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New Record High for Gold Price

David — Tue, 18 May 2010 12:49:37 +0000

The gold price rallied 2.6% to a new high of $1,233 as the price of gold continued to benefit from the concerns over Europe’s ability to tame the sovereign debt crisis. The gold price has climbed 4.6% in May and 12.6% year to date.

Tuesday’s strength in the gold price came amid another rally in the US dollar while the Euro fell 0.8% to 1.2694 against the greenback. Its fall was affected due to the uncertainty over the structure and implementation of the European bailout plan. This resulted in investors and traders seeking out the safety of the gold with central banks continuing to turn to currency debasement to deal with financial and economic problems.

Tobias Merath, head of research in the private banking unit of Credit Suisse Group AG also predicted that the price of gold will trade between $1,250 and $1,350 by the end of the third quarter of 2010. While the next gold price target is anyone’s guess, the fundamental backdrop of gold remains quite favorable.

Gold Price Soars to New Record High:

Gold Price Surges to Record Highs

Brian — Wed, 12 May 2010 15:33:34 +0000

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Testing its December 2009 highs as the precious metal benefits from its win-win position, gold is surging higher today. Gold is in a unique position right now and is a desirable purchase because it is hard to find stability anywhere at the moment where investors are questioning the potential effectiveness of the EU’s rescue package. In addition, China’s SCI has officially entered a bull market and the UK parliament is having an intense negotiation. This makes gold a safe haven.

The data wire will pick up tomorrow and considering the amount of news stories floating around, the combination of key data could make for another active 24 hours. On the downside however, gold has multiple uptrend lines serving as technical cushions together with intraday lows and the highly psychological $1200/oz area. Gold is starting to run low on technical barriers and this is a positive sign concerning near to medium term.

Source:Gold Tests Record Highs | CountingPips: Forex News:

More Gold Scrapped than Mined

David — Fri, 07 May 2010 12:22:22 +0000

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The higher prices of gold which could hit $1,300 an ounce this year will encourage more scrap sales according to GFMS, the precious metals analysts, who say the amount of gold scrapped increased by 27.2 per cent to 1674 tonnes last year.

The flow of scrap gold during the first quarter of last year was the highest and exceeded even the amount of new gold being mined. This was a result of the world being under extreme stress due to financial crisis, according to Philip Klapwijk, GFMS Chairman.

The average price of gold last year was $972 and ounce and this has led to an increase in investment demand, getting quadrupled to 1429 tonnes specifically. This was primarty invested through exchange-traded funds that allow consumers to buy shares in physical gold without actually holding it.

The total demand for gold increased by 8.3 per cent to 4,287 tonnes last year. However, gold used to fabricate jewellery fell 20 per cent to 1759 tonnes because of its high price.

More gold scrapped than mined in jewellery sales – Times Online:

Gold Party Survival Guide

admin — Wed, 03 Mar 2010 20:25:15 +0000

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The problem with attending a gold party, like any of these tupperware/underwear/candle type parties is that you are going to feel obliged to participate.

The difference is that if you’re not careful, instead of wasting £30 on something you don’t want or need to show support for your friend hosting the party, you could end up losing hundreds of pounds.

As you’ve no doubt heard from all the adverts on TV, the price of gold really is quite high at the moment, in fact it has doubled over the last 4 years.

What this means is that the Gold Party valuer can offer you 50% of the actual value of your gold, and you may still think you are getting a great deal.

So before you go to a Gold Party make sure do the following.

1) Know what you are selling.
Don’t take antique jewellery, designer jewellery, or anything containing expensive stones. The gold that you sell is being bought for scrap (to be melted down). Anything that is not gold will be removed before weighing, and most gold buyers have no interest in the stones/gems. Similarly antique and designer jewellery may be worth more to a collector than the scrap metal value alone.

The gold valuer will test your jewellery for purity, but it doesn’t hurt to check for hallmarks before you go – the difference in price between 9 carat and 24 carat gold is huge.

2) Know the real value.
If you know what your gold is worth at todays prices, you are less likely to fall victim to the wow! factor when the valuer gives you a price. Separate your scrap jewellery into 9ct, 18ct, etc, piles and weigh it on the most accurate scales you have.

We update the latest gold prices twice daily in grammes, imperial ounces and troy ounces so you can work out the real value of your gold.

3) Be Fair.
There are many places that will buy your scrap gold from you for 8-10% below spot (the price we list on our site). However if you’re at a gold party held at someone’s home you may need to accept a little less to cover the cost of having the valuer in attendance, they need to cover their costs and make a profit (and let’s not forget the party hostess gets a hefty 10-12.5% commission too).

4) Tell your friends.
There can be a lot of pressure to participate at these types of parties. Avoid any social awkwardness by making sure you’re not the only one objecting if the price offered is insultingly low.
You could share this page with your friends on Facebook Share

or at the very least make a note of the latest scrap gold prices and take them with you to the party.

Scrap Gold Prices

admin — Thu, 18 Feb 2010 01:53:59 +0000

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To get an accurate picture of how much your scrap gold is worth, obviously you need an up to date price.

As a traded commodity the price of gold fluctuates constantly, however all the gold buyers that we’ve come across so far base their price on the London Gold Fixing.

For our purposes we will update the price as published by the London Bullion Market Association, in Pound Sterling per Troy Ounce, and the equivalent values of the lesser carats based on that price.

Scrap Gold Prices – 9th September 2010

	24 Carat	22 Carat	18 Carat	14 Carat	9 Carat
10-30 am	£813.38	£745.54	£610.04	£474.44	£305.02
3-00 pm	£812.30	£744.55	£609.22	£473.81	£304.61

If you have weighed your gold in either grammes or imperial ounces (for example on the kitchen scales) you can find the equivalent prices broken down on the following pages:
Gold Price Per Gram
Gold Price Per Ounce

Remember these prices are equivalent to the prices gold bullion is traded for on the markets and represents the maximum value of your gold.

