We answer your question, how much can I get for my gold, in detail!
How much can I get for my gold? Asked George
Hi Alan! I need your help as appraiser and gold expert. How much money can I get for my gold? Over the years my wife and I, we have collected many pieces of gold jewelry and bullions. Please help me to find out how much I can get for my gold. It’s not that I’m in an urgent need of money but I would like to find out the value of my gold.
George from Rockford in Illinois
Hello George! Nice to meet you! It’s my pleasure to find out for you how much you can get for your gold. Please list all the jewelry pieces and bullions that you want me to evaluate. It would be also very nice if you could send me photos of your gold. It’s a wise decision to make an evaluation, that way you know what you own and how much it is worth, also for insurance purposes.
reDollar appraiser, Alan Jensen
George wants to know, how much can I get for my gold
George: I would like to know how much I can get for my gold. Please evaluate my three gold rings, my two gold bars and my wife’s gold necklace with a pendant. We bought our gold many, many years before but since we were retired and the coffers are nearly empty, we stopped buying a lot of jewelry. Also the prices for gold have risen because if I would buy my wife a nice ring, I would have to pay a lot more than I have paid ten years before. What’s the reason for this high gold price?
Alan: Well, there are many reasons why the gold price has risen so significantly. First, the gold deposits are not as rich anymore as centuries before. It has becoming harder to get the gold out of the ground and risen efforts costs money. So the gold occurrences are limitedly and to drill for gold is more expensive these days because it needs bigger efforts to mine gold than many years before. The second reason is the big demand for gold. The world’s population is growing and growing and with the growing population also the middle class is growing and this new, bigger middle class demands for more gold in form of jewelry and bullions. Summarized it can be said that the big demand for gold and the expensive mine costs, are the main reasons why gold is so expensive today. For sellers, times are good. Especially if they have bought their gold many years before when the gold price was significantly lower than nowadays. If you sell your gold now that you bought twenty years before, you will most likely make a big profit.
George: Yes that sounds comprehensible to me. Unfortunately I don’t have all the bills of our jewelry but two I still have so I’m very excited of the outcome of your evaluation. Let’s see how much I can get for my gold today and what I paid in the past.
Alan: Yes, that’s an interesting test. First I would like to evaluate the value of your three rings. You sent me photos of your rings so I could get a first sight on them. Do you know the weight of each ring and the Karat?
George: I’m not completely sure about the Karats. I think two rings are made of 18K but the other one can be also platinum. How can I find out if my third ring is made of platinum or not?
Alan: For laypersons who are not used to the analysis of gold with acid or any other analyzing method, there is only one way to find out if we speak about gold, silver or platinum. It’s by the hallmark. A hallmark is like a stamp, mostly on the inner side of the jewelry. The hallmark provides information about the precious metal’s purity. George, can you find any hallmarks on your third ring?
George: I’m not sure. My eyes are not the best anymore. What can I do?
Alan: Do you have a magnifier handy?
George: Yes I have. I use it to read the Washington Post every Sunday.
Alan: That’s good. Please try to find the hallmark with help of your magnifier. A 10 power loupe suits best to examine jewelry. If you need help, please ask your family or friends.
George: The neighbor’s son could help me to find the hallmark on the third ring. It says “Pt 950”. What does that mean?
Alan: Ah, that confirms your theory. This ring seems to be made of platinum. Pt 950 means platinum 950. The number 950 indicates that your ring is made of 95% fine/pure platinum. That’s fantastic because platinum has a greater value than gold. You can expect more money for your platinum ring than for your gold rings. By now we assume that two of your three rings are made of 18karat gold and one ring is made of platinum 950. Alright? Do you know the weight of your rings?
George: Yes I do. Both rings have a weight of 18.6 grams and the platinum ring has a weight of 11.3 grams.
Alan: According to your information, I calculated a value of $511.5 for both 18K gold rings. Both rings have no special design and are not from a famous designer or jeweler. For this reason I could calculate the value on basis of the material value. The platinum ring has an estimated value of at least $384.20. Also this ring comes without gemstones or any other details that could raise the value significantly. So in total you can get $895.70 for your gold and platinum rings.
George: Awesome! The bill from June 1982 shows a selling price of $139.00 for the platinum ring. Isn’t that amazing?
Alan: Yes it is. On that example you can see how the platinum price was increasing during the last years.
George: Yes you are right. I have also two bullions, each has a weight of 100 grams and a very nice necklace with a pendant but I’m not sure which kind of gold it is.
Alan: That’s no problem. We can figure that out for you. Do you have any additional information about the gold bullions?
George: Yes, one of the gold bars is a 100 gram gold bar from the Perth Mint in Australia and the other one is a Suisse 100 gram gold bar. How much can I get for my gold bars?
Alan: Well, each 100 gram gold bar has a current stock market value of $3,861.07. That’s not bad. The gold price was already on a higher level but also on a lower level.
George: Oh my god! This is by far much, much more than I have paid for the gold bars in the past. I’m so surprised! What about my wife’s necklace that she doesn’t wear anymore? We think about selling this piece of jewelry. We bought this necklace when we went on a Nile cruise ten years ago. It’s a nice necklace because it has a very shiny gold.
Alan: Yes I agree, the necklace looks really pretty, it has a very rich yellow-gold color. I think it can be of a very high purity of gold. Arabian gold for example is from a very high quality and purity. It happens not seldom that we have to do with fine gold jewelry from that area. Such a high purity of gold manufactured in jewelry is very rare in our latitudes. Could you find a stamp on the necklace? Often the stamps are hidden on the closure.
George: I’m not sure. I found a stamp saying “22” on the necklace but it looks more like an engraving as a stamp.
Alan: Maybe this is an indicator that we have to do with 22 Karat gold. 22 Karat gold is from a very rich purity, nearly fine gold which is 24 Karat. Where did you bought this necklace George?
George: On a bazaar in Egypt. It was an atmosphere there like a Thousand and one Nights. Very oriental. There I bought the necklace as a gift for my wife. I don’t know the price anymore but I think they offered me a very good price that’s why I bought it although the ambiance didn’t gave me an inspiring confidence. The necklace has a weight of 22.8 grams.
Alan: Well this must not mean a thing. In Arabian countries the dealing with gold is very common and a matter of course. To test the necklace in detail I need to have it in my hands but we assume that the necklace is made of 22 Karat gold. On basis of the weight of 22.8 grams I have calculated a value of at least $834.48.
George: That surprises me. I thought I could get more for this piece of jewelry.
Alan: Well, the thing is that the necklace has a certain age and the design is not very special. I think thousands of necklaces like that are in circulation. Because you bought it on a bazar, I also think the necklace is not from a very special designer or jeweler which would raise the value enormous. I’m sorry that this determination of value is disillusioning for you.
George: No problem Alan! I appreciate your honest estimation. I just have expected a little more for this piece but maybe it’s because of emotional reasons, I don’t know. Normally I’m very rational but everything relating to my wife makes me sensitive. I will think about the prices and will definitely consider to sell all this gold. You answered my question how much can I get for my gold very well, accurate and detailed. Thank you for your brilliant support.
Alan: My pleasure George!
Other questions answerd:
Learn more about the discussed topic:
Learn how to sell gold jewelry to top conditions. Learn from the experts what needs to be considered to make a satisfying deal: Sell gold jewelry