The Gold Rush of 2008

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Gold is weighed in troy ounces: 1 troy ounce equals 31.1 grams.  There are many ways to sell your gold.  One is to attend a “gold party” you may be invited to.  The problem here is that the host/hostess gets a piece of the profit and there’s only one person to sell to.  You rarely get a good price for your gold at these parties.

If you have 24K gold that you are willing to sell, like unmatched earrings. try these sites:  www.kitco.com or www.goldprice.org.  Shop around for the best price.  Find out what the price of gold is according to the market, it changes ever day.  Try to get as close to that amount as you can.  Most jewelers will give 70 to 90 percent of the market value.

Do a little homework before parting with that heirloom.  A large piece of jewelry should be appraised  Insurers want a signed appraisal which can cost $250.00 an hour.  A verbal opinion may cost about $40.00.  An appraisal tells you how much gold is in the piece and its replacement value.  If you can get half the appraised value from a jewelry, you’ve done well.  To find a local appraiser, go to www.najaappraisers.com

When you are ready to sell, visit a few independent jewelers.  Chain store employees usually don’t have the authority to make a deal.

On the scrap market, a mans 14k gold wedding band will fetch an average of $65.00.

Source:  AARP Magazine

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