the same as a regular foreign exchange transaction but with the extra step of paying the dealer's spreads at both ends. Pretty pointless in my opinion.

Also you'd risk having your gold stolen in transit.
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Old Sep 19th 2010, 4:46 am
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Default Re: Buying and selling Gold instead of exchanging currency....

Lettuce is the answer.

Buy lettuce in the UK. Bring it with you and sell at a premium here.
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Old Sep 19th 2010, 4:52 am
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Default Re: Buying and selling Gold instead of exchanging currency....

Originally Posted by MartinLuther View Post
Lettuce is the answer.

Buy lettuce in the UK. Bring it with you and sell at a premium here.
Ive heard you can make nice jewellery out of a plump Cos.
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Old Sep 19th 2010, 6:40 am
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Default Re: Buying and selling Gold instead of exchanging currency....

Originally Posted by Officer Dibble View Post
Ive heard you can make nice jewellery out of a plump Cos.
You really need 'Little Gem' for that.
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