gold prices

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Old 07-16-17, 04:44 AM
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gold prices

One of Ray's recent posts reminded me of something that I meant to ask a while back. We have some miscellaneous gold, not a lot, but things like our class rings, a few broken bracelets and necklaces that she doesn't care to have fixed, etc., so I told the wife to get it together and we would figure out what to do with it. So what's the best way to sell it? We have a very reputable local jeweler who buys gold, but there are others I hear advertised on the radio and whatnot who buy it, all of them of course advertising that they pay the best price. Best for them or me I don't know. I assume that some may be more selective as far as say 18k versus 22k. And prices vary, so unless you took it to several places within a short amount of time, the quotes are going to vary even if their criteria were the same. Not that it's going to make us rich either way, but obviously want to get as much as we can for it. Maybe the best bet is to call the jeweler I mentioned as well as a couple of the ones who advertise and maybe a pawn shop or two?
 
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Old 07-16-17, 05:08 AM
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You can easily look up the price of gold on the internet, today it is $1,217.60 per ounce or $39.15 per gram. That can be your baseline. Of course most places will not give you that price because they will also need to sell it and make a little money or they do not stay in business.

Then you need to determine the amount of gold in each piece. 24k is 100% gold, but most jewelry will not be 24K because it is too soft. Here is a handy guide of gold purity: Gold Purity Guide: Difference between 24k, 22k and 18k gold | My Gold Guide With that info you can then figure out if they are giving you a fair price for the item.

Example: Take a piece that is 18K gold that weighs .125 of an ounce. 18k gold is 75% gold so now you can do the math. .125 x .75 = .09375 x $1,217.60 = $114.15

The more info you have about the pieces the better you will know if you are getting a fair deal. Also, I would want the buyer to show me the weight on the scale and also show that it is calibrated correctly.
 
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Old 07-16-17, 05:13 AM
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Most of those 'buy gold' places are a middleman. Keep that in mind when you sell it.
 
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Old 07-16-17, 05:17 AM
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I sorted my pieces of unwanted/broken gold jewlery and made a day of it driving to 5 different shops and getting quotes. You will get a quick idea who is paying out the best. A couple of necklaces, one pair of earings and my class ring. Price ranges differed by over $100. We sold it to the highest offer and made over $300.
 
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Old 07-16-17, 07:08 AM
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Also you have to be careful if they are being truthful about how many Karats.
https://bellatory.com/fashion-access...-karat-gold-is
 
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Old 07-16-17, 04:51 PM
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Once you get the market "melt" price for that day, take about 15-20% off. That's pretty standard for a reputable place. The lower percentage means you get more. It ranged from 15 to 30 when I went to get rid of some stuff. Pawn shops worst, jewelry stores best in my case.
 
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Old 07-17-17, 03:04 AM
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Thank you. Not something that I do every day, so appreciate the input. Will make a good rainy day project.
 
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