By now you have seen the advertisements everywhere. It seems as if everyone wants your gold. It seems they are desperate enough to even buy the old damaged gold jewellery you could have chucked out. If you haven’t seen these cash-for-gold companies that have been popping up everywhere then you must have been living under a rock. Tupperware-style gold parties are also becoming popular. You bring your gold to the party, mill around and meet a couple of strangers over the punch bowl, and hope that you can go home with a couple of hundred dollars for your gold.
And then there are these little pop-up gold buyers that set up kiosks in malls everywhere. Besides these gold buyers, you have pawnshops and even jewellery stores that will pay for precious stones set in gold. Most other gold buyers Australia will not factor in diamonds and other gemstones in their pricing but will only pay for the gold content. With so many options available and the level of information you need to sell gold, it can be confusing for someone who is selling their gold for the first time. You not only want to get rid of your gold jewellery because it is old or holds some significant painful memory but you also want to get the most for it.
So let’s look at the beginning.
Gold is worth money. It’s a metal that holds its value better than most assets. It continues to hold its value regardless of what the economy is doing. It could be damaged, tangled, broken, mismatched, and in whatever form. Gold will always be worth money. Its condition is not relevant as it will eventually be melted down and turned into new products.
You need to do some legwork before you decide to do sell your gold to anyone. This means you need to weigh the gold and find out what the current price of gold is on the day. Do not try to sell your gold unless you know something about what you have.
The next thing you need to keep in mind to never sell what you have to the first buyer you come across without considering other options. With the price of gold being as high as it has and the gold buying market is more competitive than ever so it is very unlikely that the first buyer you take your gold to will give you the best rate in the city. Take your time by taking your gold to different buyers to check the market out.
What options do you have?
You can find ”We-Buy-Gold” buyers near you. There are a number of them located throughout Australia. They will weigh your gold and give you a price for it. These buyers will give you a scrap price that is considerably lower because they have to be able to make a good profit when they sell it to refineries to be melted.
You can sell your gold to a pawnshop. Pawnshops might pay more for your gold if it is in good condition and can be resold as is. Pawnbrokers generally buy gold jewellery they can resell, however, some pawnshops accept broken jewellery.
There are gold buyers Australia who like offering incentives for customers to sell their gold to them. They may offer to beat your highest quote. If you do the legwork, you might end up getting a whole lot more than what you thought your gold was actually worth.