Gold--A Seller's Market?

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I'm currently proofreading a book about the gold market. I usually try to remain at least semiconscious when I'm working, so I couldn't help but notice that the market for gold is very high now.

I'm in desperate need of money, and I have some gold. Pieces that don't have senitmental value. Just gold jewelry.

I went online to find gold dealers in NYC. I found a bunch in the diamond district.

I have a big clunky gold bracelet that has no value as jewelry; it's engraved with initials and dates. I don't have a food scale or any kind of small scale, so I put the bracelet on my scale (a human scale). The dial moved! Maybe a pound. I'm assuming that the gold is 14 K.

I think it's worth schlepping to the diamond district to try to sell the bracelet.

Comments? Suggestions?

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@Roberta,

How far is the diamond district? I could probably stir myself around the block for the price of a pound of gold.

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@Roberta,

Roberta wrote:

I'm currently proofreading a book about the gold market. I usually try to remain at least semiconscious when I'm working, so I couldn't help but notice that the market for gold is very high now.

I'm in desperate need of money, and I have some gold. Pieces that don't have senitmental value. Just gold jewelry.

I went online to find gold dealers in NYC. I found a bunch in the diamond district.

I have a big clunky gold bracelet that has no value as jewelry; it's engraved with initials and dates. I don't have a food scale or any kind of small scale, so I put the bracelet on my scale (a human scale). The dial moved! Maybe a pound. I'm assuming that the gold is 14 K.

I think it's worth schlepping to the diamond district to try to sell the bracelet.

Comments? Suggestions?

Shop around and find a reputable buyer. Don't rush to sell... get a few quotes before selling. Don't forget about the diff between Troy ounces and regular ones.

Good luck!

Cycloptichorn

1 Reply

@Roberta,

Yes, gold is high and you can get good money for your old gold jewelry, but be careful.

Quote:

FORT LAUDERDALE, Fla., April 22, 2010 /PRNewswire via COMTEX/ -- As cash-strapped consumers sell their gold to pay for everyday necessities, complaints against gold dealers have risen. The biggest offenders according to a recent tally on the Better Business Bureau's website, BBB.org, are companies advertising heavily to buy unwanted gold jewelry on cable television channels.

...

"Ask how much you will be paid for one pennyweight of 14 karat gold jewelry and compare prices.

more

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@Roberta,

14k gold is 58 1/3% pure.

Current price is $39.29/gram

1 lb = 453.59237 grams * (58 1/3%) * $39.29 = $10,395

Are you sure it is a) one pound and b) all gold?

2 Replies

@Cycloptichorn,

Roger, The diamond district is near Rockefeller Center, midtown. By bus, maybe 40 minutes. By cab, maybe 15.

Cyclo, How can I tell a reputable dealer from a nonreputable dealer. I'm a novice at this.

I can't forget the difference between troy ounces and regular ones. I don't know the difference. Please enlighten me.

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According to this scrap metal calculator you should get $22.93/gram of 14K gold jewelry at today's spot gold price of $1222.20.

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@DrewDad,

I think there's a premium paid to recover the gold. I don't think she'll see $39.29/gram

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@DrewDad,

JPB, I have no intention of selling anything via tv or the Internet. I'm going to the dealers. What's a pennyweight?

Drewdad, Thud! I found an old insurance form. The bracelet is 46.7 pennyweights--whatever that is. All gold.

I'm not much better with grams than I am with pennyweights. But I got the conversion from google. 74.0262748 grams

3 Replies

@Roberta,

Roberta wrote:

JPB, I have no intention of selling anything via tv or the Internet. I'm going to the dealers. What's a pennyweight?

Drewdad, Thud! I found an old insurance form. The bracelet is 46.7 pennyweights--whatever that is. All gold.

I'm not much better with grams than I am with pennyweights.

I can't remember the exact conversion, but a Troy ounce is about 20 Pennyweights, so my guess is that you have about 2 1/4 troy ounces of gold.

Cycloptichorn

0 Replies

@Roberta,

from wiki

Quote:

A pennyweight (abbreviated dwt) is a unit of mass that is equal to 24 grains, 1/240 of a troy pound, 1/20 of a troy ounce, approximately 0.054875 avoirdupois ounce [1] and approximately 1.555 grams.[2]

The same calculator I linked above gives a dwt of $35.6479 for today's spot gold price. That means you would get approximately $1665 for your bracelet.

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@Roberta,

Go into as many dealers as you can and tell each one the best price you've been offered so far.

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My eyeballs are starting to spin around in my head.

I don't get all these conversions. Why does math have to be involved?

I think it's probably worth the schlep to the diamond district. I don't know how I'll determine a reputable dealer from a nonreputable dealer. I'll have to shop around.

2 Replies

@Roberta,

Roberta wrote:

My eyeballs are starting to spin around in my head.

I don't get all these conversions. Why does math have to be involved?

I think it's probably worth the schlep to the diamond district. I don't know how I'll determine a reputable dealer from a nonreputable dealer. I'll have to shop around.

Shopping around is the key - just don't take the first offer ya get, lol

Cycloptichorn

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@JPB,

Quote:

The same calculator I linked above gives a dwt of $35.6479 for today's spot gold price. That means you would get approximately $1665 for your bracelet.

i'm sure there is a hefty " recovery " discount - better to phone and try to find out - if they are willing to talk PRICE !

1 Reply

@hamburgboy,

see : http://www.ehow.com/how_4822684_calculate-gold-prices-per-gram.html

Quote:

Be aware that when selling gold scrap to scrap gold dealers, you may get from 10 to 50 percent less than the market value

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@Roberta,

Just follow this graph and keep in mind that karat weight is a determining value in the "scrap" gold market. Dont leave any stones or other grille metals like Pt or Rhodium (These two are worth waay more than gold).

http://www.e-goldprospecting.com/files/karat%20scale.gif

Usually, you will get about 50% of value based upon 24 kt gold. So 14 K is gonna net you 58% X50% of its 99 score value. Id give a carerful considertion to the buyers. I wouldnt take anything less than the 58X50 formula and (maybe) you could get more but I kinda doubt it.

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@Roberta,

Pardon for the intrusion, but when I saw your thread, I had the sudden desire to run my fingers through a big pile of gold dubloons, or something. Laughing

1 Reply

@Roberta,

Sorry Roberta but I had to pull a double take as I first thought of Glen Beck might have started this thread since he's a shill for a gold reseller company.

http://thekatycapsule.com/wordpress/wp-content/woo_custom/1577-glenn_beck_goldline.jpg

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@Reyn,

some gold dubloons for you - very tasty

http://blog.r4nt.com/wp-content/uploads/2008/10/pirates_gold_chocolate.jpg

1 Reply

Gold--A Seller's Market?

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