Got Gold? Here’s How to Sell It

Gold Hawaiian Charm Bracelet: Value $2,000

With a nod to Micheal Phelp’s gold rush during these summer games, we wanted to help out our readers who might not be in pursuit of gold but in pursuit of cash for their old gold.

First of all – we’re a bit weary of sending in gold by mail for cash -but we’d love to hear from anyone who has had a positive experience with it. Instead, we’ve gone the more traditional route of finding a broker and or jeweler and taking it in ourselves.

A few things to know before you sell your jewelry.

1. The price of gold: This is listed daily on Thebulliondesk.com

2. Find the stamp that tells you the karat of your piece.

3. 24 karat = 100 percent gold. Therefore, divide the karat you have by 24. An 18-karat gold piece is 75 percent gold (18 karat / 24 karat = 0.75 or 75 percent).

4. All experts say unless you absolutely trust your jeweler it’s best to get at least two opinions on the value of your gold before selling.

To get some real numbers we took our gold to Robin McNally at Pacific Precious Metals. First she checks the karats, weighs it and then gave us a rough estimate. If we were serious about selling, she X-rays it to separate the metal alloys to be sure her the stamps are accurate. The lead photo is a charm bracelet of 14k charms, that weighs 88.9 grams which equals a bit over $2,o00.

Necklaces = 45.34 grams of 14k gold, = 1,457 ounces = $1,027

Grandma’s watches and Gucci — ALL gold plated, value = sentimental.

For the serious miners in the crowd … we loved this long instruction from wikihow on how to calculate the value of scrap gold, complete with using an acid test on the gold to make sure it’s real. Believe us -it’s easier just to take it into an expert like Robin. The whole process took less than 10 minutes.

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