Selling Gold in Melbourne – A Basic Guide

As most people already know, Melbourne and gold have a long history; in fact Melbourne became the Melbourne that it is due to the discovery of gold in the region. Living in a big city such as Melbourne has its ups and downs – the ups being the exciting life that it has to offer, whereas the down – the cost of living which is as high as any other large metropolitans of the world. Sometime the complexity of big cities overtake us and makes us vulnerable to the extreme forces that drives the city, leaving us with no other choice but to take desperate measures. If you happen to live in Melbourne and you have been sitting on a pile of gold and contemplating if you should sell it, well the best price expected of gold in 2015 is 1,400 dollars per troy ounce, so in other words, it is better to wait for a while if the need to get your hands on some cold hard cash is not urgent. However, if you do decide to unload your gold, here are a few simple tips that could take you a long way.

gold selling tips

The first thing you have to do before you decide to sell gold Melbourne (or any other Australian city for that matter) is to determine the approximate quantity of gold that you have in your possession, do some homework. If it is jewellery that you have, the best thing to do is to categorize them by their ‘karat’ category. Most jewellery will have small imprints stating their karat value. Based on this karat value, you could approximately determine the quantity of gold in each one of your jewellery pieces. If it is 14 Karat then all you have to do is: dividing 14 by 24 and times it by 100, for example let’s say that the jewellery piece weighs 20 grams, and the imprint on it says 18 K. So you will know by doing the calculation that that piece of jewellery contains 75 % gold – meaning from the 20 grams, only 15 grams is gold and that is approximately 0.5 troy ounces and the market price for gold is currently around 1,200 dollars, so you should be able to get between 500 – 600 dollars for the piece of jewellery when you sell it to the gold dealer. The second thing you have to do is – find reputable gold dealers, if you do not want to get ripped off. Check their websites, call them, find out if there are any hidden costs, find out how much they pay per troy ounce and compare it to the spot gold prices. This would keep the deal leaning towards your benefit, there are many gold dealers in Melbourne and it should be fairly easy to find a good dealer that’s if you want to sell gold Melbourne.

Another good thing that you can do is, instead of taking cash for your old jewellery – exchange it for bullions and keep it for 5 years and then sell them, gold prices would easily be within the region of 2000 dollars per troy ounce in the next 5 years! These estimates have been based on the gold price trend of more than 5 decades – however, how much will a loaf of bread cost in the next 5 years – we will never know!