Less than two decades ago, an ounce of gold was worth about $500 AUD. If decided to sell to sell gold bullion Brisbane you have been holding on to for that long, you would get four times what you paid for it. There is no other investment that performs as well as gold. It maintains its value and grows better than most commodities. You can never go wrong with gold. However, like any investment, you need to educate yourself so you can avoid making mistakes that could cost you.
These are the key considerations that you must make when you sell gold bullion Brisbane:
The price of gold is based on its purity. This is measured in karats. 100% pure gold equals 24karats. The purity of gold coins and bars is sometimes expressed as millesimal “fineness”, which refers to 1.000 parts of a gold bar. A bullion bar marked 995 fineness has 995 parts pure gold and 5 parts other alloys. The purest gold bar will have 999.9 which means it is 99.9% pure.
Gold that has been purchased from credible dealers will have hallmarks. These are stamps or engravings that show the purity as well as where the gold was refined. When buying gold bullion, dealers rely on these hallmarks as certification of the legality of what they are buying.
You are not required to pay tax when buying gold bullion but you are required to pay tax which will depend on the capital gains you make when selling bullion.
The price of gold is always important whether you are buying or selling gold bullion.
The good thing about gold is that it has standardized pricing. Like fiat currencies, the value of this precious metal is made public. Knowing the current price of gold when you sell will help you determine what you should expect from a gold dealer.
- Type of gold
Most people either have gold bars or gold coins to sell. They might be equal in weight and have the same purity and even have the same origin but bars and coins will not have the same price. Why?
The answer lies in what makes the two different from each other.
Simply put, a gold bar is a lump of gold, refined and shaped into a brick. There is an inscription of the purity and the weight on its surface. Investors who buy gold bullion bars aren’t necessarily concerned with how it was minted but rather with its inherent value.
Gold coins have a premium value because they are, in many cases, legal tender and they have traditional value of coinage that a lot of people hold in high regard. A lot of gold coins that are traded these days could have been circulating currency at some point in history.
Investing in gold begins with buying and ends when you sell. You make a profit by selling your gold bullion for a higher price than what you bought it for.
Gold might be one of the most stable commodities but that does not mean it cannot lose its value in the future. This is why most people sell when gold is having the kind of run it has been having. The current rally might be fueled by the current global crisis and geopolitical tensions but there is no telling how long these will last and how much longer they will continue to affect the gold price, so sell whilst the getting is still good.