selling your gold jewelry (Full Version)

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sirsholly -> selling your gold jewelry (4/1/2010 5:04:40 AM)

I was having a ring sized at an independent jewelers a week ago. While there the owner was telling me he is now purchasing 14k gold for 1,080.00 an ounce.

I have a lot of gold jewelry that i do not wear and it would not bother me in the least to sell it. I tried looking for the value per ounce on a few web sites this morning but they were pretty confusing.

My questions.... Is it a good idea to sell it now, or will the value go even higher? What do you do with the items that have stones, such as a pave diamond ring, or sapphire, etc? Would you ask that the gems be removed and returned? What is the best way to get the best price...through an independent jeweler or a large jewelry chain? How do you find out what the best price is? Is the value of the gold high enough to justify selling the designer stuff (James Avery, LeVian) and the antique pieces for just the price of the gold?

Any and all advice is appreciated.

Edited to add:  Also....should you expect a charge for the appraisal?



LadyEllen -> RE: selling your gold jewelry (4/1/2010 5:51:06 AM)

If we knew how the price of gold was going to change then we'd all be very wealthy from trading or hedging it?

I dont think you should have to pay for an appraisal if its someone willing to buy who does it - theyre obviously looking to make a buck on it so theyre not going to give you the best price anyway. Also note that here at least, the incessant "sell your gold" TV ads have stopped in recent weeks, which may indicate that the market is saturated and the price is about to fall or even crash. That means either get what you can now or hold onto your gold as even if it crashes it wont go below the value it had before the bubble inflated and therefore makes a reasonable investment for the medium-long term.

E




sirsholly -> RE: selling your gold jewelry (4/1/2010 6:04:50 AM)

quote:

Also note that here at least, the incessant "sell your gold" TV ads have stopped in recent weeks, which may indicate that the market is saturated and the price is about to fall or even crash.
hmmm.....good point. I never thought of that. Thanks LadyE[:)]



pahunkboy -> RE: selling your gold jewelry (4/1/2010 6:28:49 AM)

NO NO NOOOOOOOOOOOOOOOOO!


Holly.   If you listen to any post I ever say- this is the one.

DO NOT SELL FOR any price.

Andrew Maquire just blew the whistle on the gold exchange.   they sold 100 oz for every once they actually own.



Aneirin -> RE: selling your gold jewelry (4/1/2010 6:33:19 AM)

I would say research , research ,research, find out where and who is the most trustworthy before you think of parting with your gold, as there is a lot of fraud going on out there, especially since this recession, unwary people are being ripped off.

Gold jewellery if it is sold as bullion will not get the stated market bullion price, for the fact that it requires work to make it useable, that work includes melting down and refining, not a hard or lengthy process, but to get a gold standard, enough jewellery has to be available to create that standard, the gold is melted into a liquid and poured into a ingot mould and then assayed. It is the work needed to get to the ingot stage that can define the maximum price you will get for your jewellery, every refiner has different work rates and middle men theirs, for they need to make a profit, so the seller gets not quite the deal they hoped.

Jewels, beware if you know what you have got and can prove it, make sure the rocks are treated as a seperate entity, because jewel work is one trade and gold is another. People who have sold jewellery believing it is the gold that has the value, the stones have become a lucrative sideline for refiners. Get the worth of the jewels on paper before you go near people that state they buy gold. The trick is when selling jewellery, is know what you have got, so you stand less chance of being ripped off.

But, if you don't specifically need the money for anything, hang onto the stuff, it might well be a saver in years to come.

(I just found out where I intend to go panning for the stuff, a precious metals corporation is sinking a mine to mine the stuff in Devon, Dartmoor Gold. I only want it for the properties, not the metal itself, for I hate gold. )



VirginPotty -> RE: selling your gold jewelry (4/1/2010 6:33:31 AM)

DON"T SELL!!!!!!!!!!!!

Give..................to me[:D]



pahunkboy -> RE: selling your gold jewelry (4/1/2010 6:38:49 AM)

1.   contracts can now be settled for cash. 
2. those commercials have been a target of complaints.  Consumerist.com was taken to court by them for disclosing the lousey pay out.

