If you are amongst the many people who go out every weekend to hunt for gold with a metal detector, you probably have found yourself wondering what to do with your precious find. Sell it, of course, but who you should sell it to. Understanding how to sell your golden finds is a skill you’ll need to learn. Here are the key points you will need to keep in mind.
Gold nuggets are rare. Most of those that have already been found have been melted down and turned into something else. The beauty and the shape of the gold nugget you have will get you a premium price.
Size:
A gram of gold is sold at spot price less 10% which goes to cover costs and make up profit for the gold buyer. To make selling your gold cost effective you need to get a reasonable amount of it. So size and weight matters.
Purity:
Gold nuggets are not 100% pure gold. They have impurities like Silver and incisions of quartz and other minerals in their matrix. When selling your gold to a gold buyer or refiner, you will only get a price for the amount of gold that makes up the nugget. It will be less than premium because of that.
The reasons for selling also pay into how much you are going to get for your gold. If you need immediate cash, then you will look at options that allow you to get the cash you need as fast as you need it. This often means, you would be prepared to sell gold nuggets for whatever the buyer or refiner quotes you.
If you are not in any hurry you will watch the daily gold price and keep abreast of the markets. You may want to hold on to your gold nuggets and wait for the gold price to go up. You may also want to look at where you should be selling to obtain the best offers. There are various gold buyers who will pay premium over spot price for a clean, good looking Australian gold nugget.
Perth mint buys gold nuggets. They will buy any nugget that is nice and clean and weighs 5 to 15 grams or 50 ounces and more. Payment is done over 2-5 working days after an agreement has been made.
Perth Mint also buys gold at its refinery unit. They offer 98.6% of the spot price set on the particular day of the sale. To refine your gold, you would be charged at least $279 + tax and you will be paid for the gold and the silver extracted. To sell gold nuggets to the Perth Mint refinery you will have to fill out forms and provide identity documents. You will also need large quantities to deal with the Perth Mint.
An easier way to go about this is to take your nugget to a local gold buyer in Melbourne CBD. As middle men they too will add their own profit share to the final cost of buying nuggets from you. However, while their price might not be as high as the price you will get from a refinery you can offload smaller quantities and get paid on the spot without waiting for refining.
