FAQ

Who is MyGold®?

MyGold® is a family-owned New Zealand business that was founded to help investors protect and grow their wealth through gold and silver ownership.

The MyGold® team have many years of experience in the precious metals industry and are always happy to answer questions from novice investors to more seasoned experts.

Our mission is to provide customers the highest levels of service, fastest delivery of orders, sharpest prices, and the best quality products from the world’s finest mints and refineries.

Why is MyGold® a better choice?

  • Certification and metal purity guarantee on our products
  • Authorised distributor for Perth Mint Australia, The Royal Mint, Royal Canadian Mint and PAMP Switzerland
  • Wholly and proudly New Zealand owned with 12 years in operation – supplying thousands of New Zealand investors
  • Our prices are always competitive
    Collections possible from our central Auckland location
  • We ship to anywhere in New Zealand, insurance included, at competitive rates
  • A friendly and professional team of experts committed to providing the best buying experience
  • We offer an extensive range of top-quality gold and silver bullion products from local and international sources including top quality products exclusive to MyGold®
  • Confidentiality and discretion is always assured
  • The most 5-star reviews of any New Zealand Gold Dealer

Why gold and silver?

Across precious metals, gold and silver are the most popular in terms of investment. In particular, gold is seen as a key investment in times of crisis, as the metal is the natural ‘safe haven’ to hedge against financial risk. The metal performs well in times of global geopolitical uncertainty, economic turbulence and major disruptive global events. Recent years have seen a mix of the above, from a global pandemic and subsequent economic nosedive, to rising inflation, Chinese aggression against Taiwan, an unpredictable US presidency and Brexit. In times like these, both large institutional investors and private individuals increase their exposure to gold, which is seen as a stable commodity as more traditional equites suffer.

How does gold and silver bullion preserve wealth?

  • It acts as a hedge against inflation
  • Gold is a highly effective method of portfolio diversification
  • Gold has a history of holding value over time despite global growth and crisis periods
  • During periods of currency fluctuation gold performs well, such as when the US dollar was weak between 1998-2008, gold performs well. Also during periods when the money supply increases substantially, such as quantitative easing, seen from 2009 -2022.
  • Gold and Silver are finite resources. In particular, the gold remaining in existing mines is diminishing, whilst new mines are often inaccessible
  • The rising middle classes in countries like China and SE Asia are driving a new demand for gold in particular, driving up prices
  • Gold and Silver is something real that you can hold in your hand – it is tangible
  • The metal can be passed on from generation to generation, does not corrode or deteriorate

How does the process work?

MyGold® offers a simple 3 step process for investing in gold and silver bullion.

What payment methods are accepted?

We require cleared funds transferred by online bank transfer the same day. Other payment methods we accept include Eftpos and Cash (subject to ID verification). You can also pay us via USD and AUD wire transfer. We do not accept credit cards. Please contact us to discuss your individual requirements.

What are your delivery methods?

MyGold® offers different options depending on your requirements. We deliver precious metals fully insured across New Zealand or you may pick up directly at our office in Auckland. We keep you informed throughout the process.

Can I collect my purchase in person?

Yes, once full payment has cleared, collection is arranged with our team. We do not store gold or silver on site for security reasons. You will be required to present photo ID and sign for your items at the time of delivery. Same-day delivery is sometimes available for products in-stock and confirmed in advance.

How long until I can collect my order?

Depending on the type of product and quantity ordered, there may be a wait to fulfil your order. We will always advise you of lead-times at the time of the order; we endeavour to process orders quickly and keep you informed throughout.

What are 'gold spot prices'?

The gold spot price is the current price at any given moment used to determine the rate for a single troy ounce of gold. The gold spot price is dictated by market speculators, world events, currency values and an array of additional factors. Gold spot price serves as the basis for bullion dealers and gold traders to pinpoint the buying and selling price for a specific gold bar or gold coin. Such prices can be dynamic, changing every few seconds when the markets are open.

When you see the price of gold quoted on live gold charts and spot price websites, it is most commonly quoted per troy ounce in American dollars (USD). However, it is also possible to obtain a gold price quote per kilo or gram.

