What Affects The Price Of A Gold Nugget?

Finding gold is hard, even with the best metal detector on a fertile nugget ground. People spend hours in the sun sweeping the ground for gold nuggets and only a handful of people find anything or at least, find something that is worth being excited over. To sell gold nuggets Melbourne should not be that hard. The problem is that most prospectors don’t take the time to find the best way to market and sell their find. There is always that fear that if you come out with a big find, everyone will invade the space where you made your discovery. Prospectors can get paranoid.

Gold nuggets are nothing like scrap gold or old jewellery that you would sell to any old gold buyer. Gold nuggets are rare. Gold buyers may buy them to have them melted and refined to make gold bullion. However, some nuggets are too special to be melted and collectors would fall over themselves to get their hands on them.

You need to determine the kind of nugget you found and its value before you try and sell gold nuggets Melbourne. If you want to get the most cash for your gold there are a couple of things you need to keep in mind:

  1. The spot price

The spot price of gold will have an impact on the value of the gold nugget. With Scrap gold, the price is determined by the weight and the gold content but with nuggets the price isn’t strictly based on the gold content.

  • Attractiveness

Mineral collectors will be drawn to a specific nugget because of its uniqueness and its attractiveness. If you have an attractive specimen, you could sell it for price that’s above premium. If you have an amorphous blob or a specimen stained red by iron deposits or quartz, some collectors may not be interested enough to buy it at premium prices.

  • Collectability

Nuggets are rare and therefore highly sought-after by mineral collectors. When selling a gold nugget, the melt value isn’t very important as it would be for other types of gold. The natural beauty of a nuggets can command as much as 10 times the spot price, A natural piece of gold like this is highly prized by mineral collectors. The “melt price” of the gold.

  • Location of Discovery

Some collectors are interested in the location of your find. Collectors are often interested in the origins of a nugget, the more unusual it is the better. An attractive nugget with a colorful story might fetch a lot.

  • Nugget Size

Size matters in the nugget business. The bigger the more expensive it will be. Finding big nuggets has become harder through the years. The biggest nugget ever found in the world is the Welcome Stranger. It was found at Moliagul, Victoria in 1869 and weighed gross just over 78 kg.

A buyer who is only buying your gold nugget for the gold content itself and not for its rarity or beauty will be more concerned about the amount of gold that can be extracted during the refining process.