Question about selling gold

[mrudman]

I have a bracelet that I'm thinking of selling.. it weighs in at somewhere between 1/5 to 1/4 ounce on our postal scale here.

I know that gold is valued at approx. $1650/troy ounce right now, so thinking this bracelet is probably valued in the vicinity of $300-$350.

When you take gold to a jewelry store to have them buy it, do they give you close to full value or do they take off a hefty chunk of it for their profit?

If it is in fact 1/5 ounce (0.16 troy ounce?), how much do you think I could reasonably expect to get?

 

[Mrs D]

I have a bracelet that I'm thinking of selling.. it weighs in at somewhere between 1/5 to 1/4 ounce on our postal scale here.

I know that gold is valued at approx. $1650/troy ounce right now, so thinking this bracelet is probably valued in the vicinity of $300-$350.

When you take gold to a jewelry store to have them buy it, do they give you close to full value or do they take off a hefty chunk of it for their profit?

If it is in fact 1/5 ounce (0.16 troy ounce?), how much do you think I could reasonably expect to get?

In my experience, coin dealers give the most money for your jewelry. The Gold shops and jewelers take a hefty chunk.

I'd take a day to stop in at a few places and ask them to give you a quote on what they'd pay for it.

 

[akcire]

I have a bracelet that I'm thinking of selling.. it weighs in at somewhere between 1/5 to 1/4 ounce on our postal scale here.

I know that gold is valued at approx. $1650/troy ounce right now, so thinking this bracelet is probably valued in the vicinity of $300-$350.

When you take gold to a jewelry store to have them buy it, do they give you close to full value or do they take off a hefty chunk of it for their profit?

If it is in fact 1/5 ounce (0.16 troy ounce?), how much do you think I could reasonably expect to get?

What kt is your bracelet? All gold is not the same.

 

[erincon23]

Just because that's what it weighs doesn't mean there's that much gold in it. I'd be surprised if you'd get $100 for it. But try a couple of places before you actually sell it.

 

[chalee94]

I have a bracelet that I'm thinking of selling.. it weighs in at somewhere between 1/5 to 1/4 ounce on our postal scale here.

I know that gold is valued at approx. $1650/troy ounce right now, so thinking this bracelet is probably valued in the vicinity of $300-$350.

When you take gold to a jewelry store to have them buy it, do they give you close to full value or do they take off a hefty chunk of it for their profit?

1st thing, are you sure the bracelet is 24k (pure) gold?

2nd, no, they won't pay you full market value - especially for a small trinket. you're not a retail seller. in order to sell it as a gold bar, they would have to melt it down. the markdown varies considerably.

 

[mrudman]

Thanks for all the replies everyone!

I'm a little clueless on the whole gold price thing, lol, but that's right.. i forgot that the gold price i'm seeing on the website would be for 24k gold.

This bracelet is 14k gold, so can't look at those prices.

I did run out this morning and take it to a local jewelry store just to get an idea on what they'd pay. They weighed it, and it's 8 grams.. at this point, he says they pay $8 per gram, so they were going to give me $144 for it.

Not bad.. but I told him I'm going to think about it.. I'd like to take it to a couple other places to see if they pay more than $8/gm.

Thanks for the tip about the coin dealer.. I'll have to look to see if we have any in the area.

 

[KellyNY]

Thanks for all the replies everyone!

I'm a little clueless on the whole gold price thing, lol, but that's right.. i forgot that the gold price i'm seeing on the website would be for 24k gold.

This bracelet is 14k gold, so can't look at those prices.

I did run out this morning and take it to a local jewelry store just to get an idea on what they'd pay. They weighed it, and it's 8 grams.. at this point, he says they pay $8 per gram, so they were going to give me $144 for it.

Not bad.. but I told him I'm going to think about it.. I'd like to take it to a couple other places to see if they pay more than $8/gm.

Thanks for the tip about the coin dealer.. I'll have to look to see if we have any in the area.

I did not get it, if it 8 gm and $8 per gr, it is only $64.
Personally my advice is to keep your gold. I mean do you really need this money right now. It is not a lot and gold price will only go up, it is like investment you have. Sell it when you need it for a trip or something like that but not just because you do not need this gold. JMO.

 

[mrudman]

I did not get it, if it 8 gm and $8 per gr, it is only $64.
Personally my advice is to keep your gold. I mean do you really need this money right now. It is not a lot and gold price will only go up, it is like investment you have. Sell it when you need it for a trip or something like that but not just because you do not need this gold. JMO.

Oops, sorry, meant $18 not $8.

Yea, I'm thinking at this point, I'm just going to keep it for now...

I actually found this bracelet recently (so no sentimental value to me at all), so any money would be free money to us.. but my younger dd seems to really like it.. it is a very pretty bracelet.. unique in shape.. so I may just give it to her. Especially now that I know it's not worth major money.

 

[Tink-n-MrIncredible]

One day this week our local news did a segment on selling old gold. One thing they could not stress enough was to check out the BBB for the businesses that are purchasing gold. Good luck in what ever you choose.

 

[daraddg]

I was just looking into all this myself and was surprised you dont get nearly as much back as you'd think 10k gets almost nothing back and yes the total weight of the item isnt the same is the weight of teh gold it says it loses weight when it melts etc...there was alot of info on goldfellow.com they had a good BBB rating and have photos of what they have paid for certain items to give you an idea.. but for an example..I sent them 2 bracelets 14k (chain type) 1 14k initial ring,1 ring I had had custom made with combining old jewelry I didnt wear so there was a mix of 10 and 14k in that,1 small heart pendant,an antique ring that I wasnt sure the gold K of,and a silver locket and chain and the offer for all that was $350...you can reject the offer BTW and have it all sent back

 

[Kies99]

Using an online calculator, 1/5 to 1/4 oz of 14K gold is worth $172.46 to $215.57. An offer of $114 is probably pretty good.

 

[Plumeria9]

Thanks for the info, a few weeks ago I had been cleaning up my junk and found lots of 14k gold from the 80s that I will never wear again. I was going to go to a gold buyer place and my DH pretty much told me don't do it. I still want to know what it's all worth, because in total its almost 4 ounces, I don't know how many grams. Oh well, I guess it will sit in the ziploc bag for now.

 

[KellyNY]

Thanks for the info, a few weeks ago I had been cleaning up my junk and found lots of 14k gold from the 80s that I will never wear again. I was going to go to a gold buyer place and my DH pretty much told me don't do it. I still want to know what it's all worth, because in total its almost 4 ounces, I don't know how many grams. Oh well, I guess it will sit in the ziploc bag for now.

About 120 gm. Should be around $2000. This is in order!

 

[Plumeria9]

About 120 gm. Should be around $2000. This is in order!

Hey now! That is about 1/2 of the cost of a trip to WDW for our family! Thanks for the info! I will have to at least take the stuff in to check it out now