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Where to sell gold in Australia

August 24th, 2010
Earn some extra money

Earn some extra money

Selling your used, broken or unwanted gold could be a good way to earn some extra money. But where do you find gold buyers in Australia, and which is the best outlet to use? Gold is valuable, so surely many companies are willing to buy it from you. Here is a list of some of the more popular gold buyers in Australia.

Pawnshops:

Pawnshops are in the business to use your valuable goods as collateral for small loans. If you offer your goods to a pawnshop and intend to get it back, you simply return the amount of the loan plus an extra amount discussed between you and the shop owner. If, however, you do not repay the loan, they will simply try to resell your item to recover the cost of the loan.

Advantages of selling to a pawnshop: Pawnshops are great if you are looking for quick and easy access to a few hundred bucks to tide you over until your next paycheck.

Disadvantages: If you are not planning on paying the loan back, your item will need to be resalable. In this case, old, damaged or broken gold will not do since it cannot be resold.

Jewellery store:

Jewellery stores are in the business to sell jewellery, so when you buy from a jewellery store, you are not just paying for the value of the material, you are paying for the workmanship of the piece of jewellery. Jewellery stores have large markups because they have to pay for the jewellery as well as commissions, overhead, security etc.

Advantages of selling to a jewellery store: If you have a genuinely valuable and well looked after piece of jewellery, the jewellery store may offer more for it.

Disadvantages: Jewellery stores have a lot of overhead, so they need to make a profit and have big markups. They do not usually buy scrap gold.

Online gold buyers:

Internet gold buyers in Australia offer you the chance to send your new, used, damaged, old, broken or scrap gold to them and are willing to pay for it. You simply mail them the gold, they weigh it, send you an offer, you accept, and that’s the end of it.

Advantages of selling to online gold buyers: This is convenient, with very little effort or thought. Also, they will happily accept your damaged or broken gold items.

Disadvantages: There is always a chance that your items could get lost or damaged during shipping. Also, if you have not properly researched your gold buyer, you could end up with no payment at all. You also have to respond to the offer within a certain period of time, or you won’t get your items back.

Local scrap gold buyers:

These are companies who specialise in buying and recycling scrap gold. They will buy your scrap gold in almost any condition, and may even offer a cash settlement on the spot.

Advantages of selling to local scrap gold buyers: These companies are in the business to buy scrap gold, and you get to deal with a live person face to face. You will usually receive an immediate offer to buy, which you may accept or decline. If you decline, you simply take your items and leave.

Disadvantages: Depending on the size of the transaction, some companies may not have sufficient funds available on the spot to cover the transaction.

Selling unwanted, used or broken jewellery to gold buyers in Australia is not something most of us do on a regular basis, so you need to know the facts before attempting it. Get enough information to avoid getting ripped off.

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Use a gold calculator to your advantage when you sell gold jewellery

August 24th, 2010
KITCO Gold Calculator

KITCO Gold Calculator

Perhaps you have some old earrings or an old necklace in your drawer that you’ve been thinking of. Not wearing, but selling. You have moved on in many ways – emotionally, fashion-wise, and space-wise. You want to sell some of the items that you prized many years ago but over which you no longer have that emotional attachment. And you would like to regain that drawer space for something a little bit more in tune with your current needs. This is why it makes sense to sell gold jewellery that you no longer need, wear or want.

Now that you know you want to get rid of the rings Aunt Maud gave you more than twenty years ago, you’ll want to know just how much you can expect to get for the amount of gold it contains.
It’s easy to look at the day’s newspaper, see just how high the spot gold price is for the day, and then decide you’re probably going to get a smallish fortune for the sale of Aunt Maud’s family heirloom. This is rarely the case, not even if your name is Elizabeth Taylor and you’re the owner of the Krupp Diamond, among other treasures.

So it’s off to the gold calculator, which can help to calculate how much you would get for Aunt Maud’s rings. These calculators mostly exist on websites that give information on gold. They are perfect for someone who would like to sell gold jewellery.

