Is Selling Gold in Australia Legal?

Australia has a long history of gold-buying as a hedge against inflation. This has resulted in the emergence of a thriving secondhand market.

So if you’ve bought gold as an investment and want to sell it now or have any immediate need for cash, then it’s perfectly legal to sell your gold.

But before you start selling gold in Australia, you must get all the necessary information, to begin with.

How to Sell Gold in Australia?

There are two main ways of selling gold jewelry, coins, or other forms of gold in Australia. You can either sell your gold online to a gold buyer or visit a physical pawn shop. Both methods will result in you receiving cash for your valuables.

Whatever your options are, keep the following points in mind.

Do Your Research

Gold Brokers are not all the same, and you will find that their prices can vary from one to another. Sometimes the price difference can be as much as a few hundred dollars for the same gold item. You also need to research what kind of gold items you have are worth.

For example, if you have an old gold necklace, the amount of gold is probably less than if you have a solid gold coin from many years ago. It is essential to know the actual value of your gold items before selling them so that you don’t get ripped off.

Monitor the Market Rate

 

Checking the current value of gold — especially when selling large quantities of gold — is essential to ensuring you get the best deal possible. Unlike other investment commodities, the price of gold isn’t fixed; it’s constantly fluctuating. While this means that its value can go up as well as down, it also means that some people can get a better deal than others if they sell at the right time.

Understand the Purity of Your Gold

The purity of gold can be measured by its karat and since this helps in determining the value of gold, it is vital that you know what karat your gold belongs to when you are planning on selling it.

The karat of gold is determined by the concentration of pure 24-carat gold in an item that determines its purity and, thus, its value. Therefore, if you want to get the best price for your old, you should always find out how many karats your piece has to get paid accordingly. While gold buyers assess the purity, it’s best to know your gold’s worth before you walk in.

Find a Reliable Gold Buyer

 

Once you’ve checked the market rate for your particular type of gold, shop for a broker who will pay you that rate and more (not including any fees). Many brokers will advertise their rates on their websites, making this step relatively simple.

Also, you need to make sure that the dealer you’re selling gold to is approved and registered. This means that you’ll need to verify that the gold dealer has the license and registration with the Australian government to sell precious metals legally.

Brokers will often charge a fee and commission for buying your gold from you. For example, each sale may be charged an insurance fee and a standard administrative fee. So make sure to get these details before you choose one.

Sell Your Gold to ‘Cash Your Gold’ Dealers Today

If you want to sell the gold you’ve bought for personal purposes or as an investment, you can reach out to any gold brokers. But keep in mind to get multiple quotes from gold dealers and find one to get the best value for your money.

Cash Your Gold is one of the top gold dealers in Australia that buys gold at live market prices. You can quickly reach out to our team to get a free estimate of how much your gold is worth.