How Many Ounces Do You Feed A 1 Month Old Turn Your Old Gold Jewelry Into Cash?

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Turn Your Old Gold Jewelry Into Cash?

The high price of gold creates a situation where many people consider sending their old jewelry for cash. The weakness of the economy has made the situation even worse. Seeing an opportunity, people in the gold refining industry are also seeking their share. I can’t remember a time in my life when I’ve seen refiners openly advertise on TV, but in recent months they’ve been urging people to send their jewelry and gold with cash. It hasn’t even been once – I’ve seen many ads like this and from many different breeders. You may have seen some of the same ads.

So what should you do with your gold? Converting precious metals to cash is not difficult at all, and the current high prices are certainly attractive. There are a number of processors out there looking to get your business – a quick internet search will turn up a whole crop. Perhaps it’s best to learn a little more about refiners and the process of turning gold into cash before making an informed decision.

I’m not a gold buyer and I’m not in the refining business, so I’m not trying to sell or promote any of these services, but like I said, there are a lot of them. I would just like to give advice based on my knowledge and experience with the process.

When considering cashing in your gold, you want to ask yourself how big of an emergency this is. Do you need cash urgently? Or can you wait? Almost half the battle in getting the best price for gold is not being in a rush when it’s time to sell. Many guys save their gold, but then the crisis hits and they are forced to sell at any price. Unfortunately, a distressed “must sell now” price is usually not as good as the price you can get if you can be picky and wait until the right buyer comes along. So I would say that one of the most important things in getting the best price for gold is good planning.

The first thing you need to know is that these “cash for your jewelry” outfits will not cost you anything like what you might have paid at a jewelry store. They only pay for the value of the gold metal in the jewelry and they don’t pay for all of it because they keep a percentage of their profits. Second, they pay nothing for the gems in your jewelry, in fact you may not even get the gems back – even if they are diamonds. So if you have nice rings with gemstones, either remove the stones or sell the whole piece through ebay or some other place where you can get something for gold and gems.

Third, your gold jewelry is not pure gold – most solid gold jewelry is 14 karat or 58% gold. 18K marked jewelry is 75% gold. Some men’s jewelry is only 10K, which is only about 42% gold. At the current price of gold, which is around $820 per ounce, you can expect to receive around $425 per troy ounce for your gold jewelry, or around $390 per avoirdupois ounce for your gold. These numbers rise or fall with the fluctuations of the gold market. Most scales are made to weigh avoirdupois, so if you use a postage or food grade scale to weigh your gold, use $390 per ounce. That means a simple gold wedding band will set you back around $25-$30. A gold bracelet should fetch around $120 depending on its weight. If your jewelry is marked GF – it means gold and you won’t get anything from it. GF means it is gold plated only.

So what are these services good for? Well, if you’ve inherited a bunch of 14K gold jewelry from Aunt Elsie and you don’t like her taste and know you’ll never wear it, these services can be a useful option to turn gold into cash.

Remember that it is important to store the gold you own carefully and safely until you sell it. It is not safe to keep large amounts of gold – which can be several thousand dollars – sitting in your house in a box or drawer. Many people have had their gold stolen because they failed to keep their gold in a safe place. Gold is valuable and attracts thieves. If you have more than an ounce or two of gold around the house, you should really buy a safe deposit box at your local bank vault and make arrangements to keep your gold in a safe vault.

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