Why You Wont Get Exactly The Spot Price When You Sell Gold
All businesses that buy gold in small quantities will buy it for less than the spot price, meaning you wont get exactly what the gold is worth when you sell it.
This is simply a reality of business. All businesses have expenses, and the companies buying gold need to be able to make a profit in order to stay in business. They also need to cover the costs associated with melting and refining your gold jewelry so that it can be reused.
As such, the amount of money youll receive from the business buying your gold wont be the exact gold spot price. Instead, itll be the spot price minus the fee the buyer adds to make the transaction economical for them.
The amount youll lose compared to the spot price depends on the type of gold youre selling and the merchant you sell it to.
If youre selling old gold jewelry in small quantities, youll generally get a lower price per gram than you would if you were selling, for example, a larger amount of gold in the form of bullion coins or bars.
As for gold buyers, commissions can vary hugely. We generally recommend Abe Mor for gold jewelry, as their fees are lower than other gold buyers, meaning youll get a higher percentage of the spot price for the gold you sell. However, there are many other buyers out there.
Below, weve explained what you do to get the best price for the type of gold youre selling.
Selling Gold For Cash Calculator
As we mentioned above, the gold spot prices you can find online refer to pure 24k gold, not the 10k, 14k and 18k gold thats commonly used to manufacture jewelry.
The pure gold content of 10k gold is approximately 41.7%. 14k gold has a 58.3% gold content, while 18k gold has a 75% gold content. This means that you cant accurately use the gold spot price quoted online to calculate the value of most gold jewelry based on its own.
Some gold selling websites provide calculators that allow you to quickly and easily work out the pure gold content of a gold ring or other jewelry, then calculate an approximate price for the gold used to make the item.
You can use this gold price calculator. To use it, type in an items weight, then select its karatage. The calculator will provide an estimate for the items value should you decide to send it in for appraisal.
Why Would Anyone Sell Heavy Discounted Gold To Foreign People
A true gold owner, in Ghana, would under NO circumstance sell heavilydiscounted gold to foreigners. This report of today, from January 10th, 2016,proves that gold can be sold in Ghana, for enough good price, that peopledon’t need to search for any foreign “buyers”.
Beware of any offers for gold in Ghana, if you receive such offer byInternet. If you don’t know nothing about the business in Ghana, you arewelcome to use the trusted concierge in Ghana services orconsulting services by Start Your Own Gold Mine company.
RCD Wealth is creator of wealth generation programs such asit is Start Your Own Gold Mine. Very correct and accurate informationon this page has been provided by Mr. Frank Boateng the trustedconcierge for gold and diamonds in Ghana. He is very experienced,accurate and honest person.
This report shall show to foreign investors and potential gold buyers, thatgold can be easily sold in Ghana for almost spot gold prices. There is noproblem with cash or liquidity. Gold is not cheap. We advise you to bevery careful when dealing with people who send you gold and diamond offers byInternet.
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How To Export Gold From Ghana
The Minerals Commission has issued procedures that govern gold buying and export License in Ghana. The following procedures govern the exportation of gold by Licensed Gold Exporters other than the holders of mining leases. These include the following-
What Does The Spot Price Of Gold Mean
If youve ever visited a gold price or gold buying website, youve probably seen the term gold spot price thrown around. The term spot price refers to the price at which any commodity can be bought or sold at that specific moment.
The spot price of gold often differs from the price of gold futures contracts, which involve the future delivery of gold. In simple terms, the spot price is the markets current price for gold right now, and the most important price that you should pay attention to if youre looking to sell.
As we mentioned above, the price of gold changes often. Gold is a popular commodity thats traded worldwide on markets like New Yorks COMEX and Londons Bullion Market. As such, the spot price of gold can vary based on the current level of demand for gold futures.
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Selling Gold Bullion Coins Or Bars Online
If you have gold bullion a type of gold coins or bars sold primarily for investment selling to a buyer that specializes in gold jewelry isnt a good idea, as youll generally receive less than you would get by selling to a dealer that specializes in gold bullion.
If you contact Abe Mor directly, they are willing to give a better rate for larger purchases of gold like bullion or coins. These days, online gold bullion buyers will usually provide a quote based on the weight of gold that you want to sell, then provide an address for you to send the gold via an insured, track and trace delivery service. Some also work with local partners at which you can drop off the gold.
