Gold - vital selling tips.

WhiteHorse

With the rise in gold prices, there are many adverts on TV and the newspapers offering to take 'old gold' off your hands. As if gold was junk or somehow worthless because its 'old'. Well, gold never ages and never becomes valueless. These people are very unlikely to offer you a fair price. Here's how to calculate the intrinsic gold value of any item.


Weigh the item in grams ( a kitchen scale will NOT do).
Divide this by 100.
Multiply the result by the percentage of gold in the item (more on this later).
Multiply the result by the current gold price in grams.
This gives you the bullion (BV) or melt (at the refinery) value. The intrinsic value of the item.


The percentage is indicated by the hallmark. Sometimes there is a figure as well.
9 carat = 37.5%
18 carat = 75.0%
22 carat = 91.6%


Tables of carats can be found on the internet.


The current gold price can be found on the internet. I use the website of Chard Ltd in Blackpool because it has a good live gold feed. Note that gold is so valuable that the price changes hourly, so don't use old information.


Gold may also be quoted in ounces TROY (not the same as the ounces on your kitchen scale). To convert to grams, divide by 31.1035.


Do your sums and establish the BV of your item. This will provide the starting point for agreeing a price.

Out of sheer devilry I recently contacted a supposedly reputable local jeweller and asked how much they would pay for gold sovereigns. I was told that they were "junk" and that they would only offer £70. This when a real bullion dealer was happy to pay £150! So be warned, do your sums and don't get ripped off.

Driver8

WhiteHorse wrote: »

With the rise in gold prices, there are many adverts on TV and the newspapers offering to take 'old gold' off your hands. As if gold was junk or somehow worthless because its 'old'. Well, gold never ages and never becomes valueless. These people are very unlikely to offer you a fair price. Here's how to calculate the intrinsic gold value of any item.


Weigh the item in grams ( a kitchen scale will NOT do).
Divide this by 100.
Multiply the result by the percentage of gold in the item (more on this later).
Multiply the result by the current gold price in grams.
This gives you the bullion (BV) or melt (at the refinery) value. The intrinsic value of the item.


The percentage is indicated by the hallmark. Sometimes there is a figure as well.
9 carat = 37.5%
18 carat = 75.0%
22 carat = 91.6%


Tables of carats can be found on the internet.


The current gold price can be found on the internet. I use the website of Chard Ltd in Blackpool because it has a good live gold feed. Note that gold is so valuable that the price changes hourly, so don't use old information.


Gold may also be quoted in ounces TROY (not the same as the ounces on your kitchen scale). To convert to grams, divide by 31.1035.


Do your sums and establish the BV of your item. This will provide the starting point for agreeing a price.

Out of sheer devilry I recently contacted a supposedly reputable local jeweller and asked how much they would pay for gold sovereigns. I was told that they were "junk" and that they would only offer £70. This when a real bullion dealer was happy to pay £150! So be warned, do your sums and don't get ripped off.

DO NOT sell any gold you have anytime soon. It is going to go through the roof. Why do you think there are adverts on TV now asking you to sell your gold? Have you ever seen the adverts before? Nope thought not.

Hold on to your gold.

If you want to make money on gold, join a spread betting site and buy gold. I have made quite a few quid lately.

WhiteHorse

Consider this question.

Why did the Blair regime take VAT off gold? A very strange step, when you think about it.

Now consider.

A previous Labour government tried to stop gold being held by ordinary citizens.

The Blair regime effectively gave away the UK gold reserve to the EU central bank in Frankfurt.

UK banks are about to be broken up.

What do you suppose this means, and what does it portend for the future?