PRLog (Press Release) –
Apr 15, 2008 – With gold prices soaring to over $1,000 an ounce, many people have been selling gold jewelry in their possession. How do you ensure that you get full value for your gold?
The Roanoke Times quotes Gary Adkins, President of the California-based Professional Numismatists Guild, who provides a guide on what questions to ask when selling gold pieces.
First of all, when arriving at the jeweler, coin dealer, pawn shop or any other buyer, be sure to ask if he or she is a licensed dealer for gold. Also ask if his or her scales have been tested and approved.
Another important question to ask is if payment is made by pennyweight or gram.
It is always recommended to comparison shop by visiting various buyers and asking them what their going rate is for 18-karat gold.
“Karat” refers to the measure of the purity of gold. 24-karat is considered pure, 18-karat is 75% gold and 14-karat is 58.5% gold; 12-karat is 50% gold and 10-karat is 41.7% gold. Most gold jewelry bears specification of the karat but suspect pieces may be inaccurately marked.
It is recommended to check the day’s spot price for gold (per troy ounce). A troy ounce is equal to about 20 pennyweights or 31.1 grams. One gram is worth .643 pennyweight. Recently, the per troy ounce spot price for gold has been about $920.
Adkins states that sellers may generally expect to receive 65% to 70% of the melt value of their merchandise.
Be prepared for the fact that many buyers will not disclose their paying rate over the phone.
Well, there is no question regarding the truth behind that old adage “all that glitters is not gold,” especially when gold costs over $1,000 per ounce
