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09-18-2014 10:39 AM
I have a lot of old gold and silver jewelry I'd like to sell. If you've done that and can share some tips, I'd appreciate it.
09-18-2014 10:46 AM
I went to a reputable gold and jewelry buyer here in the Seattle area. You need to do your homework... and be knowable on what you have and the weight of the gold etc. You never get what you think you should... but, when you buy jewelry you should not expect a profit anyway unless you are buying say the Hope Diamond!
If it is stuff just sitting in chests, never worn, just let it go.... and move forward. That is what I did and I feel good about the experience.
09-18-2014 10:56 AM
I sold a lot of sterling gold and silver jewelry that was not designer to a jewelry store that bought gold and silver. I felt like I got a decent price for it. I'm selling my designer sterling silver pieces on Ebay now and doing quite well with them.
09-18-2014 01:36 PM
I used USGB twice. They far exceeded any prices I could have gotten locally or on ebay.
09-18-2014 04:09 PM
On 9/18/2014 chickenbutt said:I used USGB twice. They far exceeded any prices I could have gotten locally or on ebay.
Definitely! USGoldbuyers is the best!
09-18-2014 04:19 PM
I would get a loop or find someone that has one....what I did to sell locally was divide the jewelry up into 10k, 14k, 18k and sterling. I then went to a local jeweler and he gave me a price.
09-18-2014 06:41 PM
USGB for old gold. If the items are designer, good diamond or antique try a consignment counter at a jeweler or ebay
09-18-2014 09:40 PM
You should get prices from more than one place, ideally within a day or two as the price of gold changes. Before you go, find out the closing price of a troy ounce of gold from the day before. Then do some calculations so you know the value of 24K, 18K, and 14K gold on a per gram and per pennyweight basis. Most places buy in pennyweights, not grams. The more you know, the better able you will be to evaluate the price you are quoted.
For reference: there are 20 pennyweights to a troy ounce of gold. There are 31.1 grams to a troy ounce of gold.
24K gold is 100% pure gold (24 parts pure out of 24), 18K is 75% (18/24), and 14K is 58.3% gold (14/24). You can find the price of gold at goldprice.org online.
So lets do some what if calculations: Gold closed today at 1224.90 per troy ounce of 24K gold. If you were selling 14K, that would be 58.3% of 1224.90, or 714.12 for a troy ounce of 14K. Now we need to convert that to pennyweights by dividing by 20, so we get 714.12/20= 35.71 as the gold value for 1 pennyweight of 14K gold.
You could do a similar calculation to figure out the gold value for 1 gram of 14K gold, just divide the value of the troy ounce of 14K by 31.1.
Now you have the basis to see how good a price you are offered. No one is going to pay you that 35.71, because everyone in the gold buying chain takes a few dollars of profit. But with this information you can compare how good a price you are getting locally to what you could get from a place like USGB.
Good luck.
09-18-2014 10:29 PM
On 9/18/2014 lavenderjunkie said:You should get prices from more than one place, ideally within a day or two as the price of gold changes. Before you go, find out the closing price of a troy ounce of gold from the day before. Then do some calculations so you know the value of 24K, 18K, and 14K gold on a per gram and per pennyweight basis. Most places buy in pennyweights, not grams. The more you know, the better able you will be to evaluate the price you are quoted.
For reference: there are 20 pennyweights to a troy ounce of gold. There are 31.1 grams to a troy ounce of gold.
24K gold is 100% pure gold (24 parts pure out of 24), 18K is 75% (18/24), and 14K is 58.3% gold (14/24). You can find the price of gold at goldprice.org online.
So lets do some what if calculations: Gold closed today at 1224.90 per troy ounce of 24K gold. If you were selling 14K, that would be 58.3% of 1224.90, or 714.12 for a troy ounce of 14K. Now we need to convert that to pennyweights by dividing by 20, so we get 714.12/20= 35.71 as the gold value for 1 pennyweight of 14K gold.
You could do a similar calculation to figure out the gold value for 1 gram of 14K gold, just divide the value of the troy ounce of 14K by 31.1.
Now you have the basis to see how good a price you are offered. No one is going to pay you that 35.71, because everyone in the gold buying chain takes a few dollars of profit. But with this information you can compare how good a price you are getting locally to what you could get from a place like USGB.
Good luck.
This is really helpful, lavenderjunkie. Thank you for posting!!
09-19-2014 02:37 PM
Glad the info was useful.
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