Tips on selling gold
Sell to a licensed second hand dealer
Gold buyers are being govern and regulated by State and Territory law, hence, only businesses that possess a second hand dealer’s licence being display that is clear from the outside of the business are legitimate. Refrain from social and classified website such as gumtree that are looking to exchange gold for cash, unless they are displaying licence number on its ad or are available upon request. The licence number can then be confirmed with WA Police second hand dealer’s licensing department on 1300 171 011 for legitimacy.
Getting best value for your gold – Know Your Product (KYP)
In order to exchange gold for cash for the best value, you will need to be an informed seller. This means comparing prices from different gold buyers in town and understanding the gold jewellery and other gold products that you are about to sell. Educate yourself on gold which takes just a few steps of calculation. A troy ounce of gold weighs 31.1g which weighs about 10% more than a regular ounce. The spot price in the gold exchange market represents a troy ounce of 24ct (.999) fineness of gold.
The highest fineness in gold comes in a form of 24ct (.999), which is 99.9% purity in gold content. It would be quite rare to come across any jewellery that is 24ct as gold is a very malleable and soft metal. The most common mix of metals alloy in gold jewellery are Silver, Zinc, Copper and Nickel. 22ct, 18ct, 14ct or 9ct refers to the percentage (out of 24ct) of the pure gold item in the jewellery. 22ct can be stamped 916 (916 parts pure gold in 1000 parts of metal.) 18ct is stamped 750, 14ct as 585 and 9ct being the most common gold jewellery in Australia being stamped 375.
Gold can be fiiled or plated. Gold plated items are base metal that has gone through processing and being dipped into electroplating solution that contains gold. It is then being applied with electric current and a thin layer of gold will form part of the subject.
Gold filled items are more expensive, last longer (usually 10 to 30 years), and contains much more gold content as compared to gold plated items. It go through a process of mechanically bonding and heating of gold to the base metal. It also need to contain a minimum of 1 part of gold for every 20 parts of metal (1/20), as such, it contains more gold content as compared to the thin layer that can be found on plated gold.
A simple magnet test will also allow you to determine whether an item is gold as gold does not magnetise. Hydrochloric acid is another form of gold testing by way of dropping different carat acid on gold items to find a reaction. No reaction indicate that the item is gold, while higher carat acid will oxidises the item being tested if it is lower in carat.
Honesty & Transparency
All gold buyers work with a margin. In this case, it is only fair to say that customers not only deserve an honest approach, but also being paid for the price indicated by gold buyers across their website and be taken through the whole process of identifying the carat of the items.
Be mindful when a gold buyer is sceptical of the carat of the gold items as that means he did not use the appropriate equipment to determine the exact gold contents. In addition, all items should be tested and weigh at your presence, not taken away to the back office for them to evaluate.
Know your gold and look up their website for prices and to get a close estimates of how much you will be paid when the deal is done. Cash & Gold Exchange pays what we advertised, test and weigh every item at your presence and pay what we advertised on our websites without altering prices during the day. Not only we can match all prices in WA, but also beat any genuine written quote received on the day you decide to sell your gold. Price beat is valid for within 24 hours of receiving your written quote due to the robust fluctuation in gold spot exchange market.