The price of gold continues to rise. That means cashing in your gold coins, jewelry, or teeth now yields the most. At least, if you don’t fall for the tricks of dishonest sellers.
The more uncertain and unsafe it becomes in the world, the better it is for gold. The price of gold rose by 40.53 percent in the past year.
If something worrying happens on the world stage, it is immediately visible in the rates. When American President Donald Trump announced that he wanted to buy Gaza and showed interest in a nuclear deal with Iran, the rate peaked immediately. In times of crisis, investors look for a safe investment. And that is gold.
During the corona pandemic, the price of gold peaked to a record high, and that peak has now been more than exceeded. The current price of 24-carat gold per gram is approximately 88.78 euros. That changes every minute. That almost 89 euros is also not the price that a gold buyer could give you for your golden stuff, no matter how honest and transparent the buyer is.
A buyer calculates a margin. The exchange prices are for pure 24-carat gold, and the golden items in your jewelry box are probably not. The gold often has to be melted and purified. That costs money, and a little gold is also lost during those processes.
‘Some buyers very generous to themselves’
The margins that gold buyers charge differ, and some are very generous to themselves, says Yvonne van Eerden, appraiser and gold buyer at the Dutch Gold Trade. An honest buyer offers the customer 90 to 92 percent of the current gold price, says buyer Thijs (last name known to the editors) of Dawson Gold.
Please do your homework as a customer, both buyers say, because you can only sell your gold once. Van Eerden: “I had a customer here who was offered 3,000 euros more with me than at another gold exchange office. I think that’s quite scary. Dishonest gold sellers have a whole box of tricks that they can open.” The dishonest buyers are a point of attention, the buyers say. It is a free profession: you only need a Chamber of Commerce registration for it.
Taking your gold to the back to weigh it there, saying that there are many administrative costs involved or that the rate has changed again: these are all excuses. Check the current gold rate, keep about 90 percent and let that be the starting point, says Van Eerden.
Thijs: “Try to find out with a simple magnifying glass how many carats you have at home and always try to weigh it in advance, so that you can already make an estimate of the value based on that.”
Gold is emotion
Because the gold price is so historically high, now is indeed the right time to sell, says Van Eerden. She is therefore also busy, just like the buyers from Dawson Gold. “It seems like everyone has a gold piece of jewelry lying around. Often the gold has emotional value and it takes a long time before someone can part with it. In 99 percent of the cases it has been lying in a drawer for twenty years, daughters don’t want it, grandchildren don’t want it either. If you come to cash it in now, you can enjoy a nice vacation.”
A quick calculation: do you have a few pieces of jewelry of 100 grams of 14-carat gold? That will earn you 4,600 euros, in cash or immediately in your account. A thin gold ring weighs about 2 grams, a thick, heavy one often 10 grams. A large gold bracelet can weigh as much as 80 grams. Van Eerden: “People have no idea how much the jewelry in their jewelry drawer is worth.”
How does the sale of your gold go?
When you walk into a gold exchange office, the buyer will weigh and appraise your gold. A buyer appraises the gold at its melting value. They estimate the weight of the stones, diamonds or dials and the like that may be in it and make you an offer. If agreed, the stones are removed and the gold is weighed again. That weighing happens in sight of the customer. Specialized gold buyers can usually immediately assess your gold correctly, weigh it and calculate the total purchase price. You usually don’t have to wait long. The gold buyer makes an offer, and the payment will in most cases take place immediately.