It helps to know what type of gold you have. One of the most important things to note is the quality of the gold. Gold that exceeds 14K will get a higher spot price than gold that is only 10K. This is because 14K contains less of other materials and it contains more of the material we all love – gold. This consideration is perhaps as important, if not more so, than the item’s weight on the scales.

Weigh your gold on a postal scale and note the weight somewhere. It’s important to remember not to include the weight of any costume gems; these do not count towards the weight of the gold.
There are a number of online gold calculators that you can use to calculate how much you’d get for the gold jewellery you want to sell. These calculators are all free to use, though they should not be relied on for accuracy. The best option is to use a calculator from a company that you trust.

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How safe is posting your gold?

August 21st, 2010
Gold Security

Gold Security

Many gold buying companies are now advertising for you to send off your gold for sale, promising quick money in your pocket.  But just how safe is it, and are you really protected?

“If you’ve never sold gold before, it’s understandable that you may be hesitant using the Post,” says Roy Cohen, Director of The GoldCompany.  “To give peace of mind to our customers, every postage parcel requested from us is registered for tracking as well as insured for $10,000. We also offer an overnight insured courier service that will come to your home or office. The GoldCompany notifies you immediately upon receipt of your parcel, phones you the following day with the offer, and pays you immediately if you accept. If for any reason you don’t accept The GoldCompany’s offer, we courier the items back to you, with no hidden fees or strings attached. It’s that simple. We pride ourselves on customer satisfaction, and all our services are 100% free whether you choose to sell or not.”

“We find that customers often try us out with a ‘test’ parcel, containing just a few small items. Once they experience the speed and ease of our system, they then send the remainder of their gold in second and sometimes even third parcels. Whether you send it all as one lot, or prefer to send in multiple lots, we are happy to assist and there is no cost to the owner.”

But what if you still prefer to talk to someone in person?

“That’s no problem – you are welcome to visit The GoldCompany’s Sydney CBD headquarters, or visit one of our other locations with Bondi Junction opening in September and other locations opening Australia-wide soon.  A gold expert will sit and value your items together with you – when you accept, you receive payment on the spot, but there is no obligation….no hidden strings attached.”

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Strange uses for gold

August 20th, 2010

Gold in the pharmaceutical industry


Gold has been around since the earliest times and it is something that most societies have prized as being valuable. Pliny the Elder wrote about its many uses back in the first century already. And it’s no wonder, too – gold has such a high reputation for a good reason. This is the metal that doesn’t tarnish, conducts electricity well, is a pleasure to work with, and alloys well with a diverse range of materials. This has made it easy to sell gold to people who want to work with it.

One of the number one uses for gold is of course in jewellery. This has always been the case, though perhaps we should draw a broader line and mention that gold has chiefly been a staple of decoration purposes. The other chief use was to support the ‘gold standard’, though this is no longer the case in any of the sovereign nations.

Gold in the pharmaceutical industry

The most unusual use for gold has got to be in the pharmaceutical industry. This is an ongoing practice – it’s at least 5000 years old and surprise! It’s still happening today. Scientists use nanocages, which are hollow, porous gold nanoparticles, to kill cancerous cells. Scientists have been successful in killing malignant cells in mice, according to an article in one scientific journal.

Gold in the electronics industry

Another unique use of gold is in the electronics industry. This is something that only a few outsiders know about. Gold is the best material to use in cellphones, global positioning system units, and television sets. The biggest problem with this is not that these items use gold; the big problem is that most of these items end up in landfills, which means that the gold inside is lost to our society.

Gold in the beauty industry

The ancient Chinese used gold massage rollers on their face – they thought these implements would help their skin to glow, and would reduce wrinkles. Cleopatra supposedly slept in 24K gold masks. Cleopatra may have been slightly ahead of her time: spas around the world are now using gold leaf masks to treat facial skin. It supposedly accelerates the rate at which cells in the skin’s basal layer regenerate. Perhaps this is the Golden Grail of the beauty industry

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Selling gold coins

August 17th, 2010

For those that have been holding onto gold coins for investment purposes, now is an excellent time to sell gold coins and take advantage of the record high gold prices.

