Gold Refining Calculator

As for fresh air Bling Verde Viejo

Like many women, I have compiled a collection of gold jewelry over the years, and some of it I never wear more. So recently, I decided it was time to join the growing number of people are taking advantage of high gold prices to turn old bling money quick cash.

Certainly the time has come. Yesterday, gold closed at $ 963.90 an ounce – 15% since the beginning of the year, and 52% since end of 2006. Gold prices shot up last time was in 1980 as this, when the annual average price was $ 612 an ounce, the equivalent of $ 1,660 dollars today. Back then, lines stretched out the doors of jewelry stores as people tried to sell their gold.

Gold refining, wholesalers and jewelers say the number of people who want to cash out their gold has increased significantly in the last year, although it is difficult to quantify. Several sources say there are often lines at gold buyers in the diamond district of Manhattan. Refinery is seen that people are taking advantage not only of their old or broken jewelry, but gold also bars and coins they bought for investment purposes. Jewelry, crushed by a softening economy, are selling their inventory to refiners age, too.

So now seemed a good time to join the gold rush and download my unwanted pieces to someone who would pay for the metal. But any commercial, gold becomes greenbacks starts with getting an education. Who buys jewelry gold by value crisis? What would be the sale of pieces worth? How I can know if I was getting a fair price?

Find a jewelry store or dealer to buy my gold was not so difficult – there is no shortage of companies advertising their services on the Internet, in newspapers and on television. But when it comes to getting a good deal, selling requires some shopping around.

For advice, I called David Firestone Communications, owner of third generation of Firestone and Parson in Boston, a dealer in antique jewelry and antiques who was recommended by a colleague. He said he hopes to obtain at least 90% of the value of gold in base the price of that day in the open market. He also suggested to find someone that deals in gold coins, a gold broker full time, or skip the middleman and go directly to a refiner to land the best price. Besides, I knew I check out your chosen company with the Better Business Bureau and the city or State Department of Consumer Affairs.

Sentimental Classification

When cashing out, my first step was to decide which items I was willing to part with, which can be an emotionally complex task. I was willing to sell some pieces that had been gifts over the years from family members. A bracelet of gold-nugget very dated my mother passed also entered into the sale pile. But a medallion inscribed with heart shaped my grandmother's initials and date 1908 back in the drawer. Although I do not use it, is a sentimental memory. In the end, I decided to sell three nondescript gold bracelets and a necklace link, plus bracelet circa-1960 gold nugget.

Before I could calculate my likely take, in my opinion, gold prices are quoted based on pure gold or 24 carat. Most jewelry is 14 karat, though some better pieces are made of 18 karat, and cheaper jewelry is often 10 karats. So my pieces gold worth only a proportionate fraction of the price of 24 carat. In other words, a bracelet of 14 karat gold is valued at 58.5% of the price of 24 carat gold. The karat is usually stamped on jewelry, but sometimes too tiny to see with the naked eye. So I relied on dealers to tell me the composition of my metals.

Next, you need to know how much my gold pieces weighed. Gold is most often measured in local currency pesos, 20 pesos currency equivalent to one ounce. Again, a merchant to check the weight of the items that would sell.

On 22 February, when I was flogging my jewelry, the price reached a record $ 949 an ounce. But I knew I could not wait to take full advantage. Dealers have to make a profit, and they, as the factor of the refineries are giving discount when buying the loot. These days, many people are selling their gold jewelry that refiners are backed up, causing delays and increasing crisis intermediary costs. I wanted the best price I could get, so my job was to calculate quantity discount on the total price was reasonable.

With my work framed, I was ready to go. But where?

My answer came in the weekend newspapers, where I noticed a strong four-page ad screaming, "The purchase of just seven days – Instant Cash for all." A group of 25 independent buyers was established in a local Dallas hotel, buying diamonds and gold and select antiques.

I picked up my bag Jewelry and went to the hotel, where I met Harrisburg, Pa., antiques jeweler Rodger McKinley. He told me he travels 30 weeks a year buying gold. He resells some pieces and melts the rest.

From Mr. McKinley I learned I had exactly 60 penny weights, or three ounces, gold jewelry, which included a five cents 18-karat bracelet, with the rest of 14 carats. He offered me $ 750. I was very excited – until I began to wonder if a discount of 50% was the going rate. That gold days was selling for $ 902 an ounce. Three ounces of my jewelry at 58% of the market price would reach $ 1,569. I knew Mr. McKinley deserved to get a benefit, but how much is fair?

I decided to keep looking. My next stop was the Dallas Gold & Silver Exchange Inc., a huge store that sells jewelry and clocks used on its premises and in online auctions. A jeweler did not appear in my four pieces through a jeweler's loupe, which weighed, and then offered me $ 600. Not good.

Then I went to the Internet and found a Dallas gold broker and wholesale jeweler who offered me $ 730 by phone after I gave her my peso and carats. I told him I had already received a quote $ 750 when gold was at $ 902, prices had risen to $ 939 that day. "Oh, I did not realize it was so high," he explained hurriedly. "I'm as much as $ 1,000 then.

Overnight Jewelry

It is not enough. I returned to the Internet and found a gold broker in the heart of the diamond district of Manhattan, USA Gold Buyers, which buys and refines metals precious. A customer service representative said the company pays 96% of the spot price for five ounces or more and on a sliding scale for lower weights. One day I else could my jewelry at the expense of the company, and a representative would give me an appointment the next day. If I declined the offer, the jewelry would be sent back no cost to me. If I accepted, could not expect payment to be processed within 24 hours. I have to choose a bank transfer, or have the money sent through PayPal or by postal mail.

As confirmation that the company could be trusted, who gave me the number of the licensed company with the Better Business Bureau and the Department of New York City Consumer Affairs.

Using the company's Federal Express account, I sent the booty, and the next day a salesman called with a budget just as gold hit its new $ 949 an ounce-high heat. U.S. Offer The buyers of gold ': $ 1570.17.

Sold. My check arrived Tuesday next. Article published by the Wall Street Journal.

Write to Ann Zimmerman at ann.zimmerman @ wsj.com

About the Author

Ann Zimmerman provides helpful industry insights into selling jewelry and information about the benefit of jewelry industry. To know more about who buys gold jewelry, cash for gold, sells used jewelry visit www.goldfellow.com