Looking for a way to sell gold in Melbourne for a fair price can be a challenge. Most cash for gold shops who focus on buying gold jewellery pay a percentage under the melt value. However, selling your gold bullion to a cash for gold shop is one way to get paid instantly as they always have cash on demand.
The best way to get the most money for your gold bullion is to find and sell to another investor. Unlike most cash for gold shops who resell for immediate profit, investors hold onto their gold for wealth preservation, protection against inflation and a hedge when other investments lose value.
The majority of buyers you hear about in the media resell the gold the gold they buy as a means of generating an income. They pay anywhere from 85% to 90% of value for scrap or used gold and 95% – 97% for bullion. These cash for gold shops then usually on sell it to a refinery who melts the gold to reproduce new bullion or jewellery.
The monies they receive for the used gold cover their operating expenses, payroll and puts a profit in their pocket. There is nothing wrong with buying and selling for profit, it’s done every day with practically every product under the sun.
But, if you are selling gold, you are looking to get the most money you can. So, why not deal with someone who pays the most when they buy, the investor?
Instead of taking your merchandise to the cash for gold shops and give them the leverage, sell it in a way that has the buyer coming to you.
There are numerous places to advertise items for sale on the web. Do a search for classified advertising platforms and list what you are selling. One good place to start are precious metals forums.
With the gold boom well in full swing, it’s very likely that you will receive numerous inquiries to buy your gold. And, if you don’t ask too much over market price, it’s possible you will close the deal rather fast.
Don’t have time to wait for the extra 5% and need liquid cash? Take those gold bullion bars that you had purchased and visit your local gold bullion dealer. During the GFC the gold price doubled in weeks. This was due to financial markets crashing and fiat currency. It during this time it was when you should be selling your gold bullion and buying stocks. After the recession, thousands have lost their jobs due to many companies opting for downsizing. Various people have had their salaries reduced to a meager sum. You can avoid these situations with dividend income or an increase in your stock portfolio by selling gold bullion at the right time. Make sure you watch the financial markets closely, timing is the key.
One interesting investment strategy is the ‘Dow to gold ratio’. The price of gold vs how many points the Dow Jones is. Twice through out history these two have met somewhere 1 to 1. IE $800 an ounce gold and 850 points Dow. Will it happen again? Who knows, but if it does, be ready. Go to your bullion dealer and sell your gold bullion and tip it into stocks.