Selling Gold in Australia: Our Beginner’s Guide
In recent years, the gold market has established itself as being far more than a mere novelty because of the significant returns it has yielded for the portfolios of forward-thinking investors.
Although many nations are chiming in on the fun, the Land Down Under has seen the most profit and activity when it comes to making money out of precious metals. In fact, this is no mere coincidence or speculation because the Australian dollar price of gold is at near-record levels once again.
At this point, anyone with old gold jewellery, ETFs, or ceremonial coins (or any form of gold) can stake their claim in the market because they’re in a position to make a small fortune. Whether you’ve got a bit of experience in investing or are completely new to making money off gold, there’s no need to worry because there’s always room to learn!
How is the price of gold determined?
Compared to stock markets and bond markets, the gold market runs 24/7, 365 because the proprietary material itself is traded night and day on international exchanges to the point where it is constantly moving.
Like other financial instruments, the value of gold is determined depending on how many people buy, how many people sell, and how much supply is left (scarcity). While various tools determine and inform interested traders about the gold price, it’s best to remember that the most accurate figures can be found on the web alongside spot price reporting.
The main factor that makes the price of gold so unique is that it’s rather stable because demand remains constant and supply is running short. What this means is that you can purchase gold now and you’ll have a high chance of having returns that steadily increase with minimal risk of dropping and flopping in the future!
Where do you start?
Admittedly, the whole idea of getting into gold, buying stocks, and trading them for returns can seem like a fairly intimidating task at first because of all the details involved. Fret not, because we’ve got you covered with this comprehensive guide that will point you in the right direction as you navigate the operations of the market:
The basics
When you buy gold, you’ll definitely reach a point where you’ll need to sell it sooner or later—seems straightforward, right? Well, all can seem straightforward until you actually get to the whole process of selling gold yourself.
Whenever you sell gold, there is a set of different factors that you’ll need to consider before pitching your stock and getting returns. Let’s go over all of these specific factors in further detail to give you the smoothest experience possible from start to finish:
- The shop you’re selling at: Generally, different types of gold are better off being sold at shops that specialise in buying, selling, and handling them. For instance, Gold Nugget Shop is the place to be if you want to sell gold nuggets of different shapes, sizes, and purities, and the same can be said for other forms!
- The currency you’re dealing with and the valuation you have: Often, first-timers end up confusing the fact that Australian Dollars and US dollars both ends in “dollar” but the valuations are different. Seeing that gold itself is traded, bought, sold, and quoted in US dollars, it pays to ensure that the source of price information you’re basing your sale on is in Australian dollars.
Conclusion
With the Australian gold market booming and more opportunities opening up for forward-thinking investors to capitalise on, it pays to stake your claim in the market. Yet, you must always ensure that you’re approaching the idea right. Through this guide’s help, you can take on the ever-expanding precious materials market and make a killing without worrying about additional hurdles along the way!
After you buy gold in Perth to build up your investment portfolio, it also pays to have a place where you can sell it for the right price. Head over to The Gold Nugget Shop today to get in touch with our team of experts that have more than 20 years of experience trading gold around the world to ensure you get your money’s worth!
