From February to March the gold price went down by 5%. Those who have been following the gold market will not be alarmed, that’s because gold has been following a certain pattern. For six-months, the price of gold goes up and the “season of plenty” is followed by decline. We have just hit the middle of the season of weakness which could last through to August. This seasonal pattern doesn’t always happen every year. Analysts know that it exists because they have tracked price movements over many decades. This year however, it seems to be right on the money. Gold buyers experienced a surge in their businesses as more people decided to take advantage of the price of gold that has been oscillating between $1,200 and $1,300.
Since 1973, gold bullion has had an annualized return of about 15 percent from September to February. This changes to 2.7% from March to August. This seasonal pattern has held since 2012.
At the beginning of 2019, the price of gold topped $1,300 after having a very volatile run. It fell back to $1,200 levels. On the 29th of April, gold held steady at $1,286.90/oz. With fear and uncertainty gripping the financial markets gold buyers Brisbane are eager to pay good money for gold jewellery or coins you care to part with. Selling gold is not only much easier now but riskier too.
Gold buyers and pawn shops looking to buy some of your gold seem to be popping up everywhere. Even eBay has a feature on a its site specifically set up for gold sellers and buyers. It’s supposed to be a one stop destination for all trades in gold and other precious metals like silver. Whether you are selling your gold to your local gold buyer, jeweller or pawnbroker it is easy for you to get swindled out of the full value of your gold if you are not careful.
To avoid this, here are a few things you can do:
- Get multiple quotes
Start with your local gold buyers Brisbane. Take your gold to a reputable buyer in your area to get an estimate. That way you have a base price and a better idea of what you should be soliciting from other buyers.
- Beware of transient or pop-up shops
They run into town promising high prices and after they have cleaned up the city they leave, sometimes without paying or underpaying customers.
- Beware of “Tupperware”- style gold parties
There is a new trend that has been doing the rounds where people organise gold parties to sell gold at home. They may sound like a fun and convenient way of selling gold but there are too many people who end up getting a cut of your gold. The organiser gets a cut, the host gets a cut and the buyer gets a cut. At some parties karats are mixed and sellers are paid according to the lowest karat value.
- Keep Your Eye on the Scale
Gold buyers either pay by the gram or the pennyweight system. 1 pennyweight = 1.555 g. You need to make sure that your gold isn’t weighed by the pennyweight and you get a valuation by the gram. This would only mean the buyer will get more gold that what they paid for.
- Don’t skip the fine print
When selling gold, especially to an online gold seller, make sure that you read the fine print. For instance, some online buyer offer free shipping rates, some even offer insurance so that you are able to get your money back if your items get lost in the mail. Some don’t offer these things but that might be hidden in the fine print. Who reads the fine print? You should, if you want to get the best deal possible.
