You have some gold items lying around and need fast cash. Now, you wonder if selling your precious metal to gold buyers is the best option. Well, with the price of gold hitting a record level in Australia, you can make a small fortune with your gold coins or unwanted gold jewellery. Still, before you cash in, you need to understand whom you can trust and get a fair price.
How Do Gold Buyers in Melbourne Determine The Gold Price?
You will find that gold is traded on the international gold exchange all day and night. So, the price is continuously changing. Thus, when you look, for example, at the nightly news, the best is to look at an updated price on the web as well.
Also, remember that gold buyers will refer to a spot price in evaluating your items and not the price you get for your gold. Therefore, you will find that gold dealers will buy your unwanted gold jewellery at a lower price than the spot price. This is how they make a profit.
Find The Right Gold Buyer
Excellent, now that you know how the gold price is determined find a reliable gold dealer to buy your items. Trustworthiness is of importance as you do not want to be lowballed. So when you find a dealer, make sure to:
Confirm the Buying Rate Per Gram
Doing this is the first step and most crucial want before selling your gold jewellery to a gold dealer. Finding out how much the gold buyer pays you by the gram is important
The gold price is traded in US dollars, but gold dealers advertise the AUD price per gram for your gold jewellery.
If you have 18 Carat jewellery you want to sell, you will need to ask the gold buyer what he pays for 18k gold. This will be double the 9k price of gold as there is double the amount of gold in your jewellery.
Most gold buyers will test your unwanted jewellery items purity by using an XRF machine and sorting the gold into the appropriate karats.
Does the Gold Dealer Have a License
Find out if the gold buyer has a verifiable business license to buy and sell gold. Check if they have a current BBB rating. If they do, you know that they understand buying and selling gold.
Ask about the seller fees, added costs, or shipping fees using an online gold dealer. Check reviews to find out if the business has complaints from other sellers.
Consider Your Payment Method
Another important thing is how you will receive your payment. For example, if you need to sell in a hurry you want instant cash.
On the other hand, if you know you can wait for a higher premium, this does not matter. Therefore, it all depends on the urgency of the sale.
When you visit gold buyers, you can expect payment in cash, check, or in your bank. So, always keep this mind to ask how the payment is made.
Always Do Your Homework
When selling gold jewellery to gold buyers, you can easily be exploited if you are uninformed. So make sure you check reviews online or shop around the buying rate per gram. The important thing is to find a trustworthy gold dealer to sell your gold to.