All Might Not Glitter When Selling Your Gold

Times are tough and some people are looking for additional money to help pay their bills. You’ve probably seen “WE BUY GOLD” on TV commercials, in newspaper ads and even on signs held by people on the sidewalk.  But, how do you know if you are getting paid appropriately for the gold that you sell?  Will you receive a fair price or will you be taken advantage of?

Garrett Jay, Money Coach for children and adults, created 5 simple steps to calculate how much money your gold is really worth.  Before explaining the steps, he explores four types of precious metal value.

1. Numismatic value refers to coins that are rare or have historical value and are usually worth a lot more than the face value of a coin.

2. Practical value represents an item that has a use or purpose. A gold watch, for example, can be worn and can tell time if it works.

3. Sentimental value is based on emotional associations rather than its monetary worth.

4. Intrinsic value equals how much the precious metal content is worth. Some refer to this as melt down value, but the cost of melting down the gold should be subtracted from the intrinsic value to arrive at melt down value.
Although we will focus on calculating the intrinsic value of your gold items, the other types of value can add additional money to your pocket.

The good news is that the price of gold is near all time highs (currently over $1,300 an ounce).  But, let the seller beware.  Gold sellers, who often appear desperate due to their financial circumstances, may be taken advantage of by the gold buyers.  Also, many gold sellers are happy with whatever money they receive because they may feel it’s like “found money”.  Some will shrug their shoulders and think to themselves, “It’s more money that I had before I sold the gold.”

Wait a minute.  Before making a big purchase, wouldn’t you shop around to try to get a good deal or at least make sure you’re not going to get ripped off?  Why do people spend lots of time comparison shopping for a television, computer or refrigerator, but then don’t invest any time when it comes to selling something of value?  You can ponder that question while we help you become smarter by determining what your gold items are worth before you try to sell them.

Click here to view 5 simple steps to calculate what your gold is really worth