This doesn’t take into account the cost of turning your scrap gold into bullion or the profits of the gold buyers. 80-90% of this value is realistically the most you can expect to receive and personally I would view with suspicion any scrap gold buyer offering this value and higher (unless of course their website simply hasn’t been updated following a significant price change).

For help calculating the value of your gold, refer to our guide: “How much is my gold worth”

For an idea of which scrap gold buyers pay the most, we’re trying to keep track on our appropriately titled scrap gold buyers page, but obviously they all update their pages at different rates and some of their claims seem a little ‘unrealistic’ to say the least. Please always check for yourself before picking a scrap gold buyer. We’ll try to provide as much helpful information as we can from an independent perspective, but advise that you always conduct your own due diligence before sticking your belongings in the post.

Gold Price per Ounce

admin — Fri, 12 Feb 2010 00:13:20 +0000

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One of the biggest areas of misunderstanding between gold buyers and their customers stems from the confusion between a troy ounce and a regular (imperial) ounce.

Traditionally all precious metals are weighed in troy ounces, and the Gold Price per Ounce you see advertised everywhere is also talking about a troy ounce.

So what’s the difference? The simple answer is about 10%
Officially 1oz of gold weighed on your kitchen scales equals 0.911458333 of a troy ounce.

To demonstrate the difference (and also to assist those of us without jewellers’ scales in calculating the value of our gold) we’ll present the latest gold prices twice daily below in both troy and imperial ounces.

Gold Price per Troy Ounce 9th September 2010

	24 Carat	22 Carat	18 Carat	14 Carat	9 Carat
10-30 am	£813.38	£745.54	£610.04	£474.44	£305.02
3-00 pm	£812.30	£744.55	£609.22	£473.81	£304.61

Gold Price per Imperial Ounce9th September 2010

	24 Carat	22 Carat	18 Carat	14 Carat	9 Carat
10-30 am	£741.36	£679.53	£556.02	£432.44	£278.01
3-00 pm	£740.38	£678.63	£555.28	£431.86	£277.64

Remember, these prices are based on the London Fixed Daily prices as explained on our Current Gold Prices page. The prices are intended as a guide in the trading of gold on the commodities markets. You’re unlikely to reach these prices from gold buyers as they will obviously have to factor in a percentage for their profit and smelting costs.

Gold Price per Gram

admin — Thu, 11 Feb 2010 23:32:44 +0000

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Though the price of gold fluctuates constantly, the price generally used by gold buyers when making you an offer for your scrap gold is called the London Fixing which we explain in a little more depth on our Current Gold Price page.

The price is published twice a day and is quoted per troy ounce.
For your reference we will list the price here converted into grammes and show the equivalent price for the common purities of gold.

Gold Price per Gram 9th September 2010

	24 Carat	22 Carat	18 Carat	14 Carat	9 Carat
10-30 am	£26.15	£23.97	£19.61	£15.25	£9.81
3-00 pm	£26.12	£23.94	£19.59	£15.23	£9.79

For the record there are 31.1034768 grammes in 1 Troy Ounce.

Remember the prices quoted above are for shiny new bullion bars as traded on the commodity exchanges. This represents the absolute maximum your gold is worth, anyone buying your gold should offer you less than this to cover the costs involved in recycling your gold, as well as their profit margin.

Please check out this page for the Price of Gold Today per Ounce

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Current Price of Gold

admin — Thu, 11 Feb 2010 17:26:52 +0000

More Cash For Gold Sites >>

To get an accurate picture of how much your gold is worth, obviously you need an up to date price.

As a traded commodity the price of gold fluctuates constantly, however all the gold buyers that we’ve come across so far base their price on the London Gold Fixing.

London gold prices are fixed twice a day at 1030am and 3pm London time by five members of the London Bullion Market Association. You can read more about the London Fixing over at Wikipedia.

For our purposes we will display the price in Pound Sterling per Troy Ounce as published by the London Bullion Market Association, and the equivalent values of the lesser carats based on that price.

Current Price of Gold – 9th September 2010

	24 Carat	22 Carat	18 Carat	14 Carat	9 Carat
10-30 am	£813.38	£745.54	£610.04	£474.44	£305.02
3-00 pm	£812.30	£744.55	£609.22	£473.81	£304.61

Remember these prices are equivalent to the prices gold bullion is traded for on the markets and represents the maximum value of your gold.

This doesn’t take into account the cost of turning your scrap gold into bullion or the profits of the gold buyers. 80-90% of this value is realistically the most you can expect to receive and personally I would view with suspicion any goldbuyer offering this value and higher (unless of course their website simply hasn’t been updated following a significant price change).

For help calculating the value of your gold, refer to our guide: “How much is my gold worth”

My Precious

admin — Mon, 07 Dec 2009 16:22:48 +0000

If the adverts on TV at the moment are to be believed, we are all surrounded by untold wealth in the shape of old mobile phones, unwanted gold jewellery, etc, etc.

I’ve never been much of a bling merchant myself but I have to admit to having at least half a dozen old mobiles lying around – not to mention laptops, CDs, DVD’s and books.

Armed with all this (and whatever gold trinkets I can pry from the Missus’ grasp) I’ve decided to check out the numerous websites and see if I can rustle up a bit of beer money for Christmas in exchange for what is basically a load of old junk.

My first step will be to sell my phone. For some reason whenever I get a new phone I tend to keep my old one as a spare. These have mounted up over the years. Makes me wonder what they would have been worth if i’d sold them earlier…

Thinking of selling gold jewellery? be sure to read my guide to selling gold.