How To Sell Your Gold

A lot of people own gold in one way, shape or form. People own it for all different reasons, and some things may contain gold without even realizing it. There are many different reasons why people have gold in their homes:

  • Jewellery
  • Investment
  • Inheritance
  • Used in Technology

So what if there comes a time when you either need the money or do not wish to have the gold any more, what is the best way to get rid of it? There are lots of different ways that you can sell gold, but you will need to do some research before you try and sell and work out what your gold is worth. Get yourself on the internet and do some research on selling gold. Find out the latest market price for gold bullion and also check out the scrap value price. Whether you are looking to sell gold in Melbourne, Sydney, Darwin or Canberra, educating yourself could make sure that you get the best price possible when selling your gold items.

What is your gold worth?

If you have gold that is used in technology, like connectors for a HDMI cable or other type of wiring, then the amount of gold in these items is very small and would not be worth very much. If you have gold bars or bullion, then this is worth a set amount, which is dictated by the market place as gold is a commodity. Gold jewellery though is different as the cost for a piece from jewellers and the scrap market value for the materials in the piece are usually very different. A jeweller will sell with large mark ups on items. This is where they make their profit. Although they may buy second hand jewellery, they will most likely give a lower amount that what you paid for. The unexpectedly low amount of money that they received would astound a lot of people. When something is artistic, though not everyone may agree on its merits, so what one person may think is beautiful, another may think it is just plain ugly. This means that unless the piece is a really dazzling one-of-a-kind piece, which is second to none, the jewellery that you sell is often melted down to be reused so you will only be offered scrap value.

Where to sell your gold

gold-jewellery

There are many places that you can sell your unwanted gold. A quick search of the internet will turn up quite a few options for you, but it does depend entirely on what you are selling.

  • Gold Merchants
  • Second Hand Jewellery Store
  • Pawn Shop
  • Online Auction
  • Auction
  • Local Advertisement
  • Friends or Family

Everyone likes the shiny allure of gold, so it is pretty easy to sell no matter what it is that you have. One of the best places to go would be to a gold merchant that will usually buy all precious metals and stones, and they will usually have a wide range of jewellery on offer for sale at the same time. Likewise, with a second hand jewellery store, you may be able to get a reasonable price for your merchandise. You could even try going down the auction route, and you have both online auctions held over the internet, and a more traditional auction where you will need to speak to the auction host. Remember that both of these ways of selling will incur a commission charge for either method of selling. If you are looking for a quick sale, then one of the best ways to selling gold jewellery is the Pawn Shop. You can get cash quickly, but they will tend to give you the rock bottom price as they are also looking to make a profit. You could also try placing a private advertisement on a local internet page or put up a small ad in your local newspaper, and you may get someone calling you. You may just end up getting scrap metal dealers calling you, but it can save you some legwork. There may also be a family member or friend willing to buy your gold, but this can cause problems in the long run if they think they did not get the best deal, especially if the price of gold drops a week later! Make sure that you always get your gold or jewellery appraised before you try and sell it. I would recommend that the safest route is to go to a registered merchant who buys precious metals. If you do not like the price that they offer, then you can always wait and see if the price of gold goes up in the future. Just be aware that is can also go down!