The GoldCompany buys gold coins at 95-98% of the daily gold price. Coins whose worth is based on the value of the metal they contain are called bullion coins. Originally, the word ‘bullion’ meant ‘mint’ or ‘melting place’; later, it became a generic terms for refined bars or ingots of gold or silver. (The English term ‘bullion’ originates from the French “bullion” meaning something boiled as a soup broth.) Below are just some of  the common gold bullion coins that The GoldCompany frequently buys.

South African Krugerrand Gold Coin

krugerrand

The South African Gold Krugerrand was the first gold bullion coin introduced without a face value, and is one of the best selling gold coins in the world. First minted in 1970, the South African Krugerrand gold coin is 22 karat gold, containing 1 troy ounce of pure gold alloyed with a small amount of copper for durability. Smaller ½, ¼, and 1/10 troy ounce Krugerrand coins were also produced.

Krugerrand gold coins were unique in that they have no face value, and trade based on the current daily gold price. Since their issuance in 1970, over 46.3 million ounces (1440 tons) or 54.5 million coins of the various four sizes have been bought and sold worldwide; this makes the Krugerrand gold coin the most successful gold bullion coin in history, and offers gold coin sellers instant liquidity as gold coin buyers will pay a premium to those selling Krugerrands. Buying and selling Krugerrand gold coins is easy, as they have a huge market and are highly liquid.

What does the Krugerrand gold coin look like? The obverse of the Krugerrand depicts the President of the original South African Republic from 1883 to 1902, Paul Kruger.  The reverse depicts the national animal of South Africa, the Springbok.

Who produces Krugerrand gold coins?

Rand Refinery in South Africa

How much are Kruggerrands worth?

To sell Krugerrands, contact The GoldCompany for the gold price of the day.

The GoldCompany will pay 98% of the gold price when you sell gold coin Kruggerands.

Canadian Maple Leaf Gold Coin

Canadian Maple Lea

Canada Maple leaf

After the Krugerrand, the next gold bullion coin to be issued was the Canadian Maple Leaf gold coin in 1979. The Maple Leaf is also one of the world’s most popular buying and selling gold bullion coins, guaranteed by the Government of Canada for its authenticity and metallic content.  Maple Leaf gold coins are 99.99% pure fine gold – they are the purest gold bullion coins in the world. Besides the most common 1oz Canadian Maple Leaf gold coins, smaller 1/20 oz, 1/10 oz, 1/4 oz, 1⁄2 oz gold coins are also produced.  In addition to its reputation and quality, the Maple Leaf gold coin is also very liquid and accepted internationally.

What do Canadian Maple Leafs look like? The obverse of the Canadian maple leaf gold coin depicts the distinctive Canadian maple leaf, while the reverse side of the Maple Leaf gold coin features a portrait of Queen Elizabeth II.

Who produces Maple Leafs?

The Royal Canadian Mint in Canada

How much are gold Maple Leafs worth?

To sell gold Maple Leafs, contact The GoldCompany for the gold price of the day.

The GoldCompany will pay you 98% of the daily gold price when you sell gold coin Maple Leafs.

British Sovereign Gold Coin

British Sovereign

Gold Sovereigns are gold coins first minted in 15th century England and still in production today. The original Sovereign gold coins weighed ½ ounce and were 23 karat gold (95.8%). Like Krugerrand gold coins, modern day Sovereign gold coins are composed of 22 karat gold and contain 1 troy ounce of fine gold. Sovereign gold coins are also struck in smaller half-ounce and quarter-ounce denominations, known as ‘half-sovereigns’ and ‘quarter-sovereigns’ respectively.

What do Sovereign gold coins look like? Sovereign gold coins are named after the royal portraiture of the coin, the earliest of which showed King Henry VII seated on a throne, while the reverse shows the Royal coat of arms on a shield. Subsequent Sovereign gold coins depict successive monarchs in regal position.

Who produces Sovereign gold coins?

The Royal Mint in Wales

How much are gold Sovereigns worth?

To sell gold coin Sovereigns, contact The GoldCompany for the gold price of the day.

The GoldCompany will pay you 98% of the gold price when you sell gold coin Sovereigns.

