myprecious.co.uk » gold price

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

No related posts.

Current Price of Gold

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

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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”

Selling Gold – Guide to getting the best price

admin — Sun, 20 Dec 2009 05:17:19 +0000

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If you are thinking of selling gold, the chances are you have noticed the never-ending stream of adverts on the TV informing you that gold prices are at an all time high and now is the time to cash in.

Whether you should sell now or take a chance on the price rising further is a decision no one can make for you, but assuming you decide to sell, one thing is for sure – You want the best price possible.

The only way to be sure you are being offered a fair price is to know beforehand what your gold is worth.

You hear horror stories of online companies offering 20% of the value then only improving their offer when you ask for the items returned.

If there are independent jewellers nearby you can ask them for a valuation, even then it’s good to have an idea in your head as to the true value.

Our How Much is my Gold Worth guide will help you calculate the true value based upon the current market price. Remember this is only a guide and the amount you are offered will generally be less to accomodate the buyers profit margin, but ideally that will be no more than 10-20%.

Once you have an idea of the value, you can set about selecting one of the numerous gold buying sites to do business with.

Some sites display the prices they are offering – Although you will be offered the price on the day they process your items, you can get a good idea of their profit margins by simply deducting the price they are offering today from the actual value you can see on any decent news or financial trading site.

The sites that don’t display prices work on the principle that you send your gold off, they assess it and contact you with a valuation (or in some cases simply send you a cheque, which you are at liberty to return if you disagree with the amount).

These companies know that once you have gone to all the trouble of sending off your loot, you are likely to accept what they offer you (especially if you have the cheque in hand) rather than quibble about the price.

This is why it is essential to know what your items are worth beforehand, don’t be afraid to haggle – remember it is easier for them to simply increase their offer than to package and return your items, losing out on the postage, insurance etc that they have already paid for.

It is certainly possible to get good money for your gold at the moment if you enter the transaction with your eyes open. Best of luck, and feel free to drop by with comments, positive or negative of your experiences selling gold.

For an alternative way to make some easy money – I’d sell my phone

How to tell what your gold is worth

admin — Mon, 14 Dec 2009 02:13:44 +0000

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The biggest concern most people have about sending their gold off in the post to a gold buying company believe it or not is not whether their items will be lost in the post (you can insure against that) but whether they will actually receive the true value of their gold.

This guide shows you how to estimate the value of your gold before you send it off.

Please bear in mind that the gold buyers are not interested in any gems and will remove them before weighing your piece(s).

Also if you have an item that you think has particular value because it is antique or is a designer piece, you are advised to seek an independent valuation. The value you’ll get from an online goldbuyer is based on what they’ll get for melting it down

If you have several pieces of jewellery to send off, repeat this process for each item.

1) Check that your item is real.

The easiest way to check if your gold (or silver or platinum for that matter) is real is to hold it up to a magnet. Real gold is NOT MAGNETIC – even gold that isn’t pure won’t contain enough metallic alloys to be attracted to a magnet. If your item is magnetic, chances are it’s worthless.

2) Check for hallmarks or stamps.

The only way we can estimate a value before sending off our jewellery is if we know the purity of the gold. Luckily most gold in the UK is stamped with a hallmark. Make a note of the markings -

This table will show you the purity percentage.

9k       375    37.50%
14k    583    58.33%
18k    750    75.00%
22k    917    91.66%
24k    999    99.90%

If you don’t see any markings you can still send your gold off to have it tested, but this guide will only be able to provide you with a very vague estimate.

3) Weigh your item (preferably in grammes).
Gold buyers have very accurate scales, the more accurate the scales that you can weigh your item on, the more accurate your estimate will be. Don’t forget to remove any gems or embellishments that aren’t gold before weighing the item.

4) Find the current price of Gold (preferably per gram).
Please bear in mind that if the price you get is per ounce, they are talking about a ‘troy ounce’.
A Troy ounce is a unit of measurement used almost exclusively these days in precious metals markets.
The difference between a troy ounce and a regular ounce?
31.103 grammes = 1 Troy Ounce
28.35 grammes = 1 normal everyday imperial ounce

Most online gold buyers will show their current prices on their websites. At the time of writing this they are quoting £22.50/gram.

5) Grab a calculator!

The most you can expect to receive will be as follows

Weight in grammes X Price per Gram X Purity Percentage

Example
10grammes x £22.50 x 37.5% (9carat) = £84.38

Please Note: Some sites may list prices for 9k, 14k etc – in that case just use that figure rather than applying the purity percentage to the pure gold value.

Hopefully this guide will help you decide whether it is worth your while selling your gold, and avoid any surprises when you get your valuation.

If your still undecided about selling gold, why not consider selling your phone