Whether you're selling investment-grade bars, old jewellery, or an inherited collection — this guide explains everything: how pricing works, when to sell, what to bring, what to avoid, and how to get the best price every time.
Before you can evaluate whether you're getting a fair price for your bullion, you need to understand the spot price — the single most important number in precious metals.
The spot price is the global market price for the immediate delivery of one troy ounce of a precious metal. It is published continuously during market hours and is derived from real-time trading on exchanges including the COMEX in New York, the London Bullion Market Association (LBMA), and the Shanghai Gold Exchange.
The spot price is the reference point for every bullion transaction in the world. Whether you're selling a 1oz Kangaroo coin or a 1kg cast bar, the starting point is always the same: the live spot price at the moment of your transaction.
The spot price you see quoted in AUD is the USD spot price multiplied by the current AUD/USD exchange rate. This means the AUD gold price moves in response to both global gold market movements and currency fluctuations. A weaker Australian dollar is positive for AUD gold prices even when USD gold is flat.
You can verify the current spot price independently at any time using our live pricing page, Bloomberg, Reuters, or any reputable financial data provider. When a dealer quotes you a price, it should be transparently linked to a spot price you can verify yourself.
Not all buyback prices are equal — and understanding how they're constructed helps you evaluate any offer you receive.
Every dealer quotes a buyback price as a percentage of the live spot price. The gap between spot and what you receive is the dealer's buyback spread. A dealer paying 95% of spot for gold bullion is taking a 5% margin on your sale. A dealer paying 100% of spot — like Solomons Bullion on investment-grade gold — takes zero spread on the metal itself.
For scrap gold and jewellery, the buyback structure is different. Rates are calculated per gram based on the declared carat — which determines the gold purity fraction. The formula is: spot price per gram × gold purity fraction. A dealer offering significantly less than this formula produces is taking an excessive margin.
What a fair buyback looks like
Red flags in buyback pricing
The most common question from bullion sellers is: "Should I sell now, or wait?" There is no universally right answer — but there are frameworks that can help you decide.
Gold as insurance: Many investors hold gold not as a speculative trade but as financial insurance — a hedge against currency debasement, inflation, and systemic risk. For these investors, selling the insurance when the house is on fire (i.e. during a financial crisis, when gold performs best) is exactly the wrong time. Consider what the gold was purchased for before deciding when to sell.
Timing the gold price: Predicting the gold price with any consistency is exceptionally difficult, even for professional traders. Gold's price is influenced by central bank policy, geopolitical events, the strength of the US dollar, real interest rates, and investor sentiment — any of which can shift unpredictably. Attempting to time the market often results in selling too early (leaving gains on the table) or holding too long (missing an exit).
Practical considerations: The right time to sell is often when your circumstances change — you need liquidity, your investment goals have been met, you're rebalancing a portfolio, or gold represents too large a proportion of your wealth. These personal circumstances matter more than the gold price on any given day.
A well-prepared seller gets a faster, smoother transaction — and sometimes a better price. Here is exactly what to bring and what to do before your visit.
A current Australian passport or driver's licence is required for every transaction under AML/CTF law. It must be original and in-date. Foreign passports are also accepted. There are no exceptions to this requirement — it applies to all sellers regardless of transaction size.
Payment is made by same-day bank transfer. Bring your BSB and account number. For your security, EFT is processed only to accounts in your name. Have these written down or accessible on your phone before you arrive.
Investment bullion in its original sealed assay card or mint packaging commands a slight premium and speeds up verification significantly. If the seal is broken, the item can still be sold but will be individually verified. Bring everything — even partial bars or items you're unsure about.
For larger transactions, we may request evidence of lawful acquisition — original purchase receipts, dealer invoices, or certificates of authenticity. This is standard AML/CTF practice and protects both parties. If you don't have receipts, bring whatever documentation you do have and we'll work with it.
Visit our live pricing page immediately before your visit so you know what to expect. The quote you receive should be transparently anchored to the spot price you've already seen. This takes 30 seconds and means you arrive informed.
Investment-grade bullion — gold, silver, and platinum bars and coins from major recognised mints — commands the most favourable buyback terms. This is because it has verified purity, standardised weight, and international liquidity.
Solomons Bullion pays 100% of the live spot price for all investment-grade gold bullion. No commissions, no percentage deductions, no hidden fees. For silver, we pay 98.5% of spot; for platinum, 99% of spot — reflecting the slightly wider institutional spreads in those markets.
What counts as investment-grade? Any bar or coin produced by a government mint or LBMA-accredited refiner at investment purity levels (gold ≥99.5%, silver ≥99.9%, platinum ≥99%). This includes products from The Perth Mint, Royal Australian Mint, PAMP Suisse, ABC Bullion, Valcambi, Canadian Mint, US Mint, and most other recognised institutional mints worldwide.
Do I need the original packaging? No — but it helps. Bullion in intact, sealed assay cards verifies faster and may command a very small premium. If the assay card seal is broken, the bar is still bought at full spot — it simply requires individual verification. The condition of the metal itself (scratches, marks) does not affect the price, as we are buying the gold content, not the aesthetics.