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The Ethics of Gold Buying

July 26th, 2010
gold ethics logo

The Ethics of Gold Buying

In recent years the industry has seen an unprecedented number of gold buying companies emerge as a result of soaring gold prices. Those wanting to sell their gold and take advantage of the record gold price, now have a myriad of choices in choosing a company. This begs the question, how do you know if the company you’re dealing with is trustworthy and ethical?

1) Ethical gold companies will quote the REAL price they pay

Smart sellers should certainly shop around to find the best price for their gold bracelets, gold rings, necklaces etc, but it is important to seek genuine quotes on your actual items, either by visiting gold companies in person or sending your items to a gold company that will advise you of the value prior to processing the gold. Too often, gold buyers will quote inflated prices on their website or over the phone to bait you into believing that they will pay you the most. Once you make the trip to see them or send your gold jewellery away, the price actually offered is significantly less than the price quoted. Sellers should be cautious of gold buyers quoting prices equal to or even higher than the spot gold price for unrefined items.

2) Ethical gold companies offer fair prices and are transparent with their gold valuations

Determining the value of your gold coins, gold watches, gold rings, etc is actually a much simpler process than many gold buyers would have you believe. In fact, all gold buyers that are purchasing your gold for its gold content use the same formula, incorporating the following factors:

• The US Dollar gold price of the day
The gold price is always based on the US Dollar, and must be converted into Australian Dollars.

• The US-Australian Dollar exchange rate of the day
Since the gold price is always quoted in US Dollar, it is sensitive to changes in currency exchange rates.
For example, let’s say that the gold price in USD remains the same from Monday to Tuesday, but the Australian dollar strengthens in relation to the USD – this would mean that you would be offered less for your gold on Tuesday, even though the actual gold price would not have changed.

• The weight of your gold items
While the daily gold price is listed in troy ounces, gold prices are normally quoted according to gram weight. There are 31.1 grams in a troy ounce of gold.

• The purity of your gold items & the refining factor
Most gold you sell to gold buying companies needs to be refined, which means that the gold item must be melted down, the non-gold components removed, and the pure gold extracted. 9K gold is 9/24 parts gold, or 37.5% gold and 62.5% other metals. 18K gold is 18/24 parts gold, or 75% gold and 25% other metals. Clearly, the higher the gold content in your items the higher the value of your gold. When calculating value, gold buyers take into consideration the amount of pure gold that may be extracted, the costs of refining gold, and the unavoidable loss of gold weight during the gold refining process.

• Margins
Also included in the gold price offer is a profit for the gold buyers to make – this margin will vary among gold buying companies, and is the reason that you receive different offers from different gold buyers.

So what is the bottom line when it comes to gold value? When you shop around for prices, ensure you ask gold buyers how they arrive at the amount they offer you – trustworthy gold companies are happy to explain how they arrive at your gold valuation. To determine your gold’s worth and calculate the value of your gold, the following general formula applies:

Value of your Gold = Daily gold price in USD ÷ AUD currency exchange rate ÷ 31.1 grams in a troy ounce × purity of gold × gram weight of gold – refining weight loss and fees – profit margin

The GoldCompany pays 80% of the daily gold price for gold jewellery that needs to be refined, and up to 98% of the daily gold price for pure gold already refined in bullion form (gold coins, gold bullion bars, etc).

3) Ethical gold buyers state clearly whether they are purchasing your gold for REFINING or RE-SALE

Recently a number of gold buyers have been under heavy scrutiny in the press over allegations that items purchased at melt value were turned around and sold as second-hand jewellery. Jewellery pricing is different to gold pricing – jewellery pricing takes into account the condition of the gold piece, design, quality, workmanship etc. Sellers that have rare antique and designer-brand pieces should first try to sell these gold items as second-hand jewellery, as the potential sale value may be greater than melt value. For more options on selling your gold, please see Understanding Gold Valuations when Buying & Selling Gold Jewellery.

