Selling Gold Jewelry
You can almost say it's another gold rush! What with gold trading at near record high prices, people are digging for gold in their homes looking to cash in on their unwanted gold jewelry and coins.
Selling Gold Jewelry - The Basics
What a buyer is willing to pay you for your gold jewelry is determined by the following factors:
- the weight of the piece
- the price of gold the day you are selling
- the refining or assaying fee
- the buyer's profit margin
Selling Gold Jewelry - Do I Scrap it?
Most of us have all sorts of jewelry lying around - old gold jewelry, new gold jewelry and gold jewelry that's, well, to be quite frank about it, junk gold jewelry.
This type of gold jewelry is only worth its weight in gold and so it is perfect for the scrap heap. The only thing that matters when you sell gold jewelry for scrap is the quality and the quantity of gold in the item.
All the gold buyer wants from your miscellaneous jewelry is to melt it down and recover its precious metal.
And when selling gold, it is not only jewelry you should consider. Have any gold dental crowns or dental bridgework? Any bits of gold you got from panning? A plain wedding band that from your hated ex spouse?
The price of gold, which this week was up to $1,150 an ounce, refers to the price being offered on pure 24 karat gold.
Other karats of gold will bring in less because the percentage of gold is lower, and that is all the buyer is after. For your reference, 22 karat is 91.7% gold, 18 karat is 75% gold, 14 karat is 58.3% gold and 10 karat is 41.7% gold.
