To follow up on my previous blog post about selling unwanted jewelry for some money, I have decided to warn my readers about the potential of not getting the total value for your gold. Now unless you are a member of the American Gem Society, you will have to find a gold buyer who is and who will give you the best price, and sell it to them. Now here is where I come in, I am writing this to tell you the actual price for the 3 most common carats of gold and how to get find the price. This way in the future you will know how to do it with the new price of gold since it seems to never stop rising. So as of today the prices go as followed, 10k is worth $20.53 per gram, 14k is worth $28.70 per gram and 18k is $36.92 per gram. Here is how I got to this.
Before doing anything, either tomorrow or a year from now whenever you decide to sell, I suggest looking at the accurate price of gold per ounce, so we will use today’s price as an example. Since the price of pure gold (24k) is measured in troy ounces and today, April 28 2011, it is worth $1531 per troy ounce so we must do a little math to find the exact amount for the lower carats. We will use the 10k, 14k and 18k purities today to find their amounts. So take the price of gold with is $1531 and multiply it by the purity of each carat gold: 10k(41.7%), 14k(58.3%) and 18(75%). For example, 1531 X .417 for the 10k gold per ounce price. Then you take the answer for the corresponding carat you are looking for so in this case mine is the 10k which is worth $637.17 per ounce and now we must convert this into grams (conversion rate: 31.10oz=1 gram). So we will take the $638.43 and divide by 31.10 and we get $20.53! This is today’s price of 10k gold and since the value you of gold rise every day I suggest you keep on the lookout with the price of gold. More importantly, remember to take your time shopping around to sell your gold, and find the best price for your treasures.
-Anthony
Why on earth would you ever exchange your gold for a worthless fiat currency. Hang on to your precious metals people.