Posts

Don’t be cheated: Learn how to sell the genuine gold jewelry

Sell gold bracelets

Gold buyers like us normally go by weight

Selling gold is an area where you are likely to find a lot of cheats, so go into it with your eyes wide open. Before you take gold jewelry anywhere, bone up on the current price for gold—check on the Internet or in the newspaper. This shows the buyer that you aren’t totally clueless, and you’ll be less likely to get cheated. Gold is priced per troy ounce, a measurement slightly different from regular ounces. Make your own ballpark estimate before trying to sell.

Here’s how.

  • Examine the karat mark of your jewelry items and divide into piles. Most will be 10k, 14k, or 18k. If it isn’t marked, it is probably gold plated or gold wash and worth next to nothing.
  • Weigh each group separately on a postal scale to determine number of ounces.
  • Convert ounces into troy ounces using an online converter or do it yourself by multiplying regular ounces by .912. (Gold prices are quoted in troy ounces.)
  • Deduct a percent for the part that isn’t gold. 10 karat is 41% gold, so you’d deduct 59%. 12 karat is 50% gold. 14 karat is 58% gold. 18 karat is 75% gold, and the highest you are likely to see in America. 22 karat is 91% gold. 24 karat is pure gold. So 20 troy ounces of 12 karat gold equals 10 troy ounces of pure gold. Why don’t you see much 22 or 24 k gold in America? Because it’s too soft to make good jewelry. A neck chain of 24 k gold would pull apart with minimal effort.
  • Multiply by the current troy ounce price.

That is what your gold is worth at retail, but of course you will not get that much for it. You are selling at wholesale – the buyer will sell at retail. Many dealers will offer you half the retail value. Shop around to get the best price. Reputable gold buyers should pay 70% or maybe 80% of the retail value. Knowing approximately what that is will protect you.

Yes, there are pawnshops, online buyers, mail order schemes, and fly-by-nights who breeze into town and set up shop in a hotel room, but your best bet by far is a reputable, local jewelry store or coin dealer that buys gold and silver and sticks around for his reputation to matter. Let the buyer know up front that you are going to get two or three offers before selling and hold to that plan.

Gold-looking jewelry made in the twentieth century is sometimes marked GF for gold-filled, a deceptive term that means a very thin layer of gold over base metal. Watch out for 14k GF, which sounds better but is still just a thin, thin, thin coat of gold. It is worthless as gold, but it may have value as costume jewelry or vintage jewelry.

 

Shared by Gold Rush Baltimore (Maksud Temirov)

Source: stuffafterdeath.wordpress.com

The Gold Bar Story

AS-200L.71110318_largeA man came home late after drinking a lot at a bar with his friends. As he staggered through the door, his wife greeted him unhappily:

“Where have you been? Where did you get this drunk?”

“Me and some friends had a drink at this new bar called Gold Bar. The bar is so amazing. Everything is made of gold! The doors, tables, walls, you name it! Even their toilet is made of gold!”

The wife did not believe in his story, so she googled the Gold Bar and gave them a call.

Bartender: “Thanks for calling The Gold Bar, how can I help you?”

Woman: “I just want to make sure if my husband is telling me the truth about your new bar. Is everything really made of gold there?”

Bartender: “Yes, ma’am. Our doors, windows, walls, floor, and tables are made of 24K gold.”

Woman: “Well, my husband says even your toilet is made of gold, is it true?”

Bartender: “Oh, give me a second,” – The bartender put the woman on hold and shouted: “Hey, John, I think I found the man who urinated into your saxophone!!”

A Funny Story About $20 Gold Coins

maple coin

Maple Leaf 1 oz Coin

We came back from Vancouver with two $20 gold pieces in our pocket. Actually, the idea came from Jim Rogers, who gave us one. We bought another to give to Henry for his 18th birthday.

“Hey…what’s this?” Henry wanted to know.

“It’s a gold coin… A Canadian maple leaf…”

“Oh…is it worth anything? It says it’s worth $20…kind of a measly birthday present, wouldn’t you say, Dad?”

“Well, it’s worth a lot more than that. It’s gold. An ounce of gold…”

“What’s that worth? Two hundred dollars?”

“A lot more than that…”

“But it says it’s worth $20. I guess at one time it was worth $20…”

“Yep.”

“Can you still use these for money? I mean, can you go into a shop in Canada and pay for things?”

“Well, maybe, but I don’t think it would be a good idea…”

“Or maybe you can say to your boss that you want to be paid in these coins? And then, when the IRS asks you how much you made, you can say $20?”

“I don’t know Henry, but I think that’s the sort of thing that people go to jail for.”

“Well, it’s their fault the coin is worth more than $20, isn’t it? You should be able to use it as $20. I mean, what’s going on, anyway? Something funny about this…”

“Oh Henry…this is a very long story…but you’re right. It’s very funny.”

 

Source: The Daily Reckoning Australia