5 Handy Tips When You Sell Gold

Today, the gold buying market is extremely competitive and it is essential that you get gold buyers who have excellent reputations. In general, most buyers will be ready to offer you a reasonable price because they desire to get your potential repeat business and also get from you a good word of mouth to boost their business reputations.

Nevertheless, there still are several fraudsters out here who are likely to try to fleece you and give you a bad deal, some who are not even registered. According to metals trading regulations put in place by the Reserve Bank of Australia, anybody who wishes to engage in selling or buying of gold must acquire a dealing license. Therefore, before you transact anything with them, you should confirm if they are registered and also confirm with your local business bureau about their reputation and standing.

The following tips are worth noting as you plan to enter into the field of gold trading.

1. Verify Current Market Prices


Gold prices keep on changing throughout the day. There are lots of online resources where you may be able to know the current prices of any precious metal at any given point of time. To know the current price allows you to vend your gold when its price is at its peak. This of course means you will get more money for your gold!

2. Know the Worth of your Items

Undertake your homework well and ensure you know the karat content of your gold items and their weight. When it comes to gold, the higher the karat content, the higher the purity of your gold and higher the value! When you know this, it assists you in determining the melt worth of your gold and it also gives you an idea on how much you could expect to receive.

3. Be Realistic in Your Expectations

It is important to recognize that there is no gold buying company which is going to offer you the total melt value for your gold items. Typically, the buyer will sell the purchased precious metals to the refiners for a certain percentage cut of the total melt worth. For the refiners to remain in business profitably, most are going to offer you between 40 per cent and 70 per cent of the final worth. The gold buyers too have to meet their business overheads and make some profit. It is business after all!

4. Don't Shy Away from Haggling

If you think that the offers given to you are below what you expected, don't hesitate to engage them in negotiations. Most reputable often will be ready and willing to negotiate. Don't shy away from mentioning you have received other offers and utilize that a bargaining tool. Ensure that as you sell gold, the buyer does not weigh your different karat pieces together; they ought to be weighed separately by karat.

5. Inquire About Their Certifications

Any reputable precious metals buyer ought to be employing proper techniques such as testing equipment and accurate scales. They must be operating in compliance with any laid down government regulations. Don't just go selling your gold to any store displaying a sign that they buy gold. Ask for and confirm their certifications for their testing procedures, testing equipment and their valuation methods.

Part IV, Section 48 of the Reserve Bank of Australia (RBA) under the Banking Act of 1959, states that you can't sell, buy or hold gold unless it forms a legitimate element of your trade. Another useful resource, the Australia Gold Trading Tips and Resource cautions that traders in Australia should take their time in learning the ins and outs of this potentially lucrative market before they take the plunge. It pays to be alert!


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Gold traders in Australia trust Sell Gold Sydney. Abraham has been selling and buying gold for this Company for many years. As a certified precious metals dealer, Sell Gold Sydney adheres to all the rules set in place by the Reserve Bank of Australia. More information if you visit their website at http://sellgoldsydney.com/sell-gold/ .