If you understand what is written below you cannot be taken advantage of:
Today’s gold price of approximately $1,715 per ounce is still very high. If you are contemplating selling but unsure of how much gold you own and what is a fair price to receive, here are some of the intricacies that you should understand first.
When something is valuable, like a great employee, we might say “He’s worth his weight in gold”. If he weighed 180 pounds, at the current high prices, he would be worth more than $4,900,000 dollars. By comparison, in 2001 when gold was less than $300 per ounce, he would have been worth only about $700,000. His value has gone up 7 times in 11 years. Not only has gold increased in value over the past several years but so have platinum and silver. Today may be the best time to “scrap” or melt your broken and unwanted jewelry, sterling silver flatware and tea sets.
When gold is $1,715 per ounce, that price is for a troy ounce of pure (24 karat) gold. Very few of us own pure gold. Jewelry is generally 18kt, 14kt, or 10kt. To calculate how much pure gold is in one ounce of 18kt gold, divide 18 by 24 and you will see that 18kt is only 75% or 3/4 gold. This means that an ounce of 18kt gold would only be worth $1,286.25 ($1,715 x 75%). Similarly, on ounce of 14kt, 14 divided by 24 is worth $999.84. Unfortunately, not all gold jewelry is stamped, and not all jewelry that is ...Read More