I still remember the first time I sold a piece of gold jewellery. It was a necklace my grandmother had given me years ago — lovely, but not quite my style. It sat tucked away in a small velvet box for almost a decade, only coming out when I moved house and decided to declutter.
Like a lot of people, I figured, “Why not turn this into a bit of extra cash?” The gold price was up, and it felt like the right time. But, as I soon discovered, selling gold isn’t just about walking into a shop and walking out with a wad of money. There’s a bit more to it — timing, market trends, emotional value, and, of course, choosing the right gold buyers.
So, let’s talk about it properly. Is selling gold a good idea right now? Or is it something better kept for the long term?
Table of Contents
The Allure (and Reality) of Gold
There’s something special about gold, isn’t there? It’s not just metal — it’s history, tradition, even a little bit of magic. Across cultures and generations, gold has been a symbol of wealth and stability.
But beyond sentiment, gold is also a financial safety net. When economies wobble, gold tends to hold its ground. That’s why you’ll hear investors talk about it as a “hedge” — a way to protect wealth when other assets, like shares or property, feel uncertain.
That said, owning gold and selling gold are two very different things. And honestly, it’s easy to get caught up in the idea of instant money without realising how much value might be sitting in those tiny karats and grams.
When Selling Gold Might Actually Be a Smart Move
Now, if you’re sitting on some old jewellery, coins, or even broken bits and pieces, you might be wondering if now’s a good time to cash in. The truth? It depends on why you’re selling and what’s happening in the market.
Here are a few times when selling gold can genuinely make sense:
1. When Gold Prices Are High
It might sound obvious, but many people don’t actually check the market before selling. Gold prices can fluctuate daily based on global economic trends, inflation rates, and currency values.
If the Aussie dollar dips or there’s global financial uncertainty, gold prices often climb — which can be a golden (pun intended) opportunity to sell.
2. When You’ve Got Unused or Broken Jewellery
A lot of us have gold pieces that no longer hold sentimental value. Maybe it’s a broken chain, an outdated ring, or something from an ex that you’ll never wear again. Letting go can feel surprisingly freeing — and practical.
Turning unused items into something that does serve you (like paying off a bill or funding a holiday) isn’t just financially smart; it’s emotionally refreshing.
3. When You Need Quick, Reliable Cash
Unlike property or shares, gold is liquid. You can convert it into cash within hours, sometimes even on the spot. During unexpected financial moments — say, medical bills or urgent travel — selling gold can be a lifeline.
When It Might Be Better to Hold Onto It
Of course, selling isn’t always the best call. Sometimes patience pays — literally.
If you’re holding investment-grade gold or coins that might appreciate further, it could be worth waiting until the market peaks. Historical data shows that gold tends to perform well during inflationary periods or times of global crisis — and, well, those come around more often than we’d like.
Sentimental items also deserve a pause for thought. Once you sell that heirloom bracelet or engagement ring, it’s gone. No amount of cash will replace the memories tied to it. I’ve spoken to a few people who sold family jewellery in a pinch, only to regret it years later when they realised its sentimental weight far outweighed its market value.
How to Get the Best Value for Your Gold
If you’ve decided it’s time to sell, the next big question is how. Not all gold buyers are created equal, and that’s where a bit of research pays off.
Here’s what I learned — sometimes the hard way.
1. Know What You’ve Got
Before you sell anything, get it appraised. The purity (measured in karats) and weight determine its value. If you’ve got a 9-karat piece, it won’t fetch the same as an 18-karat one.
A reputable buyer will test your gold in front of you — not behind the counter. It’s a small thing, but it shows transparency.
2. Shop Around
Never settle for the first offer. I once compared three buyers and found a $150 difference for the same chain. That’s a nice dinner out — or two.
You can even check the daily gold price online before visiting a store. That way, you’ll have a rough idea of what your items should be worth.
3. Choose Trusted Gold Buyers
Whether you’re dealing with a local shop or an online business, reputation matters. Look for licensed and well-reviewed companies. I came across a helpful breakdown here on gold buyers — it’s worth a read if you want to understand what really affects your payout.
Some gold buyers also offer the option to recycle or redesign your gold into new jewellery, which can be a creative middle ground if you’re not ready to let go entirely.
Understanding the Emotional Side of Selling Gold
This part doesn’t get talked about enough. Selling gold isn’t just a financial transaction — for many, it’s an emotional one. Gold often carries memories: weddings, milestones, family gifts.
When I sold that necklace from my grandmother, I felt a pang of guilt. It wasn’t about the object itself but what it represented. I eventually realised that memories aren’t tied to the metal — they live in us.
Still, it’s worth acknowledging how you feel about selling before you rush into it. If you’re hesitant, maybe start with something small. You can always sell more later, but you can’t buy back the sentimental value once it’s gone.
Timing and the Market: Reading the Signs
You might not know this, but gold prices in Australia are influenced by global events more than local ones. When the US dollar weakens or there’s geopolitical tension, gold prices tend to rise.
At the time of writing, the gold market has seen strong demand thanks to ongoing inflation and investor caution. If you’re curious about timing, there’s a handy explainer on is selling gold a good idea that dives into the factors influencing the market — it’s worth checking before making your move.
That said, trying to “time” the perfect sale is tricky. Unless you’re a full-time trader, it’s more about finding a moment that feels right for you financially and emotionally.
Gold as a Long-Term Asset
Even though we’re talking about selling, it’s worth mentioning that gold still holds a solid place in a balanced financial plan.
Unlike stocks, which can crash overnight, gold tends to move slowly and steadily. Many Australians keep it as part of their wealth diversification strategy — a buffer against economic ups and downs.
If you’re someone who’s not in urgent need of cash, it might make more sense to hold your gold as an investment or even consider trading it for other precious metals rather than selling outright.
Final Thoughts: Finding the Balance Between Heart and Wallet
At the end of the day, the question “is selling gold a good idea?” doesn’t have a one-size-fits-all answer.
For some, it’s the smartest financial move they’ll make all year — especially if the price is high and the jewellery’s collecting dust. For others, it’s something to approach slowly, with a bit of reflection.
Gold has always been more than just a commodity in Australia. It’s part of our history — from the gold rush to modern investment portfolios. Whether you’re cashing in or holding tight, make the decision that feels right for your circumstances, not just your bank account.
And if you do decide to sell, do it smartly: know your gold, compare offers, and choose trustworthy buyers. You might be surprised at how empowering it feels to turn something old into new opportunities.
A Final Word
There’s something quietly satisfying about decluttering both your jewellery box and your finances. Maybe that’s the real treasure in all this — not just the gold itself, but the clarity that comes when you make decisions that serve your life now.