Jan 08

Why Sell Your Gold

Who could have foreseen the sad state of our economy today. Not that long ago most people had the spare cash to splurge on most anything they wanted within reason. Now there are many more people that are barely making it week to week. Right now could be the perfect time to sell your gold.

There are many reasons people sell gold. Everyone is always looking to make quick cash one way or another to pay bills or put cash in your pocket. If you lose your job or some other unforeseen event occurs, selling your gold could be the way to do just that.

Gold is gold no matter what the situation. It has its own inherent value which is regulated by market forces and is set twice daily so you can know exactly what your gold is worth. Your gold can be from anything – old cuff links, antique jewelry, class rings, dental gold, or even gold navel rings.

Gold is also infinitely recyclable so the demand for old gold jewelry and gold coins is always high. Gold has been recycled since forever and there’s no foreseeable end to it. The great thing is that once aurum (gold) comes out of the ground it never goes back in. It just keeps getting used over and over.

The price of gold is currently at an all time high, trading at over $1800 an once. The weak dollar has a boosted the value of this precious metal and makes it cheaper for holders of other currencies. Analysts project that gold prices will be lifted by expectations of further cuts in US interest rates, high oil prices, and by speculative trading.

People keep gold for many different reasons. Some wish to protect assets so others can’t access them. Some people invest in gold so they have something tangible for the upcoming inevitable inflation that will be introduced with all the new government spending and programs. These people want to have real assets as part of their investment portfolio. Others just have old gold jewelry and coins that they keep around for sentimental reasons. What ever your reason you should consider selling gold right now.

Selling your gold, whatever type it is, can really help you through this tough time. There are of course other ways to make money but not very many are as easy or safe as selling gold.

Jan 08

Selling Your Gold Jewelery

Selling gold: How much that old ring is worth now

By Jessica Dickler July 20, 2011: 5:50 PM ET

Original article on CNNmoney.com (http://money.cnn.com/2011/07/19/pf/selling_gold/index.htm)

With the price of gold near record highs, consumers are cashing in by selling old jewelry.With the price of gold as high as it’s ever been, more people are cashing in.
NEW YORK (CNNMoney) — Yvette Shirey left a jewelry store near her home in Columbia, Md. Wednesday afternoon $1,000 richer.

After seeing gold prices soar earlier in the week, Shirey decided to sell a “muffin-sized” mound of old gold jewelry, including a necklace, some earrings and a bracelet she inherited from her mother.

Shirey admits she hesitated about certain pieces — particularly when it came to a gold etched bracelet her mother bought in Indonesia — but ultimately she was happy with her decision to sell. “Being unemployed and a single mom, I’m looking for any resources I can find to cover daily expenses,” she said.

For many cash-strapped Americans, old gold jewelry has become a valuable resource. The price of gold — considered a safe haven investment in tough economic times — hit a record high this week as concerns grew over whether U.S. lawmakers could reach a deal over the U.S. debt ceiling by August 2.

Gold prices have since slipped on news of a new debt-reduction plan — the commodity now hovers just below $1,600 an ounce — and some consumers are ready to cash in before prices fall further.

“With each new market high, we see a fresh new group of consumers,” noted Steven Hansen, president of scrap gold dealer Goldfellow.com. Traffic to his web site doubled in the last week, while foot traffic at the company’s 45 locations is also up substantially, he said.

“Individuals will send in two to four pieces of jewelry and will get $1,500 to $2,000 — that can cover a mortgage payment or a tuition payment to a private school,” added Todd Hills, the CEO of a Pawngo, an online pawn shop. Hills says inquiries to his site have doubled since the start of the year.

Two weeks ago, Lisa Flowers Latorre sold her gold promise ring, along with a Ziploc bag of other forgotten jewelry, for $1,100.

The ring — a gift when she was 14 — didn’t mean anything to her. But the cash did. As a single mom who also cares for her elderly mother, Latorre has been scraping by. “I depleted my emergency fund, so that was a big boost,” she said. “I was able to catch my breath.”

