by Martin Codina
The value of gold and silver as pegged to the precious metals spot market price is now often times higher than the value of the gold or silver as an object of utility.
Today the spot price of Gold and Silver is at or almost at historic highs. This means three things:
There are two basic ways to figure the value of gold and silver…
Object Value: As I stated above the spot metals market values for gold and silver is in many cases exceeding the perceived value of gold and silver as objects of utility, beauty, jewelry and so on.
But, and this is a big ol’ warning. This is not always the case. There are still many items of gold and silver that have object value many times worth their weight in gold and silver, notwithstanding the price of gold and silver today.
So take heed, do your homework . Tiffany, Shreve and Co., as well as objects of gold and silver by makers too numerous to list, have values as objects many times in excess of their value as gold or silver.
Precious Metals Spot Market Value: The first thing to know about selling gold or silver on the open market to a gold or silver metals dealer, is that there are two kinds of “Ounces.”
So when you pop your gold and silver objects onto a gram scale, make sure you weigh them using the Troy Ounce system to figure out how many grams they actually weigh.
When weighing gold the following formulas apply.
24k Gold (.999) = 31.1 Pure Grams Of Gold Per Weighed Ounce.
22k Gold (.916) = 28.48 Pure Grams Of Gold Per Weighed Ounce.
18k Gold (.750) = 23.32 Pure Grams Of Gold Per Weighed Ounce.
14k Gold (.585) = 18.19 Pure Grams Of Gold Per Weighed Ounce.
When weighing Silver the following formulas apply.
Pure Silver = 31.1 Pure Grams of Silver Per Weighed Ounce.
.950 = Pure Grams of Silver Per Weighed Ounce.
.935 = 29.54 Pure Grams of Silver Per Weighed Ounce.
.925 Silver = 28.76 Pure Grams of Silver Per Weighed Ounce.
.916 Silver = 28.48 Pure Grams of Silver Per Weighed Ounce.
.900 Silver = 27.99 Pure Grams of Silver Per Weighed Ounce.
.800 Silver = 24.88 Pure Grams of Silver Per Weighed Ounce.
The per gram price for 14k gold today is – $22.57
The per gram price for sterling (.925) today is – .56 cents
But that’s not what a precious metals dealer will pay you. You can expect them to pay within the range of between 70% and 85% of the spot metal price for your gold and 65% to 75% for your silver.
I have seen many people sell their gold jewelry for as little as 50% of spot metals market prices, especially when they sell to national metals buyers they have found through T.V., Radio, and Print media. As well as by those who attend those nifty Gold and Silver parties at friends homes.
Click here for Martin Codina’s Fine Estate Sales Website.