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Australia’s Budget 2016 effects on Gold

Budget 2016 expected to be available tonight at 7:30pm Australian Eastern Standard Time and is expected to deliver increased taxes for items such as tobacco (tobacco tax) while also delivering tax cuts for companies (company tax) and average income earners (who make over $80,000 per year). Big infrastructure projects are another expected key highlight of the budget – providing funding for major building projects such as the Ipswich Motorway and other road and rail projects across Australia.

budget 2016
Australia’s budget 2016 effects gold!

What does Australia’s budget 2016 have to do with gold you might ask? There are many factors which connect the two – From taxes to the economy overall.

Australia, the lucky country

In Australia, we are extremely lucky we do not have to pay major taxes on buying or selling gold. In India, sellers of gold and jewellery are going on strike in protest over a gold tax, which forces them to increase the costs of their products by 1%. This is on top of existing import and other taxes! 1 per cent might not seem much, but when its thousands of dollars, it adds up and it makes selling or buying gold less worthwhile. No matter what country, this sort of tax would greatly effect low to medium income earners.

Gold trading expected to increase

In Australia, because low to medium income earners aren’t receiving any tax cuts and will experience most of the tax increases (eg. for purchases Tobacco etc), gold trading is expected to increase to make up for the higher cost of living.

With an increase of gold trading (buying/selling), overall competition for YOUR gold is going to increase. That is great news for YOU and it’s time to use this to YOUR advantage right NOW!

Use the budget 2016 to your advantage

How do you use this opportunity to your advantage? Visit our store or call us right NOW to get the best price possible for your gold! At Brisbane Gold Brokers we always offer the best prices in Brisbane. We have a team of gold professionals that ensure our prices are current and up to date by the minute to sell gold! Our team are always researching the market – identifying trends, changing conditions and aspects that can effect the market. Our team is the best in the business and is part of Brisbane Gold Broker’s industry-leading, unique offering for Brisbane and Australia.

 

Greece debt crisis effect on gold

With the Greece debt crisis popular in the news lately, our staff have often been asked if Greece’s financial problems effect the price of gold and ultimately the payouts they get. We asked Brisbane Gold Broker’s Manager of the gold market research team to answer some of our questions. He was able to provide us some very interesting information:

Whats your role at Brisbane Gold Brokers?

I’m the manager of Brisbane Gold Brokers’s Gold Market Research team. Our team researches the Australian and global gold markets. We look all sorts of factors that may effect the price of gold. We also constantly provide our store the industry’s best gold and silver prices. Our team is working 24/7 to ensure everyone gets the best cash for their gold!

Whats the gold situation in Greece at the moment?

Typically in times of financial crisis people tend to buy high amounts of gold in all forms (rings, jewellery, bullion, etc) to provide them with financial stability. There have been several reports of people in Greece doing exactly this due to whats happening with their banks. People are worried but gold has been sort of a hero during these tough times.

What are people doing with their gold?

I’ve read some reports of people selling their gold to businesses in the US and UK. It wouldn’t be uncommon for Brisbane Gold Brokers to get enquires in terms of distance from locations as far away as Greece! At this time people in Greece would be best to look overseas to sell gold while things are still being sorted out in their home country.

So with the problems in Greece, what does this do to the price of gold there and Australia?

The event has caused the price to flat line due to a number of factors including market uncertainty, interest rates and of course the high amounts of gold circulating in the country. What about Australia? Well, we haven’t seen any real effects, which is great. However, you should always be aware that major financial problems in other countries do have flow on effects globally. If the Greece situation keeps getting worse, it may have an effect on Australia’s gold price.

So is now the time to sell just in case it does get worse?

I believe its always the best time to sell gold, especially due to Brisbane Gold Broker’s high payouts. Simply call or visit Brisbane Gold Brokers with your gold to get the best possible payout. Our gold inspection team are always available to help you get the best payout!

Australia Day – Our Gold History

Gold, and specifically it’s rich and vibrant colour is embedded within our culture as one of Australia’s prominent and primary defining colours. Our country’s gold history is advertised each time you sink a XXXX beer, is one of the country’s people’s colours of choice for casually worn apparel, and notably, the colour gold is symbolically worn and sported by professional athletes representing our country in cricket, football and of course soccer.

The history of the colour gold as a national definitive can be dated back to recent history when it was famously elected as one of the two national colours that would represent Australia – by the then Prime Minister Bob Hawke, in the year 1984. Some may argue that it was chosen for its representation of Australia as an opulent country rich in minerals; others suggest simply that it is more representation of Australia being ‘rich’ in opportunity, which may appear the nobler motive. And by coincidence of course, the chemical element symbol that represents gold is Au, which is not believed to have had weight on Hawke’s decision. But closer to the truth behind the choice of gold as a national colour representing Australia may in fact date back further to the mid 1800’s, to a period of significant immigration of workers chasing the golden dream and the promise of riches. A period known as the Australian Gold Rushes.

The history of gold is something that we follow here at Brisbane Gold Brokers and will continue telling the gold story as we continue our journey as professionals within the gold buying and selling industry. It is this history that defines our business and it’s this untold history that most of our clients don’t know about when they come in to sell their gold bracelets, rings, earrings and scrap gold. Here at Brisbane Gold Brokers, we make it part of our business to identify items by their historical value and not just their monetary value.

How To Discover Your Gold Purity

When you’ve got gold that is old or broken or just doesn’t hold any longer that same sentimental value that it once did, you may consider repurposing that gold by selling or trading it in for it’s inherited cash value and using that money to support a goal or purpose that’s closer to your heart. Being Christmas time, you may choose to sell your gold and use the income to buy Christmas presents for the family, put an extra payment on a loan, treat yourself to a holiday or even give the money to charity to support another cause that you can feel good about. At any point during this process, it’s important to be informed of your gold’s characteristics before you go ahead with a transaction with a a buyer or broker (learn more about a gold broker here). One important characteristic we’re talking about here is the Karat value of your gold (your gold items gold purity), and discovering it for yourself.

A gold value (in Karats) along with the weight and current spot price are the main determinants of the cash price value of your gold – and ascertaining the karat value yourself isn’t that difficult. By simply knowing where to look and with a keen or discerning eye, after just a little bit of searching on the surface of your gold items – and then relating the found code, hallmark or stamp back to it’s Karat reference – you’ll soon have the answer. Gold rings as an example, have their value written on the inside of the gold band. Gold necklaces may have the stamp located near the chain clasp – the position that during use, sits close to the back of the neck. As a general rule, stampings are usually located in a position that sits out of regular sight during use so not to be noticeable, but in a position that is large enough to contain a 3-digit number (how gold value codes are generally expressed).

An example of a common stamping that you may find are ‘9K’ , ‘9ct’ or ‘375’ (which all refer to the same value). As a point of reference, 37.5% (hence the 375 value) refers to the gold items percentage of contained, pure gold. For more information on Gold Purity, click here. Other common values you might decipher from stamps located on your gold items include ’18K’, ’18ct’ or ‘750’ which equates to 75% gold in total, or ’24K’, ’24ct’ or ‘1000’ which refers to 100% pure gold. Your gold item’s cash value is based on the weight of your gold item and the percentage of gold the item contains (Karat), which is multiplied by the current live gold price. Once you’ve worked out the Karat value of your gold as well as the weight, it’s easy to determine the value yourself using the Gold Calculator tool located here, or on the front page of the Brisbane Gold Brokers website.

We hope this helps you in the preparation process should you consider or choose to sell your gold. And from the Brisbane Gold Brokers Team, we would like to wish you a Merry Christmas, all the best with the holiday season, and every blessing for the New Year.