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Selling Gold - Are Bigger Bits Worth More?


Jin

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Decided to offload all my gold. I've never sold gold before and not sure if you just approach a gold buyer and sell it for whatever they're prepared to pay. Obviously, it will be less than the gold price and also less to account for impurities. Now I don't have any wopper nuggets to sell but just curious if my two 16gram bits would be worth more if I sold them privately, say on eBay or on a gold prospecting facebook page? If so how do price them?  

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Hi Jin.  I've sold a bit on eBay but remember the fees - they are a little prohibitive. 

Have also sold on the Prospecting Australia forum which was fine. Easy, no fees, good price.

Pieces under 5 grams I just ask for the gold price. Bigger bits I have asked for a bit more - depends on if they are plain or pretty. 

Just a note on sending them.  Australia Post do not cover 'bullion' by insurance.  I didn't know this when I sent mine and the lady at the AP desk in Myrtleford even knew that it was gold and said it was fine  :rolleyes:   There is a good thread here  https://www.prospectingaustralia.com.au/forum/viewtopic.php?id=23319 

#9 post by Secret Squirrels in particular is very informative. 

Good luck with your sales  :wink:

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Jin from my experience you`ll do better on Ebay than rocking into a gold buyer.    A gold buyer near me pays spot minus 17%, and that`s ok, they`ve gotta make a profit, but if you want to put in the effort, take good photo`s, good descriptions, stuff like that,  most times you`ll get spot or better on Ebay.  You can sell "at auction" and just take what you get, or you can set a no auction "buy it now" price.   Don`t scrimp on postage, always pay for registered post and post in the proper padded bags. cheers

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With Aust post make sure it's registered and insured post.

I sent a Swarovski  rifle scope off for a service, registered with signiture required. Disappeared into the ether it seems.

They've just agreed to reimburse me $50 + postage. Not bad for a $1700 scope

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MT - they actually won’t insure bullion though - that’s the issue. And bullion includes unprocessed gold when you look at their definition. 

The only other option is to call it something else - a $600 computer micro chip or something that they will insure.  

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11 hours ago, Jin said:

Decided to offload all my gold. I've never sold gold before and not sure if you just approach a gold buyer and sell it for whatever they're prepared to pay. Obviously, it will be less than the gold price and also less to account for impurities. Now I don't have any wopper nuggets to sell but just curious if my two 16gram bits would be worth more if I sold them privately, say on eBay or on a gold prospecting facebook page? If so how do price them?  

With gold price of Au$1650 @ the moment with Ebay 10% of final sold price,

you would have to sell at Au$1833 just to cover  their commission only of Au$183 for your 2 nuggets of approx. 1 ounce with no mailing included.

Best bet is sell nice bit at gold fields caravan parks as most hobbyist will pay gold price plus. 

 

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In my experience the nuggets that are easiest to sell while still being worth the effort are in the 1 - 5 dwt or roughly 2 - 8 gram range. The stuff that makes good ear rings or pendants and which sell for hundreds of dollars. Once a nugget gets over $1000 they get harder to sell the larger they get. For no other reason than that fewer and fewer customers exist for large, extremely expensive paperweights.

Its all about quality. Small crystal gold specimens sell for far more dollars per ounce than their larger, lumpier cousins.

 

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