Gold bullion refers to the state of gold that has gone through refining and kept as a bar or coin. Private individuals and governments store gold bullion because it does not depreciate, unlike the ordinary currencies. For that reason, people and governments preserve it for a precautionary motive. Standard gold bullion may weigh up to 12.4 kilograms. Gold bullions can also realize a higher value in the market than the regular gold.
What happens when you are looking to sell it? You need to ensure that you are settling for the best deal in town. There are many brokers, scammers, and genuine people in your region interested in buying gold bullion. How do you identify the genuine one? You don’t want to lose your storage of wealth to scammers or brokers who will benefit more than yourself. It would be best if you did due diligence to identify the best buyer in the market. Sell gold in Melbourne at the best price by following the tips below.
Get to Know the Level of Purity and Weight of Your Gold Bullion
Gold bullion is most cases has a purity of 99.95%. Since it is not realistic to state that gold bullions are 100% pure, 99.95% is the finest level.
However, some may come as alloys of gold and metal and have a purity percentage of 75%. The purer and heavier your gold bullion is, the more marketable it is.
Know the Spot Price and the Factors Affecting it
A spot price is measured by the current price of a troy ounce of gold in the market. It is the crucial factor that you need to put into considerations when investing in gold. Whether you are buying gold bullion or selling one, familiarize yourself with the spot price fast.
Before planning to meet any gold broker or buyer in the market, it is your responsibility to research the spot price. You should ensure that you rely on factual and up-to-date data when researching the spot price. Once you have the rates per troy ounce, you can multiply the rate by the weight of your gold bullion. This will give you the exact value of your bullion as per the current market rate.
So what is going to affect the gold spot price in the market?
- The supply and demand for gold will affect the spot price. The spot price of gold is likely to increase as its demand goes up.
- A decrease in value for the dollar leads to an increase in gold prices.
Get a Reputable Dealer
You don’t want to take chances with your investment. It would be best if you had a trustworthy gold dealer in the market with good standing for many years. Do not settle for any pawn shop that you will across. Look out for the stores and dealers who have a specialty in trading gold in Melbourne. The best gold dealers in Melbourne will not rush, giving you an offer without testing your bullion.
Gold buyers who test your gold bullion before giving you an offer show that they are diligent in their transactions. However, the testing and weighing of the gold bullion should be done before you and not behind doors. You can trust such persons. You are likely to get the best offers from such people once they are confident of your gold bullion’s purity. Get their offer and compare it to the value you had given your gold after knowing the spot price.
Besides checking the purity and weight of your gold, check the following from the potential buyer:
- Have a certificate from the Melbourne state government.
- Check out the testimonials of the dealer and their ratings. You need to ensure that the dealer has no bad history. Check their website for comments from other bullion sellers. This can save you from transacting with a lousy dealer.
- Check on the knowledge scope of the gold dealer. A reliable gold dealer is one who has been in the field for many years. Such a dealer has vast knowledge and understands the value of your gold bullion.
Gold bullion is a good investment, ensure you follow the steps above for the best deal.