But as the price of gold rises, so do the odds of getting ripped off. In 2010, there were 574 complaints against gold, silver and platinum dealers, according to the Better Business Bureau. In 2011 there have been 416 complaints so far. We’re already “on the way to double the number of complaints from last year,” said Kelsey Owen, a spokeswoman for the nonprofit organization.

“It’s a low barrier of entry business,” Hansen explained. “There are a lot of fair buyers in the industry but there are quite a few paying less than what’s appropriate.”

Getting a fair price

Whether you are sending your gold to online buyers, attending gold parties at a neighbor’s home or stopping into jewelry stores that advertise “we buy gold,” there are a slew of options available to those eager to sell. Just keep in mind that the prices your jewelry can fetch vary widely.

As a rule, the weight and karat of the gold determines its value. Ten-karat gold means that it has 42% gold content and 58% other metals. Fourteen-karat gold is actually 58% pure gold and about 75% of the content of 18-karat jewelry is gold.

Therefore, a piece of 14-karat gold jewelry that weighed about an ounce would be worth $928, or 58% of $1,600 — the current market value. From there, a seller could expect an offer of around 60%-80% of that price, or $550 to $750.

At some dealers, however, those valuations get fuzzy, and that’s where consumers need to be cautious.

“They should be able to tell you what you are getting per ounce or per gram,” advised Janece White, a vice president at Chubb Personal Insurance. “Then I’d say ‘thank you,’ take it back and go somewhere else to make sure you are getting the best price.”

In addition to shopping around, White says sellers should opt for a reputable neighborhood jewelry store over a company that advertises late at night on cable.

Consumers can check the Better Business Bureau’s site for consumer complaints against a company. For example, Goldfellow currently has zero complaints, while another online gold buyer, Cash4gold.com, has 352 complaints registered against it. (Cash4gold was not immediately available for comment.)

The BBB also offers these tips on its site for those ready to cash in:

Know the weight. If you measure your jewelry yourself, keep in mind that jewelers use a different measurement standard called a Troy ounce. A common U.S. scale will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. To add to the confusion, some dealers will also use a system of weights called pennyweight to measure a Troy ounce while others will use grams. A pennyweight is the equivalent of 1.555 grams, so consumers should also be aware of how their jewelry is being measured to determine if the price is fair.

Know the karat. The Federal Trade Commission requires that all jewelry sold in the U.S. describe a karat fineness. Fourteen karats means jewelry is 14 parts gold and 10 parts other metals, or about 58% gold. Most jewelry ranges between 10 and 18 karats and jewelry of different karats should be weighed separately. Sometimes dealers will weigh all the jewelry together and give you the lowest karat value – another pitfall to avoid.

Know the current price of gold. Always check the fair market value first to be sure you are getting a good deal.  To top of page

Jan 05

Gold & Silver Market Morning, January 05, 2012

Best Regards
24hGold

Dec 18

An investor’s guide to the gold market (European edition)

Published 19th December 2011

Categories:
Investment

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Gold investment among European investors has undergone a dramatic shift over recent years. Demand both for gold bars and coins and gold ETFs has experienced remarkable growth, initially reflecting a ‘flight to quality’ prompted by the credit crunch and its aftermath. However, the return to gold by European investors has proved resilient as gold’s properties as an inflation hedge, a risk diversifier and a store of wealth are increasingly acknowledged.


Dec 18

Investitionsführer Gold (Europäische Ausgabe)

Published 19th December 2011

Categories:
Investment

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Unter europäischen Anlegern hat die Geldanlage in Gold in den vergangenen Jahren einen dramatischen Wandel durchlaufen. Sowohl die Nachfrage nach Barren und Münzen als auch die nach Gold-ETFs hat deutlich angezogen. Ursprünglich war dies ein Ausdruck einer „Flucht in Qualität“ im Zuge der Finanzkrise und ihrer Folgen. Doch die Rückkehr europäischer Anleger zu Gold hat sich als dauerhaft erwiesen, da die Qualitäten von Gold als Inflationsschutz, als Risikodiversifikator und als Wertspeicher immer mehr erkannt werden.