Note that these companies generally wont buy old gold jewelry instead, they only deal in gold bullion.
Where In Ghana Can You Find Gold To Buy
In Ghana, gold is mined by both companies and artisanal miners. Some of the largest gold mining companies in Ghana are Kinross Gold in Chirano mine, Newmont Goldcorp in Akyem and Ahafo mines, AngloGold Ashanti in Obuasi, Iduapriem mines, Gold Fields in the Tarkwa gold mine, and Asanko Gold in Asanko mine. These companies primarily export gold that is mined from their mining concessions. However, small-scale miners in the country mine and sell gold to entities and individuals. Some of the popular communities where you can buy gold include, Oda, Akyem, Tarkwa, Obuasi Prestea, Amansie, Kwabeng and Bibiani.
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How Do I Buy Ghana Gold
Gold is a precious metal of high monetary value, sought after for producing coins, jewelry and other artifacts. Ghana is a major producer and exporter of gold as a major foreign exchange earner for its socioeconomic development. From 1989 to 2009, Ghana has produced over 850,000 ounces of gold, valued $366.35 million Gold purchases and exports in Ghana are handled by the Precious Mineral Marketing Corporation on behalf of licensed sellers/suppliers to overseas buyers.
Contact a licensed gold buyer in Ghana and confirm offers from the gold buyer with the PMMC to confirm that the transaction is legitimate.
Complete your part of the Gold Export Agreement Form. The licensed buyer purchases the Gold Export Agreement Form from PMMC for completion by both supplier and overseas buyer, then returns it for approval.
Be sure that the gold buyer will deliver the shipment on time. Gold to be exported by the Licensed gold buyer must arrive at PMMC in Accra, Ghana before 9 a.m. for assessment on day of export, if already smelted. Unsmelted gold must arrive a day before export.
Receive your shipment at the specified location. Documents accompanying the exported gold include the PMMC Assay Invoice, the Bank Of Ghana and Ghana Customs Export documents, the gold purity document, the quantity, the gold value in both US Dollars and GHS , and the Airway Bill.
Deal only with licensed gold suppliers and confirm your plans with the PMMD to avoid fraud.
Precious Mineral Marketing Company
Precious Minerals Marketing Company Ltd was establishedin 1963 as Ghana Diamond Marketing Board charged with the soleresponsibility for the purchase and marketing of Ghana’sdiamonds. In 1965, by Legislative Instrument 401, the Companywas incorporated as a State-Owned Enterprise . With thepromulgation of the Diamonds Decree in 1972, theLegislative Instrument was enacted to change thecompany’s name to Diamond Marketing Corporation. However, in1989, Precious Mineral Marketing Corporation Law wasenacted to yet again change the Company’s name to the PreciousMinerals Marketing Corporation with the following functions
Finally, in the year 2000, it was converted by StatutoryCorporations Conversion to Companies Act, 1993 to aLimited Liability Company to operate under the Companies Act, 1963 as Precious Minerals Marketing CompanyLimited with the same functions under the PNDC Law219.
The following have been the functions of the Company until 2016when most of the functions changed as a result of the appointmentof PMMC as the government assayer.
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Exporting Gold From Ghana The Need For Due Diligence
Ghana is endowed with abundant natural resources, which have played a key role in the development efforts of the country. Ghana has a long history of mining especially for gold. Gold is a precious metal of high monetary value, sought after for the production of coins, jewelry and other artifacts. It is an established fact, evidence by records over the years that, gold is a major foreign exchange earner for Ghanas socioeconomic development.
Over the years, Ghanas stable economy and abundance natural resources especially gold have attracted many foreign entities and or individuals to develop strategic business partnerships with local Ghanaian companies for the export of these resources. A lot of these individuals have been cheated of their hard earned resources by unscrupulous entities masquerading as licensed gold buying companies by regulators when in fact they have no such license. This article is therefore intended to throw light on the procedures and legislative framework established for the sale and export of gold from Ghana.
Selling Scrap & Broken Gold
If you have broken gold jewelry to sell for example, a broken necklace or damaged wedding ring you can generally take it to the same places that youd sell other gold items. Most pawn shops, cash for gold shops and some local jewelers will buy broken gold items.