You folks do not pay attn to precious metals.  I do every single day. I read all I can on it.

The only time you sell is in a big emergency.  But even to just take a profit- NOW is not the time.

Do NOT sell!

NO NO NOOOOOOOOOOOOOOOOOOOO!!



MstrPBK -> RE: selling your gold jewelry (4/1/2010 6:39:59 AM)

EXTERNALLY Biased Opinion: Many gold buyers still use questionable tactics to undercut the value of the gold in question. Make sure you find a company that has a long standing reputation.

MstrPBK
St. Paul, MN USA



sirsholly -> RE: selling your gold jewelry (4/1/2010 6:45:19 AM)

quote:

ORIGINAL: pahunkboy

NO NO NOOOOOOOOOOOOOOOOO!


Holly.   If you listen to any post I ever say- this is the one.

DO NOT SELL FOR any price.

Andrew Maquire just blew the whistle on the gold exchange.   they sold 100 oz for every once they actually own.

I value your opinion Hunky. I know you follow this kind of stuff closely. Thanks!!



sirsholly -> RE: selling your gold jewelry (4/1/2010 6:47:03 AM)

quote:

ORIGINAL: VirginPotty

DON"T SELL!!!!!!!!!!!!

Give..................to me[:D]
[image]http://www.millan.net/minimations/smileys/boredsmiley.gif[/image]



sirsholly -> RE: selling your gold jewelry (4/1/2010 6:51:48 AM)

quote:

But, if you don't specifically need the money for anything, hang onto the stuff, it might well be a saver in years to come.


Thanks for the info, Aneirin. The general feeling seems to be to hang on to it.[:)]





sirsholly -> RE: selling your gold jewelry (4/1/2010 6:59:02 AM)

quote:

ORIGINAL: MstrPBK

EXTERNALLY Biased Opinion: Many gold buyers still use questionable tactics to undercut the value of the gold in question. Make sure you find a company that has a long standing reputation.

Agreed, but lets say you have a chain of jewelry stores and an independent jewelry store, both with long standing reputations and both buying gold for the first time. Neither has any customer reviews about this aspect of their business so it is hard to know which one to go with.
The jeweler i talked to a week ago said to have the gold weighed with the stones (sapphires mostly) in place if possible, as they will add to the weight of the gold and gold is now worth more than gemstones. Now...come on...i find this hard to believe.



sirsholly -> RE: selling your gold jewelry (4/1/2010 7:00:15 AM)

quote:

The only time you sell is in a big emergency. But even to just take a profit- NOW is not the time.
Okay, but why is now not the time, Hunky?



pahunkboy -> RE: selling your gold jewelry (4/1/2010 7:02:43 AM)

even if you wait 90 days you should do better.

In effect- the COMEX, and London Exchange admitted they sell PAPER gold/silver.   That they do not have the inventory to back up what they sold.  This has huge implications- up to and including national security.   investors who thought they owned physical in a vault have now been told via these hearings that they own a promise of gold.  Not the actual gold itself.

This means that some big players like India, China or even Russia- and any number of hedge funds will now start to DEMAND the real thing.

And that is not possible because they just admitted 100 to 1oz in sold gold.

TV was set to do interviews with GATA.  Once tho the whistle blower came forward- all TV interviews were canceled.

This scandal is in the neighborhood of Trillions$.   I am told it is bigger then the TARP blunder.

I watch silver abit more closer then gold- but it is connected.

The rigged market is over.    Big players will now demand delivery.  And only 1 in 100 oz that were promised will see the light of day.

ooops.  lol



pahunkboy -> RE: selling your gold jewelry (4/1/2010 7:04:42 AM)

http://www.gata.org

this site might explain it better then I do.



mnottertail -> RE: selling your gold jewelry (4/1/2010 7:12:51 AM)

I measure gold in pennywieghts.
1 ounce = 18.2291667 pennyweights
todays spot price is 1124.10 at the time I write this.

