From September 1, 2010, gold has climbed to a record numerous times, peaking on November 9th when it reached ,422 an ounce (the highest ever). While during the same period, there are global concerns that the US dollar will continue to drop in value. According to Bloomberg BusinessWeek, a survey of 29 analysts, traders and investors indicates that gold may rise as high as ,500 in 2011.
If you're strapped for cash like many of Americans today, you may be looking at your spare gold jewelry as a means to help with bills and living expenses. Before you decide to sell your gold, there are some important things you should know:
12 OUNCES EQUALS
Find out the price of gold for the day from websites such as Kitco at website, or newspapers, financial cable stations and other websites. Whether you weigh it yourself or take it to an appraiser, make sure you know how much your gold weighs. Note that gold, silver and other precious metals are measured in troy ounces (equal to 31.1034768 grams). Certain jewelers also use the term "pennyweight" when referring to precious metal, and a troy ounce equals 20 pennyweights. Know the karat in your gold jewelry because the value is based on not only its weight, but its level of purity. The purest gold is 24 karats, and when you see the price of gold per ounce, it is quoted for 24 karat or "pure gold." If your gold is 14 or 18 karat, you will be paid only on the percentage that is pure gold. To calculate, simply divide 18 or 14 by 24. (For example, 14 divided by 24 =.5833 so the gold value for that piece is 58.33% of its weight. 18 karat gold will be valued at 75% of its weight. Bring it to a reputable jeweler, especially if it is an heirloom. This will ensure that your piece will be appraised for its craftsmanship as well as its gold purity and weight. A reputable jeweler will also explain how your gold is weighed, and how you will be paid (dollar amount per gram, troy ounce or pennyweight) and explain the purity level of your gold. Start with scraps of gold from broken jewelry pieces before you sell a more valuable item. That way you can personally gauge your reaction to the buyer, whether you felt that they treated you fairly and were trustworthy, and whether you should deal with them in the future with your better pieces.
Although many economists forecast gold will continue to climb through 2011, if you need to have cash in your pocket, now is a great time to sell the gold you can part with. Make sure you get the price you deserve by doing your homework and dealing with a jeweler who has earned your trust.
Selling Your Gold Jewelry? Here Are Some Things You Should Know 12 OUNCES EQUALS
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