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How to Get the Most Money for Your Old Gold

Selling your unwanted jewelry is a trend that took off in 2009 when the price of gold shot way up. Now it’s hard to flip on the radio or go online without hearing or seeing an ad from a business that wants to buy your broken and otherwise useless jewelry. These businesses want your old precious metals because they can turn around and make even more money by either reselling them or melting
them down to make new pieces.

To know how much you should receive, you need to know the approximate value of your gold. You wouldn’t try to sell your car without looking up the Kelley Blue Book value first. A good online source of the daily price of gold is Bloomberg.com . You’ll find gold listed under “commodities.” The price of gold is based on 24-carat gold; 18-carat gold is worth 75% of that price. That’s why you need to look for the stamp on your jewelry that lets you know the purity or carat of your gold. Then you need to weigh your jewelry. A small kitchen scale works fine. Get the weight, then do the math by multiplying the weight in ounces by the price of gold that day. Experts say that you can’t expect to get 100% of the gold’s value after the buyer takes his or her cut. “If you’re getting 70 percent, that’s a pretty good amount to get from a jewelry store or a pawn shop,” explains Chris Fichera from Consumer Reports.

Jewelry stores and pawn shops are two of the biggest buyers of old gold, but you can have some fun with your money-making venture too. If you’re into entertaining and you want to make a party while making some cash for you and some friends, you can call someone like Amy Robinette, “The Gold-Buying Girl.” You plan the party, your friends bring the gold, and Robinette brings the money. As the hostess, you’ll also get a small commission from all of the gold your guests sell to Robinette.

Once you determine the actual value of your gold, shop around by calling or stopping by at least three gold-buying businesses to make sure you’re getting a fair price. I called around to find out who would give me the most money for an 18-carat gold necklace weighing half an ounce. The difference between the lowest and the highest offer was $190, definitely worth the half hour it took me to make 3 phone calls.

How Much is My Gold Worth?

On March 6th, according to Bloomberg.com, gold was selling for $1444.20 an ounce. If your jewelry is 18-carat instead of 24-carat, it would have been worth $1083.15 an ounce. The price of gold changes daily, if not several times a day.

Ask Amy a Question!

E-mail questions to dana@houstonfamilymagazine.com ; fax to 713-266-1915; mail to 5131 Braesvalley, Houston, Texas 77096. Include phone, e-mail, name, and city in which you reside. Submissions are consent to publish name and question. Phone number, e-mail address, etc., remain confidential.

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