Selling gold can be a lucrative business, but not all gold has the same price. The market costs are in constant flux, so it’s best to understand how to identify its worth to ensure you won’t fall for traps where buyers promise to buy your gold jewellery, bullion, or nuggets for top dollar.
It’s a skill that is worth its weight in gold, allowing you to sell your pieces for the best possible price, no matter the tide in the market. With that in mind, the factors below should help you determine the value of your gold nuggets:
Factor #1: Weight
Before anything else, the first step to identifying the right value for your gold pieces is to determine exactly how much you have on-hand. With that in mind, it’s best to invest in a quality, high-performing digital scale that can guarantee to provide accurate readings.
This is because gold is often sold or purchased according to its weight, so knowing the total ounces or grams is crucial for setting the correct price.
Factor #2: Rarity
Although gold is in itself a rarity, oftentimes golden jewellery doesn’t receive as much impact compared to gold nuggets. Most gold has already been smelted throughout the years – being turned into bricks, reused, or turned into jewellery.
That’s why golden nuggets are rare pieces that you can’t chance upon nowadays, making it a golden opportunity to sell for a top price.
Factor #3: Shape
Not all gold can melt the heart as different shapes can affect its beauty. A smooth, round gold nugget is not as visually appealing, which means it won’t sell for a higher price. On the other hand, you can sell an oddly-shaped, jewellery-grade nugget for premium.
Factor #4: Purity
Out of all the factors in the list, the purity of the gold is the most important component you need to consider. Keep in mind that not all that glitters is gold as even your nuggets can have underlying impurities like silver, copper, and other alloys that can significantly lower its value.
If you want to sell for a premium price, be sure to appraise the gold and check for the level of its purity. Knowing this should help you conclude a price that you can afford as the buyer is bound to take a price that is less than the actual weight of the gold due to the impurities within the matrix of the nugget.
The Bottom Line: Selling As Good As Gold
Selling gold is a lucrative business, but the only way to become successful in your craft is to understand the science behind pricing your gold pieces. To that end, the tips above should help you determine the right costing for your gold, allowing you to get top dollar for all the right reasons.
If you’re looking to buy or sell premium gold nuggets or rolled gold, check us out at the Gold Nugget Shop. We offer a vast selection of gold specimens and more golden opportunities for investors in Australia!