A few years ago, I wouldn’t have thought twice about buying gold or silver. To me, it was something my grandparents did — stacking coins in little velvet pouches or hiding bars in the back of the wardrobe “just in case.” But lately, it feels like everyone’s talking about precious metals again. Maybe it’s the shaky economy, maybe it’s the growing distrust of digital currencies — or maybe it’s just that timeless, quiet confidence gold seems to hold.
Either way, if you’ve ever found yourself Googling how to buy gold and silver and wondering where to even start, you’re not alone. I’ve been down that rabbit hole too — and let me tell you, it’s both fascinating and a bit intimidating.
So, whether you’re an investor, a collector, or just someone who wants a little tangible security in your hands, here’s what I’ve learned about buying gold and silver the smart way — from an Australian’s point of view.
Why People Still Turn to Gold and Silver
There’s something oddly comforting about holding a small piece of real wealth. No app, no password, no algorithm — just weight and shine. It’s old-school in the best way.
Gold and silver have been seen as “safe havens” for centuries, especially when markets go haywire. When inflation rises, or when global events make currencies wobble, precious metals tend to hold their ground. That’s why you’ll often hear seasoned investors talk about diversifying with gold and silver — it’s not about chasing massive profits; it’s about balance and protection.
But it’s not all about finance. Some people collect gold coins or silver bars simply for the beauty of it. I met a bloke at a coin fair in Melbourne who said he started buying silver during the 2020 lockdowns just to have “something solid and interesting” to look forward to each month. It’s a hobby for some, a hedge for others — and for many Aussies, a bit of both.
Getting Started: What You Need to Know Before You Buy
Alright, before we get too romantic about it, let’s talk brass tacks (or, well, gold tacks).
Buying gold or silver isn’t like picking up shares or cryptocurrency. There’s real stuff involved — weight, purity, verification, storage. You’re dealing with physical assets, and that means you’ve got to know who you’re buying from and what you’re actually getting.
1. Decide Why You’re Buying
This sounds obvious, but it matters more than you’d think. Are you buying as an investor hoping the price will rise? Or do you simply want to own something tangible — maybe a few coins or small bars for long-term security?
If it’s investment-focused, you’ll likely want bullion — that’s gold or silver in its purest, tradable form (usually 99.9% pure). Bullion comes as bars or coins and is valued for its metal content, not its looks.
If you’re more of a collector, you might go for coins with special designs, limited editions, or historical significance. Just keep in mind that collectible value can fluctuate differently to metal value.
2. Know the Forms You Can Buy
When you start browsing, you’ll see options like:
- Bullion bars – typically the cheapest way to buy in bulk.
- Coins – government-issued coins like the Australian Kangaroo (gold) or Kookaburra (silver) are popular and easily recognisable.
- Rounds – privately minted, often decorative but not legal tender.
- Jewellery – while not pure bullion, gold jewellery can also be an investment if it’s of high quality.
Each form has its pros and cons. Bars are efficient, coins are liquid (easy to sell later), and jewellery — well, it’s wearable wealth, which has its own appeal.
Where to Buy Gold and Silver in Australia
Now here’s where it gets real. You’ve got a few main options:
1. Reputable Dealers
Your best bet is to buy from a recognised dealer. These are specialists who sell verified, authentic gold and silver products, often with certifications from recognised mints.
If you’re not sure where to begin, this detailed guide on how to buy gold and silver explains the process beautifully — from choosing a dealer to understanding premiums and delivery options. It’s written with the Australian market in mind, which is handy because our regulations and taxes differ from overseas.
2. Private Sellers and Marketplaces
You can buy from individuals — through forums, collector groups, or even online listings — but tread carefully. Counterfeits exist, and unless you’ve got a good eye (and maybe a testing kit), it’s risky.
If you do go down that path, always meet in a safe, public place and verify the item’s authenticity before handing over cash.
