While the overall outlook is good, analysts have been wrong in the past.
Whats Driving Up Gold Prices?
The Russia-Ukraine war, global supply chain issues and inflation have all fueled the price spike.
Wondering if you should invest in gold too? We explain the pros and cons andhow you can buy gold.
Additionally, the threat of a recession sends people to precious metals rather than the stock market.
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This is a long list, so dont get overwhelmed.
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Well keep it updated as offers changes or expire.
But the value of gold has shot up by over $1,500 an ounce since then.
ensure to tell them its for an insurance policy rather than a trade-in.
Theyll give you a higher quote.
Companies that buy your bullion or jewelry pay for advertising, overhead, melting jewelry, etc.
and they have to make a profit so they buy below spot.
Akaratis a unit of measure for the fineness of gold.
For example, your 12-karat gold band is 50% gold.
An 18-karat gold band would be 75% gold.
Dont confuse carat with karat.
A carat is a unit of measure for a gemstone, usually a diamond.
So, you could have a 2-carat diamond in an 18-karat gold band.
Expect your number to be closer to the current spot price.
Find the Melt Value of Your Items
Gold buyers weigh gold in troy ounces.
One troy ounce is equivalent to 31.1 grams.
If you have solid gold coins or bars, the weight will usually be noted on them.
Pure gold is too soft to be used in jewelry, so its mixed with other metals.
If you have gold filled jewelry, the amount of gold will be about 5%.
To determine the melt value, the item is weighed and its karat-mark determined.
The assessment of the value of the gold will be done by a professional gold buyer.
Then the cash-in price can be determined.
Get an appraisal or ask a jewelry dealer how much hell pay for your things.
Who knows, you may have an antique on your hands.
Gold buyers would not be interested in these pieces, but that doesnt mean they arent valuable.
Pearls and semi-precious stones are consideredcostume jewelry.
They may have been hanging around for a while and never worn.
Here are some of the things you might have at home that contain gold.
Bring your items to a jewelry dealer who buys gold, a precious metals buyer or a coin shop.
Research Online Buyers
Selling to the national buyers who advertise on television and the Internet is trickier.
Typically, these companies send you a mailing box or envelope to use to ship your items to them.
After a few days, they make an offer and you might either accept or decline.
If you accept the offer, you get a check.
A little research goes a long way in avoiding scams when selling precious metals.
Check whether there have been complaints with the Better Business Bureau against the dealer youre considering.
And of course, check their reviews online.
Remember that a bad review doesnt always mean its a scam.
Look for reviews that involve tests of companies using identical items.
This feedback helps you discover which companies are difficult to deal with and which consistently pay the most.
Be aware that different grades of gold, determined by karat weight, will be valued differently.
An 18K gold piece is about 75 percent pure gold and 10K gold is just more than 41%.
So the higher the karat weight, the more money you will get.
It will take longer to get your money through online gold buyers.
Many independent jewelers, especially those who do custom design, buy gold.
They melt down your gold and use them for other designs.
Find the names of local jewelers online and then check them out via the Better Business Bureau.
you might also call ahead and find out their procedures for assessing gold.
Its best to find someone that can do the assessment themselves rather than send it off.
In that case, you might as well seek out an online gold buyer.
Contributor Cassidy Alexander is a Florida journalist with experience writing about education, local government and personal finance.
Reporting from former Penny Hoarder contributor Steve Gilman is included in this report.
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