Selling gold - how, why, where

I'm a bit nervous actually. Never sold gold before. Will I get ripped off?

I have 9 gram ingot of my alluvials that I melted down.

I'm in Canberra and looking for advice on how I would go about selling it.

Baz.

PM sent

I got no PM mate.

Baz.

Clear your inbox Baz :Y:

Cleared some. You might have to resend your PM @Jaros

There's a few ways to go about it & each has it's plusses & minuses for small parcels.

A face to face sale is probably the least risky.
If selling via a method that needs postage take photo's of the packaging/package clearly showing it's undamaged/not tampered with & the buyers address before sending. Send it as registered post - tracking + sign for.

eBay - usually can get higher than spot but then you've got fees to pay. There's also risk with some buyers claiming they never received the item, stolen in transit etc. Any dramas & your at the mercy of eBay, not good!

Forum for sale section - you can be picky about who you sell to, long standing member etc. Can get up to spot. Postage risk as above if not a face to face deal.

Find a gold buyer in Canberra, some Jewellers etc. buy, (not one of the scrap gold buyers in shopping centres etc. - they will offer a lowball price) - they are pretty easy to check out as legitimate. They will usually XRF analyse the gold & pay that percentage less buyers premium i.e. say 96% pure less around 10% so depending on purity you might get about ~86% of the spot price on the day. Little risk - gold & cash exchanges hands on the day.

mbasko said:

There's a few ways to go about it & each has it's plusses & minuses for small parcels.

A face to face sale is probably the least risky.
If selling via a method that needs postage take photo's of the packaging/package clearly showing it's undamaged/not tampered with & the buyers address before sending. Send it as registered post - tracking + sign for.

eBay - usually can get higher than spot but then you've got fees to pay. There's also risk with some buyers claiming they never received the item, stolen in transit etc. Any dramas & your at the mercy of eBay, not good!

Forum for sale section - you can be picky about who you sell to, long standing member etc. Can get up to spot. Postage risk as above if not a face to face deal.

Find a gold buyer in Canberra, some Jewellers etc. buy, (not one of the scrap gold buyers in shopping centres etc. - they will offer a lowball price) - they are pretty easy to check out as legitimate. They will usually XRF analyse the gold & pay that percentage less buyers premium i.e. say 96% pure less around 10% so depending on purity you might get about ~86% of the spot price on the day. Little risk - gold & cash exchanges hands on the day.

Click to expand...

I really would prefer face to face in Canberra with someone reputable.

So if the spot price is $91 per gram, why can't you get paid $91 per gram? Surely alluvial flour gold, cleaned up then smelted into an ingot would be pretty close to pure? (24k).

I have no idea and am in need of an education in this regard.

Baz.

gold is usually much less than 24ct unless you get from say perth mint. So your gold may have 20% silver or other impurities. Hence the lower price

cheers hh

Google...Grappy's Gold Buyers. They have a mail-in service. He is legitimate and located here in Maryborough.
He's also my friend and I vouch for him

Patrick1 said:

Google...Grappy's Gold Buyers. They have a mail-in service. He is legitimate and located here in Maryborough.
He's also my friend and I vouch for him

Click to expand...

I'll back this up every time I see Patrick he leans to oneside due to the wad of cash in his pocket layful: :beer:

RM Outback said:

Patrick1 said:

Google...Grappy's Gold Buyers. They have a mail-in service. He is legitimate and located here in Maryborough.
He's also my friend and I vouch for him

Click to expand...

I'll back this up every time I see Patrick he leans to oneside due to the wad of cash in his pocket layful: :beer:

Click to expand...

And I hope this doesn't change layful:

Just offer it to any one interested all you need to do is give a good price if its 91spot price sell for 87 cash good deal for both parties cheers Muk.

P.W Beck in Adelaide.

I sell some alluvial here and there, but no one I have sold to will buy a button/ingot. I wanted to smelt a $5000 ingot or a crazy "pirate coin" graphite mold that I got off eBay but was warned I'd prob be keeping it for myself that way. People much happier to buy it raw :Y:

Sandbagger said:

mbasko said:

There's a few ways to go about it & each has it's plusses & minuses for small parcels.

A face to face sale is probably the least risky.
If selling via a method that needs postage take photo's of the packaging/package clearly showing it's undamaged/not tampered with & the buyers address before sending. Send it as registered post - tracking + sign for.

eBay - usually can get higher than spot but then you've got fees to pay. There's also risk with some buyers claiming they never received the item, stolen in transit etc. Any dramas & your at the mercy of eBay, not good!

Forum for sale section - you can be picky about who you sell to, long standing member etc. Can get up to spot. Postage risk as above if not a face to face deal.

Find a gold buyer in Canberra, some Jewellers etc. buy, (not one of the scrap gold buyers in shopping centres etc. - they will offer a lowball price) - they are pretty easy to check out as legitimate. They will usually XRF analyse the gold & pay that percentage less buyers premium i.e. say 96% pure less around 10% so depending on purity you might get about ~86% of the spot price on the day. Little risk - gold & cash exchanges hands on the day.

