Want to Sell Your Gold- What is it really worth?

I am seeing more and more hubs about selling your scrap gold. It is disturbing that they all end with the suggestion to send your gold to one particular on-line site that advertises on television and the internet pretty heavily. It almost looks like an on-line blitz to get you to send off your gold to them without thought. Here are some things to think hard about. DO NOT PAY TOO MUCH FOR CONVENIENCE!

Here are some facts about gold that you need to consider.

At this time, pure gold which is 24 carat is worth about $950 per Troy ounce.

One Troy Ounce equals 480 grains, or 31.1 grams or many dealers use pennyweights at 20/ounce.

Gold Bullion Coins often used in jewelry are 99.99% gold. One ounce of gold coin is worth $950 or $47.50 per pennyweight

22K gold ofton used in India is worth $870 for a troy ounce or $43.50 per pennyweight.

18K gold, popular in Europe, especially Italy is worth $712.50 per troy ounce or $35.63 per pennyweight

14K gold is worth 554.17 per troy ounce or $27.71 per pennyweight

10K gold is worth $395.83 per troy ounce or $19.79 per pennyweight.

Now you won't get full price for your gold. The dealer has to make something and allow for gold fluctuations.

The sites I visited online paid as follows based on 1 oz of 14k gold.

Site 1 EGC - 60% A+ BBB Member

Site 2 GF - 43% A- BBB Member

Site 3 GGC- 31% B+- BBB Member

Site 4 CFGU- 25%. Not Rated- BBB Member

Site 5 GR- 18%. A-- Not a BBB Member

Site 6 D4G- 16%. B- Not a BBB Member.

Site 7 BG- 14%. A- BBB Rating. Not a member

Site 8 GK - 11%. A BBB Rating. Expired membership (June)

Site 9 G4C- 17%. This is the site that seems to be featured in all the hubs and most of the tv commercials. It has a Better Business Bureau rating of C- and, needless to say, is not a BBB member. Beware!!

Site 10 GP- 11%. B+ BBB Rating- not a member.

As you can see, there is a huge variation in what online businesses will pay for your scrap gold. Do your own research before sending and it is very important that you check the BBB rating. I had no trouble finding this information. Often times, local coin shops, jewelers, and pawn shops will give you more than 60%. Don't throw money away!

This also does not take into account stones. Diamonds, even small, run $5 and up. Amethyst can run from a few dollars to a hundred depending on colors. Rubies and emeralds are often more expensive than diamonds. Sapphires follow diamonds in value.

So let the buyer (or in this case) the seller beware.

Enjoy your Treasured Pasts

 For those that bookmarked this site, I would like to add periodic updates and observations.

I have done a number of net searches and find the following points of interest.

• Many do not tell you what they pay for their your gold. They just tell you to send in the items and a check will be forthcoming. Not something I would do anymore than I would go to a store with unposted prices and pay whatever rung up on the register.
• I got a comment on Gold and Silver Exchange and checked them out. On average, they pay 55% of gold value which isn't bad. The other advantage there is that they also buy Silver. Many do not. They pay about 58% of silver value.
• Another EZSELLGOLD.COM pays slightly higher but is not listed on the BBB site. I always check before dealing with an unknown company.
• Another option that requires a little work on your part is to sell directly on ebay. They have a tendency to be a little higher but don't forget you will pay commission that would amount to about 6% on $200. The prices realized are not guaranteed but generall run higher than the buyer sites.