Broken gold items are generally valued based on their scrap gold value the value of the pure, 24 karat gold thats left once the item has been melted down.
Just like with other types of gold, we recommend selling your scrap and broken gold to Abe Mor Diamond Cutters. Not only are their prices significantly better than pawn shops and local jewelry stores their gold buying process is also quick, easy and convenient for you as a seller.
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How To Set Up A License Gold Export Company In Ghana
Ghana is well endowed with gold deposits and is one of the most attractive business markets in West Africa. Ghanas wealth of resources, democratic political system, and dynamic economy makes it undoubtedly one of Africas leading and stable economy, more conducive to do business than expected. Ghanas gold deposit is evident in the gold reserves, which, according to the US Geological Survey, is estimated to be 50 million ounces .
Ghana requires a particular method of setting up a mineral purchasing and export company with a license from the minerals commission to deal in gold trading and export.
The Minerals and Mining Act, 2006, as amended by the Minerals and Mining Act, 2015 provides succinctly that a person shall not export or sell or otherwise dispose of a mineral unless that person holds a license granted by the Minister responsible for Mines and Natural Resources. A person here refers to a corporate entity established under the laws of the Republic of Ghana.
Incorporating a company means establishing a corporate legal entity that is distinct and separate from the legal identity of its directors and shareholders. It means that the business entity can transact in its corporate name, sue, and be sued. Also, the liabilities of its members are limited to the amount on the unpaid shares if its a company limited by shares.
The Companies Act, 2019 , governs the organization of companies in Ghana.
An incorporated company may either be
Galiano Reports Gold Production At Asanko In Q3 In Line With Guidance
– Yesterday, Galiano Gold reported that in Q3 2021, gold production at the Asanko gold mine in Ghana was 49,543 ounces, virtually unchanged from 48,974 ounces produced in Q3 2020 and in line with 2021 production guidance.
The company said that Q3 2021 gold revenue was on plan at $85.2 million generated from 48,435 ounces sold at an average realized price of $1,758 per ounce.
Importantly, Galiano added that stripping at Akwasiso advanced throughout the quarter and will be completed in Q4.
“Production for Q3 remained at similar levels to Q2 as we continued to develop Akwasiso for its third phase of mining,” said President and CEO Matt Badylak. “With Akwasiso pivoting to sustainable ore delivery in Q4 we expect gold production to revert to historical levels with per unit costs trending downwards positioning the AGM well for the achievement of restated full year guidance.”
In its statement, Galiano also pointed out that it continues to remain on schedule to publish its updated Reserve and Resource statement in Q4 of this year.
Galiano currently operates and manages the Asanko gold mine, located in Ghana, West Africa, which is jointly owned with Gold Fields.
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How Much Does Customs Form Cost In Ghana
The customs form for instance goes for 2.50 GHS while the Vehicle Registration Certificate similarly goes for 2.50 GHS. A valid change of car ownership form should have the crown of services portal of the Government of Ghana and the Drivers and Vehicle Licensing logo in the forms as a watermark.
Land in Ghana is held from various stool/skin lands, families or clans, which are the allodial owners. Here is a breakdown of the types of land ownership in Ghana 1. Customary Lands According to Appiah , these lands make up about 80 per cent of all lands in Ghana.
Guidelines For The Export Of Gold In Ghana
The Minerals Commission had issued a directive and or proceduresto govern the export of gold from Ghana. The following proceduresshall govern the exportation of gold by Licensed Gold Exporters other than the holders of mining leases. These measuresissued by the Minerals Commission shall be in force untilsubstituted by other procedures that may subsequently beprescribed. These include the following
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We Sell Gold At Pmmc/ghana
1-WE SELL GOLD AT PMMC/GHANAWe are local miners and we can deliver gold at PMMC/Ghana. Are you a buyer interested in doing your assay in PMMC/Ghana? Please, do not hesitate to contact us.We do not deal with brokers or resellers who want to buy from us without payment and resell to PMMC before payment will be made to us. Also we do not deal with buyers who have account with PMMC and it is PMMC that will pay us after delivery. We avoid all this in order not to have a lot of