Buying Gold / Nuggets information and questions

hey

Was wondering how the places that buy your gold make there money/cut if there buying it at the current price of gold?
Are they just holding onto the gold as an investment and waiting for the price to rise overtime or are they making money on the purification of the gold ??

Hello flashhunter, the refiners buy gold at a little under spot price ($1.20 per gram below spot price) and you also pay a assay/refining fee of about $160. Refiners like PW Beck turn their gold into bullion and rings and other jewellery findings and would make most of their money that way.

I also believe there is a shortage of raw gold avaliable for industry/manufacturing and the market price for refined gold and different gold-silver-platinum-copper alloys for industry is probably significantly higher then spot price, so buying off prospectors makes sense.

Spot price is the price for investing in gold on paper, getting a bullion bar in you hand will cost you a significant premium over spot price.

RDD

thanks RedDirt
Not sure if too many people knew that . nobody has been able to give me an answer until now cheers

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Some small buyers like those in Vic, not refiners, buy scrap gold at minus 15% gold price which they then send to get refined. Better bits say from 5 g up they may give a slightly better price, minus 10% or 5% if your lucky. The real good uns they might give gold price for. Some, the better stuff, get turned into jewellery and some go to collectors.

G'day,
can I directly buy nuggets from a prospector or do I need to go to the Mint or other "official" retailer?
Thanks,
Art

eBay is your friend

Sizes, quantity etc. might help? Someone on here may sell some if you provide more specific info on what you're after?

I bought a couple of little nuggies off eBay for detector testing. As always with eBay make sure the seller has really good feedback and read a few reviews.

Some detector retailers might sell nuggets as
Well

Ebay usually fetches a few more dollars per gram as well .

I think something thing is about to go down and I think will drive the gold price up a little on historical examples. So my question is what's the easiest and most economical way to buy and sell gold ? I have no experience with stocks and shares.

Get in contact with Perth mint you can buy from them if you register an account .

We talking bullion?

Quite a few reputable online Aussie sellers.

Maybe some members would sell raw stuff?
Careful with eBay though, we have seen some rogues on there. Even selling Perth Mint Bullion
Although I have seen people snap up nice looking nugs under spot price, but of course there are degrees of impurities.

I guess it depends on how much you want to invest.

Need one of those Gold vending machines outside your local Woolies by the sounds

I will have a look at the Perth mint site. Thanks for the advice.

AussieChris said:

We talking bullion?

Quite a few reputable online Aussie sellers.

Maybe some members would sell raw stuff?
Careful with eBay though, we have seen some rogues on there. Even selling Perth Mint Bullion
Although I have seen people snap up nice looking nugs under spot price, but of course there are degrees of impurities.

I guess it depends on how much you want to invest.

Need one of those Gold vending machines outside your local Woolies by the sounds

Click to expand...

yes bullion is what I am after.

Have a look at this site http://www.perthbullion.com/ they are not Perth mint but have a good name .
They also take PayPal & will buy back

In the past, I have bought from Ainslie Bullion in QLD. I had no issues with them or their bullion.

Their website / domain name has ".au" on the end of it (I'm always suspicious of businesses based in Australia that don't have the ".au" suffix. If you wonder why, Google it)

I like these small one gram 9999 pure gold coins , obvious advantages for trading instead of a larger bar

http://www.perthbullion.com/shop/detail/rcmgml17gcg1/

Do you want to buy Gold Nuggets ?

Had a mate who was buying loads of gold nuggets on ebay as investment.
decided to get them tested and they were nearly all under 9ct nuggets ea and loads of other metals.
Turns out the seller was pouring their own nuggets from rings etc.

So be aware of the scams. It was a good way to turn thousands of dollars into hundreds of dollars.

HH