Selling gold - how, why, where

[AussieGamer_Ben]

H

Depends on which context you mean sell.

Under your prospecting right you are allowed to sell the gold you mine yourself, or any other minerals that you extract.

If you wish to buy and sell gold you would need a licence similar to a pawnbroker I believe. Also you would need to operate under a ABN and pay tax on profits ect like any other business.

like if I found gold and took it too my local buyer ( he is at a hock shop) to sell. I wouldn't need a license

In that situation you wouldn't not need a secondhand dealer licence no.

Still depends on a few factors.

First and foremost, you would need a prospecting licence to be able to do that legally. Although the people buying gold generally Won't ask to see it, the bottom line is you would need it for the state you extracted the gold in, and sold to I believe.

Secondly, depending on your state and territory will depend on how much you can sell, and whether you would have to pax any taxes on it. For instance in South Australia, you can't get a prospecting licence, and any minerals inclusive of gold you find are legally property of the Crown and you can only keep for mineral specimen purposes. Even when found on private property.

im pretty sure u only need a license only in state forests in nsw. but where do u get them anyway

 

[KarlS]

H

Depends on which context you mean sell.

Under your prospecting right you are allowed to sell the gold you mine yourself, or any other minerals that you extract.

If you wish to buy and sell gold you would need a licence similar to a pawnbroker I believe. Also you would need to operate under a ABN and pay tax on profits ect like any other business.

like if I found gold and took it too my local buyer ( he is at a hock shop) to sell. I wouldn't need a license

In that situation you wouldn't not need a secondhand dealer licence no.

Still depends on a few factors.

First and foremost, you would need a prospecting licence to be able to do that legally. Although the people buying gold generally Won't ask to see it, the bottom line is you would need it for the state you extracted the gold in, and sold to I believe.

Secondly, depending on your state and territory will depend on how much you can sell, and whether you would have to pax any taxes on it. For instance in South Australia, you can't get a prospecting licence, and any minerals inclusive of gold you find are legally property of the Crown and you can only keep for mineral specimen purposes. Even when found on private property.

He is from NSW. No need for license in NSW. If it is small nuggets, sell it on eBay.
Karl

 

[mbasko]

NSW State Forest permit:
http://www.forestrycorporation.com.au/visit/activities/fossicking

For some reason the link to the online permits isn't working (for me anyways?). May have to ring them - pretty handy to have one with Sunny Corner just out the road

 

[KarlS]

This page has moved to https://fpos.fcnsw.com.au
This link works for me.
Karl

 

[AussieGamer_Ben]

is sunny corner a decent spot and is it a state forest

 

[mbasko]

It is state forest. On the link above there are maps for Sunny Corner & Turon State Forests showing the boundaries to private property & other off limits areas like Winburndale Nature Reserve.

 

[Chellbells]

1. Does anyone know where to go to have your gold melted? Jewelers? Stained Glass makers?
2. How and where does one sell their gold at a current market value?

 

[Swinging & digging]

You don,t get current Gold price for your gold as all gold found in the field is not 100 % pure.
A gold buyer / refiner will charge you for assay to determine purity and refining fees etc then pay maybe 85 % of current gold price.
Depending on what you have for sale? ( Nuggets ) Ebay maybe a better option if you get above gold price minus sellers fees.

 

[Wolfy]

How do you guys go about selling your hard earned gold once you have accumulated a bit?

 

[user 1769]

Ebay
Private sales
Some famous jewelry store chains that specialise in secondhand
Mines department
Small-scale god miners
Silver-stackers type forums
Or keep it as an investment!

But first you have to find enough to sell and it's not as easy as we all hope when starting out!

 

[dam it]

Dont do it
I sell nothing

 

[BigWave]

Wolfy, I don't sell as I'm not in it for profit (I'd be well and truly bust :lol: ), but keep it as a hobby collection. Kids will get it one day.

Some others sell on eBay and fewer on Gumtree. They get higher than spot prices for the (larger more unique ones at least) because they're collectors pieces.

 

[Wolfy]

Hopefully i can get enough to have the problem!

 

[Bazz]

Wolfy

Good question, interesting answers...

For me, well I haven't found much, but I set a top end and as soon as the scales tip over that amount it's gone, I use a gold buyer in Melb.

Buy the way, I not in it for profit, or I too would go bust time and time again

Bazz

 

[kawman]

A mate has 2 nuggets and needs to know the best way to sell them and not get ripped off.. they have a combined weight of about 5 oz.. he asked me and I told him I would run it past you guys.. I have not seen them but I will soon.. from the pilbera he said...

 

[AtomRat]

Along the similar subject, I was watching a geology show earlier where the mention of 'rare' gold was being sold much higher in value. This can mean its value changes with unique properties such as shape, crystal structure / lattice, where it came from etc. Its like anything I guess, you make it what the general population feels it would be worth, not just in weight. If its for a quick sale reasonable pricing will make it happen, if its something else, the seller may put some thought into checking for rarities or unique props. The program I'd seen was selling clean wire gold, the tree fern / snowflake type. In reality, every bit of gold is unique and you sell it for what you want to in the end.

 

[kawman]

I agree totally... The problem for him is where to sell it..

Along the similar subject, I was watching a geology show earlier where the mention of 'rare' gold was being sold much higher in value. This can mean its value changes with unique properties such as shape, crystal structure / lattice, where it came from etc. Its like anything I guess, you make it what the general population feels it would be worth, not just in weight. If its for a quick sale reasonable pricing will make it happen, if its something else, the seller may put some thought into checking for rarities or unique props. The program I'd seen was selling clean wire gold, the tree fern / snowflake type. In reality, every bit of gold is unique and you sell it for what you want to in the end.

 

[BigWave]

There's some pretty outrageous prices being asked on ebay and I guess the collector stuff is selling well - way over spot prices (as is some of the crapola - although strictly no gold is crap). I check these out so that I can get a feel for what shape/lustre/feature gold comes from each region. I reckon I'm getting better, as I can mostly (~50%) tell Palmer River from GT from WA. NSW gold is all over the shop to me though. For SA & NT, I've no clues at all. Might need davent to help out there. So, if I ever ask ask what general region, pls don't crack it with me

 

[kawman]

gold can be picked by a good eye and know where it came from.. I think the ebay fees on 5 oz will be way over the top.. anyone ever sell to the mint or similar?? I have told him not to melt it because it will usualy bring more in its natural state.. I will try to get some pics when he gets back..

There's some pretty outrageous prices being asked on ebay and I guess the collector stuff is selling well - way over spot prices (as is some of the crapola - although strictly no gold is crap). I check these out so that I can get a feel for what shape/lustre/feature gold comes from each region. I reckon I'm getting better, as I can mostly (~50%) tell Palmer River from GT from WA. NSW gold is all over the shop to me though. For SA & NT, I've no clues at all. Might need davent to help out there. So, if I ever ask ask what general region, pls don't crack it with me

 

[user 1769]

I reckon any substantial nugget will bring more than spot, especially if it's nicely shaped.
Local mineral and gem clubs would be worth getting in touch with, IMO.