Finding Out The Value Of Gold You Own

Finding Out The Value Of Gold You Own

Do you know the Value Of Gold in this necklace?

Image by Eyab Al-ini via Flickr

A lot of us have small amounts of gold at home, old jewellery that you no longer wear, or other trinkets made of this precious metal. Whether you are looking to sell it, or just have it valued for insurance purposes, it is a good idea to know exactly how much your gold is worth. Finding out is an easy process if you know where to look and you can get a rough idea as to the value of gold you own before you get a professional appraisal.

  • Gold Bullion

It is not very likely that any of us have bars of gold bullion lying around our homes, as these would normally be kept in the safety of a banks vault. Unlike jewellery, bullion is worth a set amount of money which is dictated by the commodities market. So when companies such as City Gold Bullion sell you gold, it is at the set market rate. Knowing the value of this gold is easy if you know how much gold you have as you can see the price of gold on the market, and work out the total amounts worth.

  • Gold Jewellery

People often are surprised when they look to sell gold jewellery, as a lot of dealers will only offer the scrap metal rate for the gold and precious stones. When you buy an item of jewellery, you not only pay for the metals and stones that are used to make it but also the time of the person that created the piece. The jewellery shop will also add their margin on top, so the price that you pay is often a lot higher than the value of the materials used to make it.

So to work out the price of your gold jewellery, you will need to know how much gold you have, and what the purity is. When you know how much you have, you can check the gold bullion price and work out the value of the total pure gold that you have. It can be quite a shock to realise the value of your gold jewellery, when you compare what you paid for it. All is not lost though, as you may be able to sell it for a little bit more if you wanted.

Getting a Little Bit More

If you do want to sell your gold and want to get more for it than the scrap value, you can sell your jewellery to a private buyer. If you can find someone that also appreciates the aesthetic value of the item, they may be willing to pay a little bit more. You will need to advertise the jewellery for sale, and it may take some time before you sell it. So if you are not in a rush to sell it, you can get a little bit more money if you have the time. If you need a quick sale, though, you will have to come to accept that you will only get the market price for the scrap gold. Next time you may wish to invest in gold bullion instead!