Can I buy in Australia any amount of gold with cash?

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In Australia, any transaction that is $10K and over, no matter what the purchase, has to be reported to the government. Now if you were to say buy $5k to day and next week spend 8K then the next day say $2K in metals the person in the shop has the option of reporting these transactions as suspicious.

Even if you spend $9999 you can be reported. It’s all as you said for money laundering. Sometimes the shop doesn’t even have to report you as the government is automatically told of your spending or if you withdraw money from your bank account if it’s suspicious or the computer program cross references your purchases. Now that can’t happen if you use cash to buy metals but it’s still recorded by the bullion dealer. The $10K cash limit does not affect the sale of second-hand goods between private individuals.

The $10,000 is no longer true. It’s actually $5000. I took out $9900 early this summer and the bank contacted me a week later and told me if I continued to do that, they would close all my accounts.

Doc

While there is no limit on the amount of gold you can sell, responsible gold buyers have some rules in place to meet legal obligations and provide the best service possible.

However, there are limitations on the type of gold you can sell. Items marked “not for sale” or those with missing or illegible hallmarks cannot be purchased. Gold brokers also avoid buying items believed to be stolen or obtained illegally and may report them to the police.

In Australia, it is legal to sell any amount of gold as long as it follows the government’s guidelines for the sale of precious metals. The weight or value of the precious metal is not restricted. However, all Australian gold dealers must adhere to laws regarding the buying and selling of gold.

Several factors can limit the amount of cash you receive for selling gold, such as the purity of the precious metals, the presence of gemstones or other non-metal elements, and the maximum cash payment limit. Gold brokers generally use an XRF analyzer to test items and determine their exact purity. If the jewelry has stones of any kind, the cost of removing them will be deducted from the total value paid for the precious metals. Many gold brokers have a maximum value of $10,000 AUD per transaction for cash payment, which can limit the amount of gold you can sell.

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