4) Ethical gold buying companies CONSULT you first

Be wary of gold buyers that simply send you payment without first advising you of the value and gold content in your items. As the seller, you should have the right to refuse an offer that you are not happy with, and have your items returned to you.
Some gold buyers make it obligatory to sell your gold pieces to them once you mail your gold to them. This allows them to buy your gold bracelets, chains, watches, and other gold jewellery for an unreasonably low price.

Posted in Gold Valuation | 1 Comment »

The GoldCompany complete confidence

July 6th, 2010

complete confidence

Not only does The GoldCompany believe in guaranteeing the highest prices for your unwanted gold, we believe in guaranteeing your peace of mind in sending your gold to our facility. The GoldCompany now insures every GOLDPak & Australia Air Express courier pak you send us for up to $10,000 so that you can rest easy that your valuables are protected!
Feedback from our valued customers indicates that no other gold buyer offers insurance beyond a hundred dollars. The GoldCompany wants you to have the same complete confidence in our postal and courier service that we do – with our $10,000 insurance guarantee, now you can!

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Gold for Good

June 28th, 2010

Donate your gold and make a difference!
Lifeline Community Care Queensland has teamed up with Australia’s leading buyers of gold, The Gold Company, to offer a highly unique initiative that will allow Australians to donate the value of their unwanted gold items and broken jewellery to Lifeline.

The initiative, GoldforGood, allows Australians to donate their unwanted gold to Lifeline Community Care. Instead of the traditional gold coin donation, why not donate a gold chain?

GoldforGood brings a whole new meaning to the value of gold that is not just measurable per ounce, but as a genuine positive change towards another person’s life.

Discover now how you can donate your gold and make a difference to your community.About Gold for Good
GoldforGood is the charitable division of The GoldCompany, founded as a gold buying associate to the internationally recognised & respected Diamond Certification Laboratory of Australia (DCLA),providing consumers with a safe and reliable channel in which to sell and donate gold. Directors of The GoldCompany have been involved in the gold and diamond business worldwide for over 30 years with an impeccable reputation and unquestionable ethics.

Donating your Gold
GoldforGood provides consumers with a safe and reliable channel in which to sell and donate unwanted gold to charity in Australia. It’s actually very simple – GoldforGood will send you a secure, insured jewellery return GOLDPak allowing you to safely send your gold to The GoldCompany. Upon receipt, The GoldCompany will evaluate your gold and contact you to confirm the donation amount. There is no obligation to sell or donate your gold until you accept The GoldCompany’s evaluation of your gold. Once The GoldCompany’s evaluation has been accepted by the customer, Lifeline Community Care Queensland will receive the donation and issue the customer with a tax deductable receipt for the donation.

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Gold ekes out a small gain after seesawing most of the session

June 23rd, 2010

Gold futures on the COMEX Division of the New York Mercantile Exchange inched up after fluctuating for the most of the session on Tuesday. Silver and platinum both climbed.

The most active gold contract for August delivery eked out a 10- cents gain, to finish at 1,240.8 U.S. dollars.

The National Association of Realtors on Tuesday showed a 2.2 percent decline on sales of existing homes in May, while economists had expected an increase, which has drove down gold price with other commodities, as investors worried that too much weak economic data may raise the specter of deflation in the U.S. economy.

Gold received some support prior to the close and ended the day barely unchanged as dollar softened, gold also attempted to go higher earlier in the session, as its drop on Monday, which was its worst one-day decline since mid-May attracted some new buyers on Tuesday, but most of the price surge were short-lived. The inaction reflected the investors indecisiveness before the Federal Reserve’s interest rate decision on Wednesday

July silver was up 9.4 cents, or 0.5 percent, to settle at 18. 902 dollars per ounce, July platinum rose 2.7 dollars, or 0.2 percent, to settle at 1,593.0 dollars per ounce.

Source: Mu Xuequan

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Another new record for gold price and likely to trade higher over the next few weeks.

