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how to sell old gold jewelry for cash
Gold is on the rise and has been for the past few years, this means your gold pieces that may have not been worth a lot 10 years ago could now net you a bit of cash. With a lot of the world in recession, people have less faith than ever in printed currency, as gold is hard to come by this has pushed its price up more than ever. Will this last forever, I doubt it, like the property boom it will more than likely fall at some stage although how far it will fall is anybody’s guess, as gold will always be in demand as it cannot just be printed like currency.
What is the value of your gold?
A lot of people will have jewelry lying in their drawers that may well be worth a lot more than they actually know, when people usually look to buy gold they look for a few things, the actual gold itself, the numismatic value, which would describe the rareness of the piece, also if a piece of jewelry is of antique value then it will be worth a lot more than just the value of the gold in the jewelry.
Scratched gold is also valuable as the gold can be melted down, a lot of refiners do this, but sometimes you need to shop around to get a decent price. To determine what price to sell old gold jewelry, it is best to check online for the current gold prices. You can also find out the value of the gold itself. Gold is measured by Karats, 100% gold is 24k, anything below this will give you a value of its worth. Most jewelry will range between 14k and 22k. Most jewelry will have this stamped onto it, but you may need a magnifying glass to see the print.
Calculating the value yourself
To weigh jewelry ideally you will need some kind of precision scale, a good scientific lab will have one, or you could take it to your local jewelers to get weighed. As gold is weighed in troy ounces you will then need to convert from grams to ounces, to do this divide by 1.097, you then take the value in karat i.e.
We take 18k to find its percentage of gold we divided 18/24 which gives us 0.75 or 75 percent. So say we then have 4 troy ounces of gold in weight we then multiply 75 percent by 4 to give 3 ounces of gold.
To get the best value possible for your gold, you will need to shop around, if the gold is not really worth that much then it may not be worth your will taking up a whole day trying to look for refiners and pawn shops, also be sure you are ok with the price you get as if the item has sentimental value then it may be irreplaceable. I hope this little piece gives you a better idea about how the value of gold.