These days it seems that there are a lot of gold buyers willing to buy any type of gold out there and for gold prospectors with gold nuggets to sell, this is a good thing. However, it is important for anyone with gold nuggets to sell to take time out to do some research before you sell your precious nuggets. Here are some of the things you need to know before you sell gold nuggets.
Weigh your nuggets
Weigh your gold nuggets to determine exactly how much you have. To be precise, make sure you use a high quality, sensitive digital scale that will provide a more accurate reading.
Determine the rarity of your nugget
Gold nuggets aren’t valued the same way as fabricated or refined gold. Nuggets are actually rare and the value is determined by their rarity. Finding gold nuggets is hard because throughout history, most of the gold nuggets have been melted down, refined and used to make other gold products. So, the fact that you have gold nugget is special. The bigger your nugget, the rarer and more valuable it is.
Beauty and Shape
The shape of a gold nugget is important, the more unusual the shape, the more interesting it is and more valuable. A round gold nugget is not considered attractive, it lacks character and will not garner that much interest. A jewellery-grade nugget with a rare shape, that is big enough and looks like no other will sell at a higher premium. It is important to keep in mind that when all is said and done, beauty is always in the eye of the beholder.
Determine the purity of gold nuggets
Gold nuggets have impurities that can affect the price. These impurities could be anything from copper to nickel. You should get a professional to check for impurities and appraise the gold nugget before you put it up for sale.
What is your Motivation?
Why do you need to sell gold nuggets? Your motivation will determine how hard you will work to get your nugget sold. If you are badly in need of money, then you might rush the sale and even settle for less than what your nugget is actually worth. If you are not in a rush for money then you may take some time to consider other options and increase chances for selling for a high price. And like all gold products, you should look at the daily spot price of gold. If you feel that the price might go higher then you may want to hold onto the nugget for longer.
Where to Sell Gold Nuggets
There are various places to sell gold nuggets. You can sell gold nuggets to local buyers, auction sites like eBay or refineries.
Here is a simple fact about most gold buyers: most of the gold they buy usually goes to a refinery. Sometimes, the refinery may be the best way to sell gold nuggets especially if they are small, especially if it’s placer gold. Remember that gold has some impurities which is a percentage you will not get paid for. For instance, if you have placer gold that is 85-90% gold pure that means you have 10-15% impurities. When selling to a refinery you can expect 75-80% of spot price after the refinery takes its cut. This is decent enough for gold dust and placer gold but not good for gold nuggets with collectable value.
The bottom line is that you should do your research before you sell gold nuggets and make sure you get the best price.