Melbourne has one of the most vibrant gold markets in Australia. It is a multi-billion market that is attracting traders from all over the world. With the value of gold constantly going up, the gold market in Melbourne has equally grown tremendously with traders coming from all over the world. According to Australia’s Department of Industry, Innovation and Science, the number of buyers gold buyers in Melbourne has increased tremendously due to two main factors: availability of gold and traders. But due to the growing size market, it is increasingly becoming complex for newbies to trading.
How to Trade Gold in Melbourne
Trading gold in Melbourne is very easy. With the huge number of buyers, you can trade your gold in a matter of minutes. But you have to be extra careful while choosing who to do business with. Not everyone advertising themselves as buyers of gold in Melbourne can be trusted. Some are conmen while others will undervalue your gold to steal from you. However, there are many genuine and professional traders in the market. But due diligence is needed if you are to get the right one:
Tips for Choosing a Reputable Gold Buyer in Melbourne
It is not difficult to find a reputable gold buyer in Melbourne. What you need are basic factors that should help you pick one. Here are key factors to look for in a gold buyer:
Registered Buyer
One of the most critical things that you must always check is the whether the buyer is registered. With so many cases of theft in the market, it is highly recommended that you only deal with registered dealers. That is the only way that you will be guaranteed that your gold is safe. Such traders have professionalised services and are likely to offer a good deal for the gold.
Good Reputation
Reputation is crucial in any business and gold market is exceptional. You must know the reputation of the trader before you can start discussing business. There are various ways that you can assess the reputation of the buyer. First, you ask friends and family about the best dealer. Second, go online. The digital platform has made it extremely easy to gather information. You can join gold selling and buying forums or visit their website and sample reviews from their previous customers.
Experience
How long have they been buying gold? Well, some of the companies have been trading for decades and that means they have a good reputation to survive that long. If the company has been around for a couple of years, they are still young. Go for dealers who have been around for a considerable period of time. Such companies are likely to offer a good deal.
Mode of Payment
Like any market, the mode of payment is an important factor to consider. A genuine buyer of gold should offer instant cash. If the trader is proposing that you come for the money later, then you should think twice. Cash payment is recommended.
So if you are planning to trade your gold, you don’t need a middleman. You deal with a reputable buyer directly if you follow these tips. However, you must have some basic ideas about the market and what you can expect. Gold selling does not have a fixed price and thus you need good bargaining skills to get the best deal. So it does not means that because a buyer has satisfied the mention traits they will offer you the best deal- they will of-course quote a relatively lower price and it will be up to you to bargain for a better deal.
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