Five Mistakes You Should Avoid Making When You Sell Gold Nuggets in Brisbane

You’ve worked hard to find that gold nugget, now comes the important part – selling your gold for a top dollar. Here are 5 things you should avoid if you want to sell gold nuggets Brisbane and fetch yourself a good price.

  1. Selling too quickly

The worst thing you can do when selling gold is to be in a rush. Of course, if you need cash quickly you are most likely to take the first offer that comes along, but a lot of prospectors sell without doing enough to find out what the actual value of their gold nugget is. This means they aren’t checking the gold prices or getting as many valuations as they can because they don’t have the time. If you do this you stand the chance of being seriously undercut on the price by buyers. Do not be in a hurry to sell your gold nuggets to the first buyer that gives you an offer. Shop around and wait for the market to be more favourable.

  1. Expecting a 99.99 % Spot Price for your gold nugget

It’s good to know what the spot price of gold is but don’t expect to get that when you sell gold nuggets. Remember that you are dealing with an impure form of gold. The actual amount of gold in your gold nugget might vary from 60% to 95% the rest of the gold will contain impurities like copper and silver so you can never claim to have a piece of pure gold to sell. The price you will get from a buyer will be affected by refinery fees u less you are selling to a collector who is only interested in the gold nugget as it is.

  1. Selling to Pawn Shops

Pawn shops sell everything and they will generally buy anything you have to sell. They are notorious for their ridiculously low prices when it comes to gold nuggets. The reason they won’t offer you the best price or the price that you know you should be getting usually has to do with them not being sure of the purity. This is a valid reason, but a poor reason to use to justify knowingly offering low prices. It should be unfair considering that these pawn shop buyers will end up sending your gold to a refinery and getting a good price for it.

  1. Trusting refineries

Refineries buy gold nuggets from prospectors all the time. They also buy from pawn shop and cash-for-gold companies. It might seem like a good idea to go directly to a refinery to sell gold nuggets. Refineries are not all equal, so going with the first refinery that offers a good price might not be a good idea, especially if you don’t know the purity of your gold nuggets. Have your gold valued before you approach a refinery. The best thing you can do before settling on one refinery over all the others is to send your gold to a few of the ones that interest you and compare the prices they give you. This way you can choose the best offer.

  1. Overlooking gold nugget dealers

Gold nuggets are rare, so it’s not everyone who buys gold nuggets to melt them down. If you have an interestingly shaped gold nugget that looks good, then you might get a better price than the “melt price” you would get from a refinery. You could get premium prices from gold nugget dealers who specialise in buying nuggets and selling to jewellers and collectors. It’s best to ask around. Find dealers and collectors who will give you a price closer to the spot price.

So, there you have it. The important thing about selling gold nuggets is that you need to give yourself enough time to research the various avenues that are available. Do not get suckered into going one way, just because it looks easier or less tedious. You worked hard to get that nugget. Remember that it is rare and unique so it deserves the best price you can get for it. Don’t shoot yourself in the foot by selling too quickly and don’t be too trusting.

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