If you have gold, you have some leverage that you can use to get a cash or to get a loan against your gold. You might want to know what the best time or best company to sell your gold and what price you should expect when selling your unwanted gold jewellery. If you do a quick Google search you will see that Melbourne Gold Company are leading gold buyers Melbourne, they will guide you through this process and offer you instant cash for your gold jewellery items.
Look what gold you have
Gold is a precious metal, so it is important to take care of it. Gold is normally soft and it melts easily. Gold with the highest karat rating, such as 24k, is soft and easily wears out, so it is important to keep your gold safe. Some gold buyers in Melbourne will only buy your gold if it’s in good condition. And not all buyers will offer you cash for any kind of gold. Some buyers are specific about what they buy whilst other will buy any gold product in any condition because they can sell it to a refinery to be smelted and refined.
It is necessary to plan ahead as much as possible. Planning ahead will include knowing and understanding the fineness, Karat and weight of your gold. It helps to know what the price of gold is or how it is determined. The price of gold can fluctuate between 2-3% in a day or two, so selling at higher prices pays well. Waiting a day or two doesn’t always work because some days can be very expensive for reasons that don’t make sense due to the unpredictable market.
Working with a professional gold buyer can improve the prices you get. Establishing a good relationship with a gold dealer can help you in the long run. If you have a lot of gold to sell, try to sell it over a certain period and not all at once – unless you have a particular cash amount you are targeting. Having a medium to long-term strategy can help you build meaningful relationships with a reputable merchant. And because gold prices are so volatile, the price might tank one week and suddenly rise higher than everyone predicted.
Think about what the market demands
If you have gold coins for sale, please be aware that buyers distinguish between gold bullion coins and numismatic coins. Choose a gold buyer who specializes in coins rather than one who buys gold in any condition. You are likely to get a better price from a gold buyer who understands the bullion market as well as the collector’s market. Gold buyers will pay more for coins that are new but rare and desirable. Gold coin premiums are not fixed. The premium amount can vary by up to 29% depending on market demand and supply dynamics. This means that if you sell what collectors want, or if you sell coins that are in high demand, you will get a higher price.
Think about taxes
Generally, if you have legal tender gold coins, the profits you get from selling them are exempt from capital gains tax. If you sell a small amount of gold, the tax will not affect you. However, if you are making a lot of money selling gold, there may be some tax considerations.