You have gold jewelry, of gold, of scrap gold in a drawer that you want to sell? In recent years, the price of gold has continued to rise. If you were to have your gold valued, you would no doubt be surprised at the value of your items. But to sell your gold, at the right price and with trusted professionals, a few questions are important to ask:
- Who sets the price of gold?
- What gold items can I sell?
- How is the price calculated?
- What is the tax on gold?
- Why sell your gold at Happy Cash?
Gold Price: How Is It Set and By Whom?
Before buying or selling gold, it is important that you understand how the price of gold is set. Since 2004, there is no longer an official gold quotation in Australia. From now on, the gold price in Australia is based on the 2 daily fixing of the Gold Price. As you Sell gold in Melbourne you will need to have a close eye on the following details also.
The fixing is a daily quotation procedure which fixes the reference price of precious metals. This procedure takes place every (working) day at 10:30 a.m. and 3 p.m. This fixing is established on the basis of world trade. It takes into account the supply and demand of players in the gold market.
What Gold Items Can I Sell?
All types of gold items are salable. Among the gold objects that you could come to sell in stores:
Gold jewelry (even broken ones): gold bracelets, gold necklaces, gold rings, gold wedding rings, gold chains, gold earrings, gold medallions and pendants, baptismal gold bracelet, watches in gold, etc.
- Gold ingots
- Gold coins
- Gold nuggets
- Gold plates and plaques
- Dental gold (crowns, etc.)
- Industrial gold
How Does Your Gold Estimate Work?
To sell your gold, you must start by having it estimated for free in the local store closest to you. At the time of this estimate, one of their experts will examine with you the jewelry, the gold coin, the broken gold chain, that you have brought to give you the most accurate estimate possible. To carry out this estimate professionally, several steps are necessary:
Passage of a Magnet
The estimate begins with the passage of a magnet on the jewelry. Indeed, gold is a metal that does not magnetize, unlike a large number of metals. The passage of a magnet will therefore make it possible to detect the presence of other metals such as iron.
Gold objects have hallmarks that guarantee the proportion of gold in the alloy. An eagle’s head for example indicates that gold is 18 carats.
Passage to touchstone
A final check is then necessary. The jewelry or the object is lightly rubbed with the touchstone which confirms the precious metal content of the object.
Weighing of the object
Once the titration has been obtained, the object is weighed (by deducting the weight of any encrusted stones if it is a piece of jewelry) and the price of the jewelry is determined.
What Is The Tax On Gold?
Taxation on gold is done at the time of sale (and not purchase), but rest assured, you will be, in some cases, exempt from taxes. The tax applicable to the sale of gold and other precious metals is 11%, to which is added the CRDS (Contribution to the reimbursement of the social debt) which amounts to 0.5%. The tax on the sale of gold therefore amounts to 11.5% of the sale price.