Selling gold in Australia is a great way to make money, but it comes with risks.
If you want to sell gold in Australia, you need to be careful. Many people sell gold to make quick money, but some sellers lose money because of scams. There are many fake buyers who offer low prices or steal gold.
Australia stores over 1,000 tonnes of gold, so there is a big market for it. Because of this, scammers also try to trick people. This blog will give you easy tips to sell gold safely and avoid scams. Follow these steps to get the best price and protect yourself.
Before you sell gold, always check the current price. Right now, gold is trading at around AUD 2,600 per ounce. This number changes daily, so check before going to any gold buyer. If you don’t know the price, you might sell your gold for much less than it’s worth.
Gold prices go up and down because of many things:
The world economy
The value of the US dollar
Local demand for gold in Australia
For example, gold prices dropped by 5% last quarter. This change affected many sellers who got lower payments. If you know the market trends, you can choose the best time to sell your gold.
Always check prices from trusted places like:
LBMA (London Bullion Market Association)
The Perth Mint
ASIC-certified gold dealers
Do not trust prices from unknown websites or random buyers.
Only sell your gold to buyers who have a proper license. In Australia, a good gold buyer must be registered with ASIC (Australian Securities and Investments Commission). You can ask to see their license before you sell.
Also, look for buyers who are members of:
The Australian Numismatic Association
Jewellers Association of Australia
These memberships show that the buyer follows fair rules.
Some buyers try to trick you. Watch out for these signs:
No physical store or office
No proper contact information
Prices that are too high or too low
Scam buyers may give you fake money, delay your payment, or disappear after taking your gold.
One seller in Sydney lost AUD 5,000 by trusting a buyer he found online. The buyer gave a fake cheque and disappeared. The seller had no proof and couldn’t get his gold back.
Lesson: Always check buyer credentials and ask for proper ID and licence.
Before you sell gold, get it tested and appraised by a professional. Some shops do this for free or for a small fee. You can also do simple tests yourself:
Magnet test: Real gold is not magnetic
Visual check: Look for stamp marks showing gold purity
Knowing your gold’s real value helps you avoid unfair offers.
Gold comes in different purities:
10K: Lower purity, less value
14K: Medium purity
18K: High purity
24K: Pure gold, most valuable
Higher purity means you will get more money. Make sure you know what type of gold you have before selling it.
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