Scrap gold is bought on the basis of its actual gold content — not its form, condition, or craftsmanship. A broken chain and a pristine necklace of the same weight and carat receive the same price. The jewellery-making premium you paid when you bought it is irrelevant; what matters is the gold.
How the price is calculated: Weight (in grams) × gold purity fraction × spot price per gram = value. For 18ct gold (75% pure) weighing 15 grams, at a spot of $160/gram: 15 × 0.75 × $160 = $1,800.
What if I don't know the carat? We test every item using professional XRF (X-Ray Fluorescence) spectrometry — a non-destructive technique that identifies the exact metal composition in seconds. It costs nothing and takes about five minutes. We can test items with no visible hallmarks, items you've inherited, and anything else you're unsure about. There's no obligation to sell after testing.
| Carat | Purity | Per Gram (@ $5,000/oz spot) | Per Gram (@ $4,000/oz spot) |
|---|---|---|---|
| 24ct — Investment / Fine | 99.99% | $160.77 | $128.61 |
| 22ct — Coin gold | 91.6% | $147.27 | $117.81 |
| 18ct — Jewellery | 75.0% | $120.58 | $96.46 |
| 14ct — Jewellery | 58.3% | $93.73 | $74.98 |
| 9ct — Jewellery | 37.5% | $60.29 | $48.23 |
What about gemstones? We buy the gold. Gemstones (diamonds, rubies, sapphires, etc.) are typically removed and returned to you, or you may elect to have them left in the setting. We do not purchase or value gemstones.
Selling bullion has tax implications in Australia that you should understand before transacting. This section provides general information — not tax advice. Consult a registered tax agent or accountant for your specific situation.
Capital Gains Tax (CGT): Selling precious metals is a capital gains tax event in Australia. The capital gain (or loss) is the difference between your sale proceeds and your cost base (purchase price plus transaction costs). CGT is assessed in the financial year in which the sale occurs.
GST on selling: When you sell investment-grade bullion back to a registered dealer, GST does not apply — the same exemption that applies to buying also applies to selling. No GST is deducted from your sale proceeds.
SMSF considerations: If your bullion is held in a Self-Managed Super Fund (SMSF), different CGT rules and reporting obligations apply. Gains within a super fund in accumulation phase are taxed at 15%, with a one-third discount (effective 10%) for assets held more than 12 months. In pension phase, CGT may be nil. Consult your SMSF accountant before selling.
The precious metals industry has its share of operators who take advantage of sellers who don't understand how pricing works. Here are the red flags that should send you to a different dealer.
Any dealer who makes you an offer without referencing the live spot price is working from an undisclosed margin. Ask: "What is the spot price right now, and what percentage of spot are you paying?" If they can't or won't answer clearly, walk away.
Mail-in gold services and storefront "Cash for Gold" operators typically pay 50–70% of spot — sometimes less. They rely on the inconvenience of your time and the difficulty of comparison. These operators are legal but represent extremely poor value. Always use a specialist bullion dealer.
Acid testing provides only approximate purity ranges. A dealer who assesses your gold with acid alone cannot give you a precise price. If they claim your jewellery is 9ct when it's 18ct (as sometimes happens with acid-only testing), you'll be significantly underpaid. Require XRF testing.
A legitimate dealer will let you take time to think, get a second opinion, and come back. A dealer who pressures you to decide immediately, claims the price will drop sharply in the next hour, or discourages you from seeking other quotes is not acting in your interest.
You should always receive a transaction record — a receipt or tax invoice showing the date, what was sold, the weight, the price, and the total. Dealers who don't provide this are likely not reporting the transaction appropriately. You also need these records for CGT purposes.
This one works in reverse — a dealer who will buy your gold without verifying your identity is not operating lawfully. Under AML/CTF legislation, all dealers are required to ID verify sellers. A dealer who skips this step is exposing you to compliance risk and is likely not a legitimate business.
When you sell to Solomons Bullion, you receive a straightforward, transparent deal — no exceptions, no hidden terms.
We pay the full live spot price for all investment-grade gold bullion. Not 97%. Not 99%. 100%. If you find a better price from another authorised dealer on the same day, we will match it.
We show you the live spot price, the weight, the purity, and the resulting value on screen before you accept. There is nothing hidden and nothing to sign before you see the numbers.
Once agreed, payment is processed the same business day by EFT to your nominated account. No delays, no "cheque in the mail", no waiting for the next business cycle.
Bring any gold item and we'll test it for free using professional XRF spectrometry. You'll know exactly what you have before you decide whether to sell. There is no obligation to proceed after testing.
A detailed tax invoice is issued for every transaction — showing the date, product description, weight, unit price, and total proceeds. You need this for CGT records and we provide it without being asked.
We operate from two prime CBD offices — Level 10, 1 Martin Place, Sydney and Level 8, 360 Collins Street, Melbourne. Walk-ins are welcome Monday to Friday 9am–5pm and Saturday 9am–1pm. No appointment needed.
Walk in during business hours at our Sydney or Melbourne office. Live quote, free XRF testing, same-day payment. No appointment needed.