According to recent engagement ring trends from wedding experts at The Knot, gold is making a return. Brides are opting for yellow or rose gold for their bands, and prefer this vintage look in 2014. While this is being touted as a recent trend, gold has been a popular precious metal for centuries, outfitting kings, queens, and laymen alike.
In today’s market, gold’s value is no less. The average price to buy a gold bar varies based on every day’s fluctuating market, but gold’s dollar value is currently at its highest ever. The official cost of gold in the U.S. has changed only a few times in the last few centuries, according to the National Mining Association. The price is typically calculated per troy ounce, which is roughly equivalent to 31 grams, or .07 pounds.
Despite the relative stability that investing in gold and silver have offered, many people are now flocking to gold dealers and miners, selling gold chains and buying gold and silver bullion. ABC News reports that the gold price has increased 20% since 2011, and is projected to continue rising. This means that sellers are looking to make money selling gold chains, and even gold family heirlooms, and buyers do not want to wait until the price inflates any further.
If you are thinking of selling or buying gold, here are a few tips to consider.
- Karat Counting. You will want to know exactly how much you will get for your gold jewelry, and this often depends on how much of your jewelry is mixed with other metals. Pure gold, or 24-karat gold, is far too malleable and soft, and is typically combined with other metals to get the desired shape and firmness. When the gold value is calculated separate from the other metals used during the jewelry’s manufacturing, it has to satisfy particular conditions to be sold as “gold jewelry.” You will likely get less for your ring, chain or amulet if the amount of 24-karat gold is minimal. For interested consumers, this kind of jewelry will be cheaper to buy.
- Accredited Dealer. We have all heard of the “black market” and buying an selling things under the table. This should be avoided if you want to get a good deal for your gold. Someone selling gold chains out of their basement may not be the best person to do business with. Instead, in order to find the best place to sell scrap jewelry, or buy it, look for a Better Business Bureau accreditation, a certification over four million companies in North America have. You can find out what the best gold dealers are through their website, and make an informed decision accordingly.
- Antique Value An ancient family heirloom could be your ticket to big bucks. When you are shopping around for a dealer, be sure to talk to them about the present value of your old trinket. If the value is significantly higher, you might want to consider speaking with antique dealers to find out how much you can actually get for your gold. Some gold dealers also deal with antique sales, so you will need to ask around.
Whether you are buying or selling, you will want to consider taking action right away. If the prices rise, buyers will refrain from purchasing gold, and sellers will lose out. Either way, buying or selling your gold now is a win-win situation.