Click here to read more about gold spot prices and factors that help determine gold prices.

Why is the gold price different from your website?

The gold and silver prices listed on our website are ‘spot prices’ (quoted in USD and NZD). Spot prices are used in relation to pricing of futures contracts of securities, typically commodities and are not the prices applicable to physical gold.

Both gold and silver have to be mined and then refined, often separating out other metals in order to get 99.9% purity. Once refined, the metals are then made into bars and coins, distributed globally and then sold to individual investors. The prices quoted on the MyGold® website reflect these costs which are over and above the spot rate.

For more information on how gold prices work visit our charts and prices page.

What is the current price to buy gold and silver?

You can view live gold and silver ‘spot prices’ on our charts and prices page in NZD/USD.

Price ranges to buy gold and silver products can be found on each product page (in NZD). For an overview of all types of coins and bars we offer, please click here for gold bullion products, and here for silver bullion products.

How do you calculate your prices?

Gold and silver bullion trade above international spot prices. Gold and silver have to be mined, refined, made into bars and coins, marketed and sold to individual investors, the costs for which are part of the premium between ‘spot’ and our selling prices. Some bullion products trade with an additional premium due to being internationally recognised, scarce or simply desirable. MyGold® prices are not set at a specific percentage above spot for these reasons.

Occasionally MyGold® offers special deals on gold and silver bullion so we recommend signing up to the MyGold® Newsletter to be notified immediately of special offers.

Are the gold/silver prices going up?

Gold has increased in value for the past 40 years on a consistent basis. As an example, despite falls and rises in the price of gold, the metal rose from NZ$689 per ounce in March 2004 to NZ$2653 in November 2021. Past performance can be a good indication of future performance. No one knows the future for gold prices or exchange rates, yet historically gold & silver bullion offers investors an excellent way to diversify and secure their wealth. For more information on how gold and silver prices work visit our charts and prices page.

How much should I invest?

Customers are responsible for assessing and evaluating any transaction in light of their current financial situation, investment goals, and particular needs. The established advice from various experts has been to allocate approximately 10% of your net worth to precious metals. However, gold and silver “bulls” are taking positions of 50% or greater. We would advise all customers to have a personal investment strategy, plus a budget in mind to invest in precious metals, as this allows us to suggest products that fit within your objectives and longer-term needs. No order is too small or too large.

Do I pay GST on gold and silver bullion?

In New Zealand, there is no GST on the sale of pure gold bars/ingots, pure gold coins, pure silver bars/ingots, and pure silver coins. Bullion products that are not pure gold (99.9%/.999) do incur GST because they are not fine gold. This includes American Eagles (22ct/91.6%), South African Krugerrands (22ct), and British Gold Sovereigns (22ct). Taxes ultimately depend on your country of residence. We recommend you consult a financial advisor for any tax related enquiries.

Where can I store my gold and silver bullion?

MyGold® can suggest a range of options for secure storage of precious metals. Click here for more information on Storage.

How do I know your gold and silver is genuine?

MyGold® mint and supply the highest quality gold and silver bullion available. The refineries and mints we use adhere to rigorous quality standards, refining, and legislative requirements to ensure that all products meet or exceed fine gold and silver purity levels. Investment grade gold and silver is considered anything greater than 99.90% pure. You can rest assured MyGold® reputations rests on the fact that our products are genuine gold and silver of the highest standard and purity:

  • Fine Silver to a standard of 99.99% purity (99.9% for silver bars)
  • Gold with 99.99% purity. International products are backed by respective national Mints and all products sold by MyGold® come stamped with metal type, weight, and purity
  • 1oz Silver Stag & Silver Guardian Bullion Coins are guaranteed to 99.9% fine silver
  • Gold and silver products manufactured overseas are backed by government owned national mints, and in the case of the Perth Mint, backed by the Western Australian government

I have other questions, how do I get in touch?

Simply click here for our contact details, or call 0800-GOLD-NZ (0800-465-369).

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via Google

4 months ago

Very Good Service. Would highly recommend for Buying and selling.

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