Getting Cash For Gold

gold

Someone has been getting organized in 2013. Yep. I cleaned out my jewelry drawer and low and behold I have what appears to be an ounce of gold!

So now what? How do I find gold buyers? Do I bring it to the shady character down the road and let him tell me what he’ll give me for it?

I don’t think so.

What Do I Have?

Now that I’ve got my “ounce” of gold in hand there are a bunch of things to consider and options for eager beavers like me who are ready to sell. The first thing to consider is what do I have? 10-karat or 14-karat? This makes a difference because as a rule, the weight and karat of the gold determines its value.

Ten-karat gold means that is has 42% gold content and 58% other metals. Fourteen-karat gold is actually 58% pure gold and 18-karat gold is 75% pure gold.

Here’s the breakdown of gold value to weight according to one online retailer:

It takes 2.400 ounces of 10K, 1.714 ounces of 14K, 1.333 ounces of 18K or 1.091 ounces of 22K gold jewelry to equal one ounce of pure gold.

I highlighted the 14K gold because it looks like that is mostly what I have. It takes nearly two ounces of 14K gold to equal 1 ounce of pure gold. As of this writing, 1/3/2013, the value of gold is $1675.05 per ounce. The actual equation to figure out the value of what I have would be 1675.05 x .58  which equals $971.  This is not bad, but am I measuring my gold the same way jewelers do? Not quite.

Jewelers use a measurement standard called a Troy ounce. My US scale measures 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce – so yes, the means of measurement is another thing to consider! Did I mention I am horrible at math?

Then there are the stones. I have some stones in these pieces of jewelry, and once those are removed, it will bring the weight down and in turn the value will go down. Unless……..

Can I Sell the Stones Too?

Will the potential buyer consider paying me for the stones as well? (hee hee hee!)

One online retailer will remove stones free of charge, return stones upon request and purchase diamonds that are ¼ carat or larger. They do not purchase diamonds under ¼ carat or any other gemstones. Considering this, my stones would not add to the value. :(

Getting Cash for Gold – How Do I Get a Fair Price?

According to Janice White, a vice president at Chubb Personal Insurance, any dealer should be able to tell me what I am getting per gram or per ounce. Once I get the price, I should take my jewelry back and go somewhere else so that I can compare prices and make sure I am getting the best one.

She also suggests opting for a reputable jewelry store over a company that advertises late at night on cable, or the guy who rents a space down the street. If I opt for an online company, I can seek out customer reviews and feedback, and I can check for complaints and see how they rate on the Better Business Bureau.

The bottom line is know the weight, the karat and the current price of gold before you sell that precious metal!

Have you ever sold your gold for cash? Where did you go and how was your experience?

 

 

 

 

 

 

 

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Kristi Maloney is a work from home mom to two boys ages 9 and 12. Since 2009, she has featured in-depth product, and book reviews and hosted high-quality, exciting giveaways on her blog Moms Own Words. When she is not blogging about life in New England, tips on everything and anything, recipes and the antics of her boys, you can find her providing taxi, laundry, meal preparation and decluttering services for her family. Email at maloney(dot)Kristi@gmail(dot)com.


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Comments

  1. Jeffrey says

    My wife and I have been clearing out our junk, selling many things on Ebay, you’d be surprised what people buy. The next step is to take our old jewelry to the shop to sell. Thanks for all the helpful tidbits, it’s nice to go there with a bit of knowledge on the subject.

  2. Dreena says

    Thanks for your article. I have some old gold in 18k, 14, and 10k…broken pieces, missing earrings, etc. I’m planning on making a new piece from it – perhaps a pendant.

  3. Karen Glatt says

    I have never sold cash for gold. I do not have any gold like this, but I know people that have sold their gold and gotten some good money! It is good to know that you need to take your gold to get the best price so you will not get ripped off. This blog post has such good information on how to sell your gold.

  4. Renee says

    I have never sold cash for gold but have always been curious about how it works and the outcome of it all. Thanks for the great tips!

  5. Cheryl W. says

    I have had several friends do this and they all walked out with a healthy amount of money. Wish I had some gold to sell. LOL

  6. kristi maloney says

    By the way, I haven’t sold mine yet. But when I do I will tell you where I went and what I got for my gold! – To be continued!

  7. Sherri Lewis says

    Wow, didnt realize all that figures into trying to sell your jewelry that you no longer wear. Not sure that it would be worth it unless you had a LOT you wanted to get rid of.

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