How to Sell Gold Bullion in Australia: What You Need to Know

Trading Gold for Money

Gold bullion is a popular investment choice among Australians due to its stability and potential long-term return on investment. 

Gold bullion is the traditional gold standard for storing its value. The bullion is typically made of 99.5% pure gold molded into bars, ingots, or coins, making it easier to trade and store over time. 

Selling gold bullion in Australia can be intimidating for some people, but it doesn’t have to be. Trading gold is a common way to get extra cash when needed, and humans have been doing it for thousands of years! 

Turning your gold bullion into cash requires careful consideration and some general knowledge. So we highly recommend following the practices we are about to cover to ensure you get the maximum return on your sale.

What you should know when selling your gold bullion

Know the current market price

If you want to sell your gold bullion, you must research its worth. This means you need to check the current price of gold in the market. You can find the current price of gold on this page of our website.  Knowing the current price ensures you get a fair trade when you sell your bullion.  

Uncover the value of your bullion

With the spot price of gold readily available, you can quickly gauge the worth of your bullion. You can weigh it using your own set of digital scales with an accuracy of at least 0.01g.  You can then use our helpful calculator for a more exact valuation based on the weight and gold carat value.

The market price is not necessarily what you will receive

When selling gold, your price will differ from the current spot rate. This discrepancy exists because businesses must cover expenses and charge additional fees to stay afloat financially. 

Typically, if you sell in a gold exchange place, melting and refining costs are associated with repurposing the metal, which can take a significant chunk of your profits. 

Ultimately, the amount of cash you receive depends on the type of carat value, weight, and your customer. Usually, businesses in this sector will offer you way less than selling it to someone directly.  

Verify the Weight and Purity of the Gold

The purity of your bullion gold can impact its value, so it’s vital to verify this detail before you meet with us to sell your bullion. You can use a specialized gold testing kit to verify its purity, which costs around $60-100 AUD, or you can visit our store, where we can perform the test.

Agreement on price

When selling your gold, it’s important to know that gold dealers won’t buy it at the spot rate, so do not expect to get back what you paid for it originally. With us, we offer a fair price a fraction below the current market value and can offer more for larger quantities. But you probably get a little more if you find an individual buyer in the open marketplace.  

 Our process is very straightforward. Once we agree on a price point and the deal, we can transfer the money directly into your bank account or give you cash in person. At Sell Gold Sydney, we want to ensure you’re happy with the trade and feel confident you made the right decision. 

When is the right time to sell your gold?

Knowing when to sell your gold can be daunting if you’re new to this market.

You need to consider two main factors when deciding when to sell: the current price of gold and your circumstances. By aligning these factors, you can confidently decide when to sell.

First off, let’s talk about the price of gold. Like any other investment, you want to sell your gold when the price is high. That way, you can make the most profit from your investment. Keeping an eye on the current price of gold is crucial to making an intelligent selling decision. You don’t want to sell when the price is low and miss out on potential profits.  

Next, let’s think about your circumstances. Sometimes, we need to access cash for various reasons, such as to pay off bills or make a big purchase. Selling some or all of your gold may make sense in these cases. Considering your financial goals and needs before deciding to sell is essential. Therefore, you should review the most convenient deal.

Are you ready to move forward? 

Here’s a complete process for selling your gold to us:

Step 1: Complete our online form. First, visit our website and fill out our online form. We’ll ask you some basic questions about your gold, such as its weight and purity. This information will give you an initial estimate of your gold’s worth.

Step 2: Book an appointment with one of our experts. After you submit the form, one of our gold experts will review your information and contact you to schedule an appointment. At the appointment, you’ll meet with the expert, and they will examine your gold in detail for exact weight and purity, allowing us to give you a more accurate estimate of its value. 

Step 3: We pay cash for your gold. If you decide to sell your gold to us, we’ll pay on the spot. Our gold experts will make you an offer based on the weight and purity of your gold and the current market price. If you accept the offer, we’ll pay you immediately. It’s that simple!