10k is around 20 bucks a dwt
14K is around 30 bucks a dwt
18k is around 40 bucks a dwt
24k is around 50 bucks a dwt (thats selling at around 912/1124 or about 80% of spot)

an average wedding ring is around 2-3 dwt

your stones are not really all that valuable in that you have to have about a half a plastic sandwich bag full to make any meaningful money, (meaning for them to even lowball any sort of offer above shipping cost) same with gold and silver (which is going for .74 cents a dwt on your available markets) because the diamond markets are controlled by a very select few and they deal only in weight. you would be hard pressed to sell your singles to anybody.

Why is this?

Oh, honey, I love the way you squeal like a pig when I fuck you in the ass, it makes my tits melt, lets get married.
Okie Dokie, Jim!
But I am going to have to buy you a pretty used ring from a pawnshop, sold by reason of failed marraige due to the woman being a skanky whore, because I can't afford a new pristine one.
Jim, my darling, my poopchute just became a one way valve again.

So, you are only going to get (at best) 80% of spot, for guys like us that can amass enough gold to sell it to the actual merchants, and we get somewhere around 10%.

Something that is going to put a big dent in whatever hunkie is thinking about whenever he goes to sell, unless he is hassidim and family, because otherwise he can never sell at spot.

So, some of your antique stuff might be worth more than market, but thats rare unless you are a kennedy or a vanderbilt because you usually have very pedestrian, run of the mill lines of jewelry that were bought at local jewellers and not tiffanys or some purveyor for Richard Burton looking for another blowjob from Lizzie. The quality is rarely there.

So, good stuff...but the difference in retail and wholesale and merchant prices and mostly the werewithal to deal with the 'merchant clans' is what ails you.

You go to auction hoping perhaps to bring higher prices. Who do you think is buying plebian jewelry there? Well, auctioneer is going to take 20% as well, plus some advertising costs.

So, unless there is some sentimental value to grannys old ring and you want to pass it on, it hasnt any more value and usually less for jewelry value than modern stuff.

Hazel? where did you get that positively ancient and decrepit old looking ring?
Got a good deal on it at a pawnshop/jewellery reseller.
Oh, my what a nice story, bag lady!

Jewelry resellers have to clean (labor infuckintensive let me tell you) polish and size and appraise jewelry and have to turn a profit on the stuff besides, so get more than 20% margin there.

Anna Karas and whatnot? You paid for the name, mostly. Name disappears when you melt it. Not worht shit more than the next stuff.

So, the main thing is to find someone you trust to give you an honest weight and price.

Sorry if I shattered your dreams, holly, but here from the mean streets, that's how it works, in america and the world.

Ron






pahunkboy -> RE: selling your gold jewelry (4/1/2010 7:21:40 AM)

oops.   it made TV sort of.   this from gata:-->

In Canada Wednesday, Business News Network's "Market Morning" program interviewed Dennis Gartman, publisher of The Gartman Letter, and elicited from him a rather long acknowledgement that recent evidence produced by GATA has got him thinking that there really may be manipulation in the precious metals markets after all. A bunch of disparaging phrases are thrown in along the way, but the market manipulation issue suddenly commanded a lot of attention on the network. The discussion about it comes early in the interview with Gartman, which you can find in the BNN archive here: http://watch.bnn.ca/#clip283224



LaTigresse -> RE: selling your gold jewelry (4/1/2010 7:25:17 AM)

What Ron said.



mnottertail -> RE: selling your gold jewelry (4/1/2010 7:29:04 AM)

hunkie, well fucking, duuuuuuuuuuuuuuuuuuuuh.

I told you. way back, this is a surprise to nearly no one who put away thier tinfoil hats and rose colored glasses a long time ago. it will not 'the manufactured shortage' cause prices to go up, but rather down, due to widespread mistrust (just like banking stocks and aig).

Ron



pahunkboy -> RE: selling your gold jewelry (4/1/2010 7:33:50 AM)

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/31_GATA.html

this is the Maguire interview.  

I am more familiar with coins and bullion.  So jewelry is not something I buy- or sell.

The rumor tho is the the IMF has been paying 1600$ an ounce to these places - that gather up melt.

The big boys do not have the gold-- or they do not want to part with it.

Todays prices are too low.

Luckily- I dont have an emergency that requires me to sell any of my silver.  (or gold)

For now.




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