How to Sell Gold nuggets without Being Ripped Off

Gold mining

Gold nuggets have become rarer as time passes. They are getting hard to find, less valued and less appreciated. Trying to sell gold nuggets might be a frustrating experience if you don’t know how it’s done or where to go. They can be sold solely for the amount of gold in the rock, or as piece made by nature worthy of displaying in a king’s court.

The first thing for you to do is knowing what gold nuggets value is, and how to price it. What if it is a rare piece that can be sold for a high price? Does my large nugget worth the trouble and the time for hunting the best deal? The next step after knowing the value of gold nuggets is to find the best buyer who pays top dollars for your nugget.

Gold nuggets and dollars

Several gold nugget bits and UDS 50 dollar bills.

The Real Value of Gold nuggets

Gold nuggets are native gold shaped by nature itself. It’s the same as natural pearls and raw diamonds in that sense. So, they are valued for their size, rarity, gold content and “attractiveness”. The last attribute refers to how beautiful the gold nuggets looks if left as it is, as it might be used in making jewelry. All these qualities of a nugget combine to fetch the right price.

Gold Content

The main value drive of gold nuggets is how much pure gold in it. Since the word “gold” is involved here, there is no way around determining how much of gold in it. Since it’s a form of high-grade gold ore, it’s never a 100% pure gold. It usually contains quartz, silver and copper.

The more “yellowish” the nugget is, the higher the amount of gold in it. Gold nuggets are usually from 80% to 95% purity. It’s better to determine the exact gold content to know the minimum value of the gold nuggets at hand. Common gold nuggets usually sell under spot market price by 15%, unless it has something else to fetch higher price such as rarity or attractiveness.

Gold nuggets Size and Rarity

armstrong-gold-nugget

The rare Armstrong gold nugget beside other famous nuggets.

The minimum size of gold nuggets that can fetch a price close to the spot market are the 1 gram nuggets. Nuggets of greater size worth more dollars, like the 5 gram nuggets which sells with a premium. Rarer gold nuggets weight in ounces and kilograms. 5 kilogram gold nuggets have around $265,000 market value each for its gold content, but it sells for a much higher price because big ones are just too rare.

So, the bigger the nugget is, the higher the price basically due to its rarity. Clean nuggets and jewelry nuggets tend to sell higher, but as long as it is big, it will be sold at higher price than that of smaller ones.

Gold nuggets Attractiveness

gold-nugget-jewelry

A gold ring decorated with a jewelry nugget.

Well, since beauty and attractiveness differ from one person to another, it’s assumed that beautiful nugget is a one where catches the eye of most. It might be a rock of lesser grade, neither that big nor special, but hey, it’s beautiful and clean. This kind of jewelry nugget almost always sells at a premium to the spot gold price.

The gold nuggets might require some work to be done in order to be considered as a jewelry grade nugget, and might it be used right away to make a brooch or a pendant. Flushing away impurities with acids and a little heat might give your nugget the looks to be qualified as a jewelry piece. This little work might worth the effort if it’s sold as gold nugget jewelry. Otherwise, you’ve done some cleaning and the nugget is ready to be sold for its pure gold content with better price to a local or online buyer.

Where to Sell Gold nuggets

Almost anyone who buys gold will buy it. A local jewelry shop, a pawnshop or an acquaintance might be interested. Gold nuggets collectors, online cash-for-gold services and eBay might be good if there is no local shops offered a satisfying price. Even some geologists at mineral shows are known for collecting these rare stones. Having a quick glance on who might buy gold nuggets will surely fetch a better price than just selling it to the first buyer.

Cash-For-Gold Service

Since the last bull-run in the gold market, and gold price went around $1,900 per ounce, companies that offer buying gold instantly for cash emerged became known from the ads on TV and on the internet. The good thing about these companies that almost operates everywhere, so no need to pack your bags if there is no local buyers around. The bad news is, most of them pay just for the gold content, which might devalue the gold nuggets price if it’s a rare one or gold nugget jewelry.

Local Jewelry and Pawnshops

These guys always buy gold, whatever its form. Some local jewelry shops might offer fair deals better and faster than other means to sell gold nuggets. However, these guys offer what the local market says. For instance, if you are lucky to sell it in India, Vietnam or other East-Asian countries where the local prices are higher, you will gain from this deal. On the other hand, if you try to sell gold nuggets in a saturated market, you will not be satisfied. So, it all depends on the local market you are selling the nuggets in.

Gold Refineries

Most gold buyers buy any forms of gold and give them to refineries. So, why not sell gold nuggets there directly? That might be the best choice if gold nuggets are neither attractive nor rare to sell for a reasonable premium. Selling gold nuggets to refineries might get better value by eliminating the middle man. Moreover, they might pay for the “impurities” if it’s of value like copper or silver, if there are sufficient quantities.

Selling Gold Nuggets Online

The internet has become a big stall were regular people like you and me put their merchandise and sell them. E-bay and such sites have grown popular and established their niches. There are many gold nuggets for sale there. Why not try my luck too? It’s a direct selling technique which might bring profits. The downside is, you’ll have to pay for the shipping and other fees that might reach 12%. Other than that, e-bay might be the best option out there to sell gold nuggets with a fair price.

In short, a good investor has to understand his merchandise very well, understand the market and understand his customers. By applying these simple rules, it is guaranteed to sell gold nuggets without being ripped off.

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