How do I know if I am getting a good price for gold?

Discussion in 'Budget Board' started by kandb, Apr 10, 2010.

  1. kandb

    kandb DIS Veteran

    Joined:
    Apr 22, 2006
    Messages:
    2,833
    I have some gold to sell (think around 46 grams). There are some "we buy gold outlets" in the mall and around where I live. Went to one and he offered $1100 but said shop around and come back and "tell me what you want" :scared1: Do I have to go to alot of places and just see who gives me the most. Thanks, Linda
     
  2. GingerJay

    GingerJay DIS Veteran

    Joined:
    Dec 5, 2009
    Messages:
    627
    I got this from yahoo:


    Currently gold is at a high and valued at about $24 per gram, with predictions of rising again in the future. The price assumes you have a 24K piece though, so a little math is required to find the value of your ring/necklace/etc. To find the market value of your item, use the following equation:

    Market Value = (karats / 24) x ($24) x (weight in grams)

    In this case, a 10K gold ring weighing 3.0 grams would be worth: (10/24) x ($24) x (3.0) = $29.95.

    Maybe it will help :)
     
  3. kandb

    kandb DIS Veteran

    Joined:
    Apr 22, 2006
    Messages:
    2,833
    Thanks for the info. Now my next dilema. Should I sell now or wait. Thanks, Linda
     
  4. Local_Girl

    Local_Girl DIS Veteran

    Joined:
    Oct 6, 2002
    Messages:
    1,606
    Search this forum for the verrryyy long thread about selling gold. Many of us that hang out here on the Budget Board sold our gold to US Goldbuyers.com. I had 2 separate transactions with them, a few months apart, and was very pleased both times. I was a little apprehensive about sending my gold off to NY via Fed Ex, but so many were having good results with them I gave it a shot. Many who got multiple quotes found they gave the highest payout.

    As for when you should sell...that's up to you. The price fluctuates and there's no telling which way it's going to go, though I guess if you got really into it and did a lot of research you might be able to tell which way prices are trending. I sold mine when it was in the mid $900s (per ounce) the first time, and then in the high $800s the second time...then the price went way up over $1000. Of course, they don't actually give you that much for your scrap gold. Anyway, I should've waited, but we really needed the cash at the time because it helped us through a financial rough spot. Good luck to you, whatever you decide. :)
     

Share This Page