Click to expand...

I really would prefer face to face in Canberra with someone reputable.

So if the spot price is $91 per gram, why can't you get paid $91 per gram? Surely alluvial flour gold, cleaned up then smelted into an ingot would be pretty close to pure? (24k).

I have no idea and am in need of an education in this regard.

Baz.

Click to expand...

As HH says your alluvial gold ingot will contain a percentage of impurity depending on the area found - average would be between 85-95% but have heard of some as low as 80%. Australian native gold can generally be quite pure though, best I've seen in NSW was 96% (as used in example).
Smelting your gold can remove some impurities but to get 24k/99.9% it needs to be refined properly.
Places like PW Beck & Perth Mint will do this for you to keep or for them to buy it but there's a cost involved so not really cost effective for small parcels unless you want your own heirloom to keep/pass on. If they buy it they also pay for any silver content etc. too but you won't get spot price back.
A gold buyer would quickly go broke buying unrefined gold for spot price @ 100% of the weight as they would have no way to make a profit for themselves. That's why they buy based on a purity test/s & less their premium/s.
This is pretty standard practice & pricing https://grappysgoldbuyers.com.au/co...ducts/free-gold-buying-service-request-a-pack
The only way to get spot or as close as possible is via more risky private sales but done with some precautions can be worthwhile.

P.s. the NSW gold that was 96% was purchased by the buyer at 90% of spot on the day which IMO was a very decent deal for a low risk transaction with a legitimate business. They were natural gold nuggets though so I assume the buyer may have seen some jewellery piece potential there so that can also equal more profit to them & a better deal offered?

Peter W Beck is recommended. cheers

Our reputation as a leading Australian owned refiner is based on our understanding of the accuracy and honesty that is essential when recovering precious metals. Our Refining Department maintains strict controls and acknowledges the integrity of all refining jobs, regardless of size or whether sourced from high or low grade material.

Gold, Platinum, Palladium and Silver refining is considered one of the most difficult areas associated with the manufacturing and processing of precious metals.

The high intrinsic value and technical, mechanical and chemical skills associated with refining, places demands on the refiner to perform with the utmost accuracy and integrity with all refining jobs, both big and small whether with high or low grade material.

To assist in the quality control process, Peter W Beck has developed sophisticated systems and uses the latest technology to monitor and control all refining jobs from receipts to payouts.

Peter W Beck is a world class refiner of scraps containing Gold, Platinum, Palladium and Silver sourced from the jewellery and dental industries, and Gold and Silver derived from the gold miner, producer and prospector.

Grades of scrap
High Grade and Medium Grade Scrap
Peter W Beck considers High and Medium Grade Scrap to be made up of the following:

Scrap Gold
Gold Lemel
Gold Scrap and Lemel
Ingotted Scrap Gold
Silver Scrap
Silver Lemel
Silver Scrap and Lemel
Ingotted Scrap Silver
Gold Casting Scrap
Silver Casting Scrap

Low Grade Scrap
Peter W Beck considers Low Grade Scrap to be made up of the following:

Bench and floor sweeps
Polishing Waste
Sludge Waste (Wet & Dry)
Emery Paper
Floor Coverings (Carpet and/or Vinyl)
NB: Low Grade Waste is reduced in our slow combustion incinerator prior to being refined. This incinerator incorporates an afterburner to ensure the highest possible metal recovery.

Other metal forms which can be refined
Native and Mines Gold Native Gold in the form of nuggets and alluvial Gold can be refined, as can native Gold which has been ingotted.
Dental Scraps Dental Scraps containing Gold, Platinum, Palladium and Silver can be refined in the form of old crowns, bridges and fillings.

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14 Duncan Court,
Ottoway Park SA 5013, Australia

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Thanks guys. I was just about to post it today, when the price plummeted down $200 overnight!

Not sure if I should send it now, or hang on to it.

Baz.

Sandbagger said:

Thanks guys. I was just about to post it today, when the price plummeted down $200 overnight!

Not sure if I should send it now, or hang on to it.

Baz.

Click to expand...

Don't sell for BS money mate , your little bit of gold will buy heaps more in the future compared to now .
Hang on to the best asset you will ever have . :Y:

jack

Recent trip to a regional location, thanks to Dan Andrews $200 travel voucher system, resulted in a visit to a "Gold Shop".

Have to say I think it's time people tried selling their gold nuggets direct rather than through a gold buyer.

Obviously SDC fly poo gold (Most of mine ) won't attract the prices asked .....

You and I may say WTF not paying that much but the reality is that many "tourists" don't have a problem, albeit they may be offered a "discount" bring the price down a fraction.




I did the maths for you ..... $150 per gram, and isn't WA gold inferior to our Victorian stuff.

Private sales, for anything over the gram, should be attractive to buyers at between $100 - $120 per gram, more if "unique".

Sadly tourists are hard to get access to but worth chasing

I might set up a little stall on the corner of Ford & Camp streets and undercut those prices about 25% n still make a killing.