June 22nd, 2010


Gold rose to a new record as it reached $1,260/oz last week. The previous all-time high for the yellow metal was $1,252/oz set June 8. The new record is significant because it shows that investors are beginning to understand that just because governments around the world claim that things are improving, this is nothing more than meaningless rhetoric. However, there is a politician out there that seems seriously concerned about the explosion of government debt, and in his first address to parliament on June 11, Japan’s new prime minister Naoto Kan warned that his country could face a financial disaster similar to Greece if it did not deal with it’s bulging national debt. “It is difficult to sustain a policy that relies too heavily on issuing debt. As we have seen with the financial confusion in the European community stemming from Greece, our finances could collapse if trust in national bonds is lost and growing debt is left alone,” he said. As the issue of sovereign debt and government deficits cannot be resolved immediately, we can expect gold to move higher while governments continue to debase the value of their currencies by printing more fiat money. Recently, we have seen gold make new historic highs in US dollars as well as euro, sterling, Japanese Yen, Swiss Franc, Russian Rubble, Indian Rupee, Mexican peso and Chinese Yuan. In most cases, a fiat monetary system comes into existence as a result of excessive government (public) debt. The last time this happened in the US was in the 70’s when Nixon abolished the gold standard, and thereby removing any intrinsic value to the US dollar. And, in 1973 the IMF officially abolished gold as part of the monetary system. One of the problems of having a currency backed by gold is that this system restricts monetary expansion and as a consequence restricts economic growth. But, at the same time, the only thing that gives a fiat currency its value is its relative scarcity and the faith placed in it by the people who use it. And, unfortunately the history of fiat currencies has been one of failure. In fact, every fiat currency since the Romans first began the practice in the first century has ended in devaluation and eventual collapse, of not only the currency, but of the economy of the country that introduced the fiat money. If we look at the dilemma governments are currently experiencing, in particular massive national debt, low economic growth and high unemployment, these issues are precisely the issues that can cause a fiat currency to falter and eventually collapse. So, while governments and central banks try to avoid such a scenario, owning gold should be a cornerstone investment in everyone’s portfolio. Unlike paper money, it is tangible, indestructible, and it is the only financial asset that isn’t someone else’s liability. Furthermore it is extremely liquid and, unlike property, it is also portable and can be converted into cash practically anywhere in the world.
In a recent interview, Marc Farber said, “I buy gold, I don’t know what else to buy.” Faber expects another worse crisis to happen in five to ten years, “when the whole financial system collapses” – the reason: the debt problem has been kicked down the road without actually being solved. “I think US Fed, ECB and other central banks have no other option, they will continue to monetize and buy bad paper, period. The central bankers are precisely the ones that don’t know that excessive money creation and excessive debt creation leads to a crisis down the road. The ECB will talk hawkishly, but act dovish, like the Fed in the US.” Recently, Greenspan argued that the US is about to run out of its ability to raise debt at low rates to finance its growing deficits. He believes that the global capital markets will begin to reject American borrowing because the federal government has no realistic plan to bring down spending and reign-in the national debt. “The federal government is currently saddled with commitments for the next three decades that it will be unable to meet in real terms,” Greenspan said according to Bloomberg. The “very severity of the pending crisis and growing analogies to Greece set the stage for a serious response.” Greenspan expects that the price the US will have to pay for new debt could rise quickly to 4%, which would increase debt service by tens of billions of dollars a year. According to an article published by Reuters, on June 11, Deutsche Bank see gold prices averaging $1,215 an ounce this year. In the third quarter it expects to see the metal at $1,200 an ounce, rising to $1,400 in the final quarter of 2010. In 2011, it sees gold at $1,450 an ounce. Barclays see gold prices at $1,215 an ounce in the third quarter of 2010, rising to $1,235 in the last three months of the year. In the same periods it sees silver at $18.50 an ounce and $18.80 an ounce respectively. And, Societe Generale sees gold prices averaging $1,300 an ounce in the third quarter, rising to $1,350 in the last three months of the year. It expects silver to average $21 an ounce and $22 an ounce in the same periods.

TECHNICAL
Prices of gold continue upwards, and with the recent breach of the key resistance of US$1245/oz the price of the yellow metal is likely to continue upwards. My short-term target remains at US$1350/oz
Author: David Levenstein
From Mineweb.com

Posted in Gold News | 3 Comments »

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