As the nation with the largest estimated share of gold mine reserves in the world, Australia is a country with a prominent place in the gold market.
(1). Gold reserves and gold mining are not the only lucrative prospects in the gold market though. Getting cash for gold is an easy and often very profitable decision, especially if you choose the right buyer. If you have some old gold jewelry that you have been considering selling, now is a great time to discover the profits that you can make with selling gold to a reputable and trusted gold buyer. Before you do so, however, there are a few things to keep in mind about gold in general and also some tips to ensure that you receive the best return on your cash for gold sale.
The first thing to know about jewelry, coins or other pieces of gold that you want to sell is what is the gold purity. That is, how much pure gold content is in the 1000 parts of total metal weight? The way this is typically expressed is by the "karat" which refers to the number of portions of gold in the metal content
(2). Gold is usually mixed with other metals to give it its hardness and slight color variations. For instance, 24K gold is pure gold and is bright yellow and very soft so is not quite as common in the market. 18k gold is sometimes stamped with 750 which means that 750 parts out of a 1000 are gold. 14k gold is sometimes stamped with 585 since 58.5% of the total weight is pure gold, and so on.
Another piece of information you will find useful before getting cash for gold is to know the gold spot price. This is the price of gold based on the market price per gram. While the weight and karat value of your gold won't change, the spot price for gold can vary as it fluctuates every hour. The gold buyer will weigh the gold you bring in and then get a total karat weight. Based on the karat weight and the market spot price of gold, a gold buyer can tell you how much it is worth and how much cash he is prepared to give you for your gold. With this information, you can have an idea of what you might be able to expect back from the gold buyer. In addition to this, consider the following tips before you sell your gold:
• Assess whether your jewelry may be more profitable to sell as a whole, intact pieces at an auction or jewelry consignment store. Sometimes gold jewelry, especially if they are heirloom pieces, have a higher value when sold as antiques.
• Be aware that if your jewelry does have gemstones the gold buyer can either remove the stones and return them to you or advise you as to whether it would be worth selling them separately.
• There are many buyers who will offer you cash for gold however it is essential to find one who has a solid reputation, a stable and fixed business, a history of gold buying, and good customer reviews, if available. In Australia, gold buyers are subject to the laws of the State and Territory so should have proper licensing.
When you decide to get cash for your gold, whether it is jewelry, coins, or pieces, make sure to do your research ahead of time so that you can be an informed seller. Know the karat, approximate weight of your gold and even take a look online for the gold market spot price which can be found on various sites.
