Silver Proof Coin 1

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In the first instance, GST wouldn’t apply to jewelry and numismatic coins, since they aren’t considered investment grade gold. For a metal to be considered taxable under the GST Act, it must possess the character of that particular metal and not a different character, such as jewelry. This means that such precious metal must possess a specified fineness, apart from being in an investment form.

With world gold prices soaring in the midst of another global financial wave of turmoil, experts are warning people that seek to cash in their jewelry to be cautious concerning those they transact with. Similarly, the festive season is fast approaching and many will be at the pawn or jeweler’s shop to dispose some gold item for the needed cash. Before you head that direction, take a look at these steps and word of caution.

In 2010, gold exports were third in rank after iron ore and coal, with a value of 15 billion Australian Dollars. This was approximately 6.5% of the total exports. An increase by 3% per year has been registered steadily over the last ten years, indicating a healthy gold market.India and the United Kingdom are listed as the largest market, accounting for about 36% of exports. Thailand, Singapore and China are other big buyers.

The largest buyers of Gold from Australia is India. The second and the third are United Kingdom and Thailand respectively as at 2010. Before you move gold coins out of the country however, especially in bulk, you should report it, according to the AUSTRACT Act of 2006 which makes moving physical currency whose value is above 10,000 Australian Dollars illegal. Currency in this case may be interpreted by the courts to include gold.

Generic silver dollars in grades MS-60 and above seem common because there are over 6,859,000 NGC and PCGS graded MS-60+ Trade, Morgan, and Peace silver dollars. At first glance, Morgan & Peace dollars seem anything but rare.