Is gold the next currency for an ageing Australia?
The main demographic of people selling gold jewellery, coins and ingots is the 55 to 80 year old bracket. Sometimes referred to as ‘scrap gold’ it is now being sold at unprecedented rates. The reason may be two-fold.
The price of gold is now at its highest on record and with the global financial crisis cutting into the retirement and superannuation savings of many people, the sale of gold may be another way of supplementing income for the elderly.
A spokesperson from the retail gold sector, Michael Cohen of the Gold Company, reported that prices paid can vary from $250 to $950 an ounce depending on the company that consumers are dealing with. Mr Cohen advised that it is easy to determine approximate value.
“Separate the gold into 9ct, 14ct, 18ct etc… Then weigh each batch separately. Multiply the weight by the percentage of gold in the batch (e.g. 0.375 for 9ct) and then multiply that by the gold price of the day. That figure, less the refining costs and profit of the buyer, is what you should be offered.”
Other good tips for prospective sellers is to make sure you deal with a company that gives you the option to accept or refuse the offer with no hidden cost to you; ensure they have contact numbers listed for you to talk to someone and an address that you can visit their offices if necessary; and if you are not sure you are getting the right price, shop around.
