What Is Your Gold Really Worth?

Silver and Gold will vanish away but before they do you might want to know this

We All know what gold is and that it has been around for ages. Gold is considered one of the fundamental forms of currency, value and wealth. Not only is the rare element used as a storage of wealth and value but it is also used in the manufacturing of several everyday products which have become vital to the survival of the human race, for example ( cell phone parts and computer processors). However, to this day gold is widely perceived only as jewelry by many, whether it be a chain, bracelet or wedding band and people are willing to pay a premium for the metal being a luxury accessory meant to display a particular status, widely associated with wealth.

But how much is your gold really worth?

Upon being introduced to the gold trade I Too had the perception that every piece of gold is worth tonnes of money, which is a belief that a global majority will agree. It was up until i found how how the valuation process is done ( testing, weighing, calculating against spot prices) that i found out that not every piece of gold that glitters is worth a fortune. The 2 most import factors when selling gold are weight ( usually measured in dwt, ounce, pound depending on size or quantity) and Karat ( the grade of the gold, richness). The standard Karats that can be seen stamped in jewelry are 9K/375, 10k/417, 14k/585, 18k/750 and 22k 91.6.

The truth?

Every piece of gold has value and will continue to grow in value as long as the trade continues and the metal becomes scarcer. Gold is being bought heavily by several large companies/countries who seek to back their currency, wealth and power with the element. However the average consumer who is looking to retire from money earned through selling their purchased or gifted pieces will 90% of the time suffer a loss. The reason for this is that gold in the material form has less value than the actual element because it is considered a luxury accessory. What this means is that a piece of gold jewelry does not contribute to the welfare of ones life. It just exaggerates ones status. As such jewelers and jewelry designers charge a premium for these pieces and one has to consider the process and labour hours exhausted in making these extremely beautiful items. A jeweler can make anywhere from 100-500% profit on these pieces easily as a piece of gold valuing US$100 can be easily sold for US$200 upwards depending on how valuable the seller makes it seem.

Is it a Scam?

Whether it is a scam or not it is up to you to decide. Owning a piece of gold jewelry usually comes with heavy sentimental values or worth and self elevation. One feels special owning a piece of the rare element. A person buying a piece of jewelry is not necessary buying gold with an outlook for future gains and usually end up buying either an occasion ( wedding band, graduation ring, etc) or status ( large chains, gold watches etc).

Keep in Mind

What you have to keep in mind is what you are willing to pay versus what the actual gold value is. If you are not looking for a fortune when you decide to sell you gold if you even decide to sell it then go ahead and make the purchase. On the contrary, if you are looking for monetary gains from the metal it is better that you look to buy paper gold instead of the physical form unless you are a licensed dealer. That way you can ensure that you wont be making a loss. However, there is an art to buying and selling paper gold so please do some research before you go spending your hard earned cash.

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