Comments on: Selling Your Gold: What You Should Know About the Process

By: Frank

Frank — Tue, 07 May 2013 00:52:12 +0000

Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them. – David Ricardo

By: Scrap Gold Buyers

Scrap Gold Buyers — Thu, 14 Feb 2013 06:48:23 +0000

Thanks for providing some useful information about selling gold.

By: Ed Lewand

Ed Lewand — Wed, 13 Feb 2013 00:54:05 +0000

Well am finally back long enough to write a response to Mr. Johnson
First Mr. Johnson I mention both gram and pennyweights in the article. Next I break down on how to sell you gold by weight which is how most of the stores are buying it see paragraphs 6 and 7 above
And that one should be aware of the differences between grams and pennyweights when they go in to sell
I then show how to figure the price of gold for that day of what a refiner is paying a jeweler and recommend finding the store or “Gold Buying Place” that pays the closest to that number. Most of the Reputable stores in New York pay 20 to 30% below the price the gold refiner pays them, some might even work closer. See paragraphs 9-12
Next suggesting that someone should purchase acids to test the gold does not tell them how much they should be getting paid for the gold unless they have an understanding of the pricing of the gold see paragraphs 9-12 again. Also testing on the touch stone takes a little practice and education and suggesting that someone should buy acids for testing is dangerous the acids are a mixture of hydrochloric and nitric acids (which makes Aqua-Regia acid), which even in its mild state can stain skin and damage things and should not be used by a person who does not have any instruction.
As far as using an auction one should check with them for fees etc., which can lower your bottom line and possibly sell below the scrap value. Just another side note coins once in jewelry might lose any numismatic value they might have, you should consult with an expert on coins. But most refiners I have dealt with over the last 30 years pay slight below the gold price for the day. And you are right will not offer anything for the numismatic value
One more note that I did not mention in the article is in selling to an actual refiner, since you tell people how to sell gold with acids and a scale, which again any reputable store will tell you the weight and the karat content of what you have and if they don’t find one that does. If you are having a hard time figuring gold from the article please call and I’ll explain it step by step. A gold refiner will pay for other metals in the gold such as silver and Platinum besides the gold content, if they do a melt. They will suggest a melt if you have a large amount of weight. The refiner’s will use (I believe) an x-ray spectrograph to determine the metal content instead of a fire assay.
Also, I did mention using a professional appraiser to separate the jewelry for you from what is scrap gold and what might be salable as jewelry in the first few paragraphs, depending on one’s locale professional appraisers would charge a small fee and are happy to help.

By: John Johnson

John Johnson — Tue, 29 Jan 2013 23:11:00 +0000

Mike, Thank you for your comment.Usually only refiners and jewelry stores use pennyweights.I was aiming my comments to the novice gold seller.Just trying to make it simple.If you have ten grams of 10k gold and your getting paid $15.00 a gram you would have $150.00.Nothing against Refiners or pennyweights.Usually a Refiner will pay you more in the end after the gold is refined then the gold buyer up the street.Am I correct?

By: Mike

Mike — Tue, 29 Jan 2013 20:06:35 +0000

Mr Johnson,

As a refiner, I can assure you we use pennyweights as our system of measurement. It’s really six one way, half a dozen the other; whether or not the gram is the standard is irrelevant. The key is finding an honest gold buyer with a proven track record. Anyone with a calculator can convert between grams and pennyweights.

By: John Johnson

John Johnson — Tue, 29 Jan 2013 17:05:25 +0000

Ronald, I would bring it around just to see what People would offer you.Gold content and weight in grams 10k 14k 18k 22k would command different prices.A good honest jeweler would be able to tell you more about the value of the diamonds with the gold. A appraisal would let you or a buyer know what they would have to pay retail to replace it. If you have a good mix of friends you might want to bring up you have a ring for sale.The gold buyers will want it as cheap as they can get it.You may want to sell it online with a reasonable reserve, or auction it to get most money for your item.

By: ronald clarke

ronald clarke — Tue, 29 Jan 2013 04:21:47 +0000

enjoyed your comments. As an example I have a 14K gold ring with a $5.00 gold piece (1932) that is surrounded by a ring of small diamonds. Would this be offered as a piece of jewelry at a consignment house or for auction or be sold for weight at a commercial “we buy gold” shop.

Interestingly I am finding more and more of these “shops” opening up in our area (San Francisco Bay Area). Somebody has to be making money in this market.

Any suggestions?

Ron Clarke
Pleasant Hill, CA

By: John Johnson

John Johnson — Thu, 24 Jan 2013 02:13:15 +0000

Mr. lewand didn’t really tell you a whole lot about buying and selling gold. Any gold I have bought or sold is measured in grams not penny weight. Gram weight is the standard for gold trading. My advice for buying and selling gold is get yourself a gold test kit and small digital scale that measures in grams.The test kits will test for the gold content.With the scale and test kit you will know what you have and how much it weighs when you sell it. this is a small investment of about $50.00 or less.Historical gold coins,fraternal medals, etc.in some cases will be worth more then there gold weight.Jewelry unless it is designer or old and rare is usually only worth it’s gram weight.Most jewelers, pawn shops will pay you on the spot. They require I.D.Valid drivers license because of stolen items. Refiners will pay you after your items are refined and by the total karat content and weight. If your not in a hurry to sell your items.Historical gold or coins will usually command a higher price at a good auction house. I hope this takes some of the mystery out of buying and selling gold.John Johnson