Gold Inquiry

[+ Lucky]

Almost 50 years ago an "admirer" gave me a gold bracelet. I didn't want it and have never worn it. But I did get an appraisal. It is 24k gold and weighs one ounce. At the time, the value was established at $225.

Gold is now over $2000 an ounce. My inquiry is this: If I go to a gold buyer, how much of the value will be eaten up by her profit? Would I get even half of the value? Does shopping around pay off?

Thanks.

[Kevin Slater]

My impression is that one rarely gets the full value of gold once it's been made into jewelry.  Somehow that's different than just walking in with bullion or Krugerrand.  I'm open to be corrected.  But yes, shopping around would be a great idea in this case.

Kevin Slater

[Guest]

On 4/14/2023 at 10:06 AM, Lucky said:

Almost 50 years ago an "admirer" gave me a gold bracelet. I didn't want it and have never worn it. But I did get an appraisal. It is 24k gold and weighs one ounce. At the time, the value was established at $225.

Gold is now over $2000 an ounce. My inquiry is this: If I go to a gold buyer, how much of the value will be eaten up by her profit? Would I get even half of the value? Does shopping around pay off?

Thanks.

There are huge differences between offers one can expect. Go to at least 4 places with 5* reviews for "gold buyers" on Yelp.

[+ nycman]

How to Sell Gold Jewelry: 11 Steps (with Pictures) - wikiHow

WWW.WIKIHOW.COM

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How can you sell your gold jewelry without getting ripped off? The world of buying and selling gold can...

The most important point…..

If it’s a designer piece (e.g. Cartier) don’t melt it down!

Edited June 29, 2023 by nycman

[BSR]

On 4/14/2023 at 10:06 AM, Lucky said:

Almost 50 years ago an "admirer" gave me a gold bracelet. I didn't want it and have never worn it. But I did get an appraisal. It is 24k gold and weighs one ounce. At the time, the value was established at $225.

Gold is now over $2000 an ounce. My inquiry is this: If I go to a gold buyer, how much of the value will be eaten up by her profit? Would I get even half of the value? Does shopping around pay off?

Thanks.

Are you sure it's 24k?  That would be highly unusual for a bracelet or any piece of jewelry because 99.99% gold is so soft.  If you can make a dent in the metal with your fingernail, it's 24k.  If not, it's an alloy.

[+ Lucky]

I had it appraised at a reputable jewelry, but you could be right. I have no current incentive to get it appraised again.

[Thelatin]

I was into gold for a while and had purchased Canadian Maple leafs in the 695 and ounce range.  I sold them at like 1500.  When I sold them I brought along a gold ring I wanted to sell as well.  They had little interest in my ho hum ring.