3. Banks and Mints
Some banks used to sell gold, but these days it’s mostly through the Perth Mint — one of the world’s most respected precious metal producers. You can buy directly from their website, in person, or through authorised resellers.
Understanding Purity, Price, and Premiums
This is where a lot of new buyers trip up.
When you’re buying gold or silver, you’re not just paying for the raw metal. You’re paying a premium — basically, the dealer’s markup for production, distribution, and profit. The purer and more recognised the product, the higher the premium might be.
For example:
- A 1 oz gold coin might sell for a few hundred dollars above the market (spot) price of gold.
- A 1 kg bar, on the other hand, usually has a lower premium per gram, making it more cost-effective if you’re buying in bulk.
Keep an eye on the spot price — that’s the current trading price for gold and silver on global markets. There are plenty of live charts online that update every few minutes. Comparing this to what dealers are charging gives you a quick sense of whether you’re getting a fair deal.
Storing Your Precious Metals
This is the part nobody tells you about when you first start buying: once you’ve got gold or silver, where on earth do you put it?
Home Storage
Plenty of Aussies keep their gold or silver at home — in safes, hidden drawers, or even creatively disguised containers. It gives you immediate access and a nice sense of control. But, of course, there’s always a security risk.
If you go this route, invest in a high-quality safe (fireproof and well-hidden) and consider telling as few people as possible about your stash.
Secure Vaults
If you’re dealing with larger amounts, professional storage might make sense. Services like The Perth Mint Depository offer secure, insured storage where your metal is physically held but fully allocated to you. It’s a bit like having a safety deposit box — only for gold.
When (and How) to Sell
The thing about buying gold and silver is, eventually, you might want or need to sell it. Maybe the price spikes, maybe you need cash, or maybe you just want to rebalance your portfolio.
Finding trustworthy gold buyers is key here. Look for buyers with transparent pricing, proper testing methods, and a solid reputation. Don’t be afraid to compare quotes from a few different places before selling — just like you would with anything valuable.
Most buyers will weigh your gold, test its purity (often right in front of you), and make an offer based on the current market price minus their margin. Be wary of anyone who refuses to show you their calculations or pressures you into a sale.
A Few Insider Tips from Experience
Over the past couple of years, I’ve bought small amounts of gold and silver — nothing huge, but enough to learn a few things the hard way.
- Start small. Don’t drop your savings into metals overnight. Buy gradually, so you learn as you go and can average out your purchase price.
- Keep records. Note where and when you bought each piece, including receipts and serial numbers if available.
- Don’t chase hype. Prices fluctuate, and panic buying rarely ends well.
- Inspect everything. Always check purity stamps (like “9999” for gold) and, when possible, buy sealed products from trusted mints.
- Diversify. Gold and silver are great for stability, but they shouldn’t be your only investment. Think of them as insurance — not your whole plan.
The Emotional Side of Owning Gold and Silver
Here’s something people don’t often talk about: owning gold and silver feels different to other investments. Stocks, ETFs, crypto — they’re all digital numbers on a screen. But when you hold a gold coin in your hand, it’s tangible, real, timeless. You can feel the history in it.
There’s also a psychological comfort in knowing you own something that doesn’t rely on banks, power grids, or passwords. It’s wealth in its oldest, simplest form.
And maybe that’s part of why precious metals are making a quiet comeback. In a world full of noise, volatility, and uncertainty, gold and silver whisper something steady: “I’ll still be here.”
Final Thoughts
Buying gold and silver isn’t about chasing a trend — it’s about grounding your wealth in something that’s stood the test of time. Whether you’re drawn to the investment side, the artistry, or the security of holding something real, it’s worth learning how to do it right.
Start small, do your homework, and always buy from trusted sources. Keep your metals safe, stay patient, and think long-term.
At the end of the day, investing in gold and silver isn’t just about money. It’s about peace of mind — that quiet confidence of knowing that, no matter what happens in the markets, you’ve got something solid to hold on to.