A geologist discovered gold in New South Wales in1841 but kept his secret for three years before announcing it to Governor Gipps. Gipps was nervous that gold rushes bring pillaging and mayhem, so he decided not to report the find. In 1848 the California gold rush began, and an estimated 300 000 people, including many prospectors from Australia, flocked to the area in search of their fortunes. Australia lost labour because of this gold rush resulting in an economic downturn in the country. By 1849 rumours of the New South Wales gold-find circulated and drew prospectors back to their homeland. Australia offered a reward for new gold deposits. Edward Hammond Hargreaves returned from California in search of Australian gold. His colleagues Lister, James, and Toms, found gold at Yorkies Corner near Ophir in 1851, but Hargreaves took the credit from them. When this discovery went to press, the working class rushed to find their fortunes. They left their poorly paid jobs in schools, factories, shops, and farms and raced to prospect, pan, and dig for gold. This gold was mainly alluvial, and many of these diggers found enough gold in two weeks to equate to a year’s salary working for landowners, industrialists, and financiers.
The first Australian Gold Coin
The first Australian gold coin struck, the Adelaide Pound, was made out of gold recovered during the Victoria gold rush of 1852 from Victoria. The coin minted at the South Australian Government Assay Office, Adelaide used two metallic dies to imprint an image on each side. The first batch of coins (Type I) had a fracture through the D on the pennyweight imprint. These coins went unnoticed before these coins were issued. Today they are worth about $50 000. The second batch (Type II) were devoid of defects and are only worth $15 000.
If you are in the market and are looking to buy gold bullion Brisbane, a reputable dealer will get you the best price and offer the best investment advice. Before you do this, it is advisable to do some reading and research into bullion investments.
How do I buy bullion?
Owning gold bullion is one of the best investments you can have in your portfolio as it acts as hedge against inflation. Gold bullion is a permanent investment that you own and is a tangible investment in your possession. It is easily portable, and it can be kept for years to be sold when necessary like a bank account. The spot price for gold is the guideline rate for a troy ounce of .999 gold. The spot price varies by the minute and is related to socio-political events, market demand, market conditions, and currency values. Most bullion dealers buy bullion directly from the mint at the spot price plus a small baring fee. When you buy gold bullion Brisbane the dealer will calculate the spot price of gold and add a small margin on top cover business costs. If you invest in gold bullion, you will pay the dealer based on the spot price plus the markup.
Physical gold is a way to protect against currency devaluation and from volatile stock markets.