The precious metal gold is regarded as a physical asset, which is relatively stable even in economically uncertain times and probably never completely loses value.
This also applies to old gold, that is, processed gold such as older jewelry, embossed coins or dental gold that you may be able to sell profitably if you follow some tips.
How is the value of old gold calculated?
Before you sell old gold, you should inform yourself about the current gold price and the value of your gold supply. When it comes to selling jewelry, you can easily estimate its value yourself:
- 1st step: Determine fineness. Jewelry is usually stamped. Common names are for example 333, 585, 750 or 999. The numbers provide information about the fineness of the gold piece.
Example: A gold chain with the number 585 has a fine gold share of 58.5 percent.
- 2nd step: determine the weight. Weigh your old gold with a digital scale and note the weight in grams.
- Step 3: Determine fine gold content in grams. To do this, multiply the weight by the fineness and divide the result by 1000.
Example: For a gold chain with a weight of 50 g and a fineness of 585:
50 gx 585/1000 = 29.25 g fine gold
- Step 4: Calculate gold price. You can easily read the current gold price on corresponding platforms in the internet. Currently, this is € 36.32 per 1 g of gold (as of 31.05.2017).
Example: This price multiplied by the weight of the above gold chain would yield a value of € 1,062.36.
Sell old gold – tips
Pay attention to the seriousness of the seller
In any case, if you want to sell your scrap gold, make sure you are dealing with a reputable dealer to actually get the value your gold has. Reliable partners are in this context.
If you want to sell gold to melt it down, you can take it. These take it especially in the form of old jewelry, damaged coins or dental gold. Because these items are usually hard to sell, they are melted down and then processed further. Shooting companies often offer higher purchase prices than gold buyers, because the latter do not melt damaged gold themselves, but must also sell this to a divorce establishment. Nevertheless, there are fees for the melt. The New Lender also checks whether other valuable metals such as silver, platinum or palladium are included in your sales item. For example, in the case of dental gold, the proportion of platinum is very often ten percent, or thirty percent silver. This is then added to the gold value. A reputable purchase office proposes you a reasonable purchase price.
- Banks: Banks that buy precious metals often do so in so-called “table shops”. This means that the bank buys coins or bars at the current gold price and charges a fee.
- Online retailer: Gold buying is also used online. A reputable online retailer can be recognized by the Trusted Shop certificate.
- Jeweler: If you prefer personal contact with your retailer, you can turn to a jeweler equally. With such a rule, you usually make an appointment for which he examines your old gold professionally. With a trained jeweler, you usually benefit from his experience in the valuation of old gold. For beautiful pieces of jewelery with special ornaments, the retailer may be able to offer you a good price if he can sell the piece at a profit.
Offer special pieces separately
Especially with jewelry, it often happens that this is not only made of precious gold, but is decorated with additional elements such as gemstones. If you sell this “only” as old gold, the purchase price is actually calculated only on the gold share. However, optically attractive pieces of jewelry are often bought by lovers at a correspondingly higher price, for example at an auction.
Compare different offers
Experts recommend that you always seek offers from different dealers in order to choose the one that offers the highest price. Determine in advance what the old gold is worth to you and deviate only slightly from it.
Pay attention to safety
If you personally take the precious metal to a dealer, be careful not to carry too much value at a time, which could be stolen from you. However, if you sell it through an online retailer and need to ship it by mail, be sure to take out transport insurance. In this context, be aware that additional costs are incurred for both shipping and insurance. Choose a neutral-looking packaging that does not look at its actual content and value. In addition, send the parcel only by registered letter, whereby the dealer must acknowledge the receipt. So you know that your valuable item has really arrived where it should go.