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Saturday, January 31, 2009

Where to Sell Your Prospected Gold

Once you have accumulated some gold from your gold prospecting, the next questions you might ask is where to sell your prospected gold?

In fact it could be a good idea to actually keep and accumulate the gold you prospect for and find. The value has been increasing ever year for several years and, with the current economic climate, is very likely to continue. So stashing away your gold could be a very good idea.

However, if you really want to sell your prospected gold nuggets there are several places you can do so.

Firstly, it is very likely that the place you are prospecting, will have operators who are willing to buy your prospected gold. Even the club or association you belong to or some of their members may be willing to buy your gold. Especially if you were prospecting on an arranged tour. Alternatively, you can seek out gold buyers (and there are plenty of those) on the open market, or even sell your gold nuggets on such places as eBay for example. Scrap gold dealers is another alternative to selling your prospected gold.

A few pointers on selling your gold nuggets. Make sure you are aware of the current price of gold. This does not mean using the current futures price of gold as given on the news such as Sky, CNN etc. Check out the price per ounce being asked for and bought on eBay. eBay gold prices gives you a good idea of the current prices of gold in the market place. Currently these prices will be substantially higher that the gold futures price so THAT is the sort of prices you should be looking for when it comes to selling your gold. These are the prices people are willing to pay for gold in the real market. So who ever you sell your gold to, keep in mind the price you can expect to get.

Gold Field Operators will tend to offer you the gold futures price of gold as "that is the market price on the news." Unless they are willing to offer a decent price it is more worthwhile keeping it and selling it yourself on the open market. If you have a large quantity, such a large gold nugget or a couple of ounces or more, it is a good idea to get it valued by a gold assayer.

eBay will more than likely fetch the market price for gold. Same with other auction houses. A lot can depend on the quality and quantity of gold you are selling. You can get a good price for a large gold nugget but the number of buyers will be less, mostly due to the price.

Scrap Gold Buyers will give you the advertised market price per ounce, much the same as gold field operators. Much will depend on how quickly you want to sell your prospected gold. The quicker you want or need to sell it the cheaper you will sell it for.

Of course you may have the fortune to discover a very large gold nugget. Say 10 or 20 ounces. This is every prospectors dream. But rare as it may be, it does happen of course, and you can command a high price for it. Usually such events make the media and then you would be likely to get some interesting offers for the nugget. Such nuggets can sell at auction houses, such as Sothebys etc for large sums of money.

The longer you keep your gold the more it may increase in value. On the other hand, if you intend to sell your gold, it is really a matter of knowing where to look around to find out where the best market is to sell your prospected gold.

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