The Australian Bureau of Statistics (ABC) describes the discovery of gold in seven regions of Australia at different times. Traces were first discovered in Fish River, New South Wales in 1823 by Government Surveyor James McBrien, while the first sizeable nugget was found in Hargraves, New South Wales in 1851.It also describes the rising number of gold ownership and mining.
The Australian Department of Foreign Affairs and Trade gives the following statistics:
In 2010, gold exports were third in rank after iron ore and coal, with a value of 15 billion Australian Dollars. This was approximately 6.5% of the total exports. An increase by 3% per year has been registered steadily over the last ten years, indicating a healthy gold market. India and the United Kingdom are listed as the largest market, accounting for about 36% of exports. Thailand, Singapore and China are other big buyers.
Popular industries that purchase Gold locally and internationally are:
1. Coin Minting Industry
The Australian Nugget, minted by the Perth Mint, is an example of a currency made out of gold, and it comes in several denominations.
2. Governments And Financial Institutions
It is standard practice for many governments and financial institutions like banks or exclusive creditors to stockpile Gold reserves as a form of money reserve or trade purposes. The UK is a big buyer for this reason.
This is one of the largest ‘consumers’ of gold, India being the largest internationally.Rings, earrings, bracelets, purses, necklaces, shoes and bags are all adorned by gold and anyone spotted with gold is assumed to belong the upper economic class. Human nature predisposes us to wanting to outdo each other. This being so, it is not likely that the buying of gold jewelry or items draped in pure gold is about to stop.
There are individuals who pride themselves as being gold collectors, while others, out of a supposed sense of a looming world economic crisis, collect gold to preserve their money. As it is, gold is an international currency.
Lost teeth are sometimes replaced by gold coated artificial teeth.
6. Art And Decor Industry
Gold sculptures for the high end market are available to decorate homes and offices.
Ornate Gold Carvings, sculptures and statues are highly priced in museums around the world. A statue like the Golden Buddha, the world’s largest gold statue, is priced at 250 million US Dollars (approximately 217 Australian Dollars).
7. Award Medals
Winners in almost all sports and championships are awarded gold medals as standard practice.
8. Motor Vehicle Industry
Safety air bags systems have crash sensors which include gold plated steel balls at the ends.
Gold is an excellent conductor of electricity, is malleable and ductile. It is used in exclusive circumstances, instead of standard copper or aluminum, to make electric cables and in computer circuit systems.
10. Satellites And Rockets
Gold reflects heat, and was used to coat the Apollo 14, which was the first vehicle to land and on the moon. Satellites sent out to space are also coated in films of gold for the same reason.
Selling gold can be risky and by far, this is the most viable option since many gold dealers can take smaller denominations of gold even from individuals. They also are keener on market trends and prices, therefore making your sale easier. Virtually all of the other industries have a set minimum, which could be more than what an individual has. Reasonable prices are set and negotiation is easier with Gold dealers.