Take Care as Antiques Dealers, Collectors, or Sellers!
The value of gold and silver as pegged to the precious metals spot market price is now often times higher than the value of the gold or silver as an object of utility.
The Gold and Silver Rush Is On…
Today the spot price of Gold and Silver is at or almost at historic highs. This means three things:
- If you are an Antiques Dealer, some of the items in your case or within your online store are worth more as precious metals, than for their perceived value as objects.Take care, many savvy dealers and pickers are buying the undervalued gold and silver that they are finding online or in antiques stores, and reselling those items to metals dealers. How do I know this? Because these pickers are coming to my estate sales with scales.
By the way, I don’t see anything wrong with this, it’s just the nature of the business.
- If you are an Antiques Collector, you are going to pay more for gold and silver objects that you collect now. It’s also likely that you are going to be buying less, and selling more.
Now is the perfect time to cull through and refine your collection. One of the distresses of times like these, is that a whole lot of antique, and vintage gold and silver is now on its way to the smelters.
This does have a silver lining though, if you pardon the pun – it will have the future effect of making Antique, and Vintage gold and silver objects of jewelry, flatware and hollow ware far more scarce, and hence more valuable.
But that’s the future, for today, exercise caution.
- If you are trying to sell your gold or silver, than take heart, you are finally going to do well, because the gold and silver market is finally on your side. Today you can expect to be paid much higher prices than ever before.
How Much Are Gold and Silver Objects Worth?
There are two basic ways to figure the value of gold and silver…
- Object Value
- Precious Metals Spot Market Value
Object Value: As I stated above the spot metals market values for gold and silver is in many cases exceeding the perceived value of gold and silver as objects of utility, beauty, jewelry and so on.
But, and this is a big ol’ warning. This is not always the case. There are still many items of gold and silver that have object value many times worth their weight in gold and silver, notwithstanding the price of gold and silver today.
So take heed, do your homework . Tiffany, Shreve and Co., as well as objects of gold and silver by makers too numerous to list, have values as objects many times in excess of their value as gold or silver.
Precious Metals Spot Market Value: The first thing to know about selling gold or silver on the open market to a gold or silver metals dealer, is that there are two kinds of “Ounces.”
- Avoirdupois Ounce = 28.34 Grams
- Troy Ounce = 31.10 Grams
So when you pop your gold and silver objects onto a gram scale, make sure you weigh them using the Troy Ounce system to figure out how many grams they actually weigh.
All Gold and Silver Is Weighed In Troy Ounces!
Here is a way to put this into perspective…
When weighing gold the following formulas apply.
24k Gold (.999) = 31.1 Pure Grams Of Gold Per Weighed Ounce.
22k Gold (.916) = 28.48 Pure Grams Of Gold Per Weighed Ounce.
18k Gold (.750) = 23.32 Pure Grams Of Gold Per Weighed Ounce.
14k Gold (.585) = 18.19 Pure Grams Of Gold Per Weighed Ounce.
10k Gold (.416) = 12.93 Pure Grams Of Gold Per Weighed Ounce.
When weighing Silver the following formulas apply.
Pure Silver = 31.1 Pure Grams of Silver Per Weighed Ounce.
.950 = Pure Grams of Silver Per Weighed Ounce.
.935 = 29.54 Pure Grams of Silver Per Weighed Ounce.
.925 Silver = 28.76 Pure Grams of Silver Per Weighed Ounce.
.916 Silver = 28.48 Pure Grams of Silver Per Weighed Ounce.
.900 Silver = 27.99 Pure Grams of Silver Per Weighed Ounce.
.800 Silver = 24.88 Pure Grams of Silver Per Weighed Ounce.
So what can you sell your gold and silver for today?
The per gram price for 14k gold today is – $22.57
The per gram price for sterling (.925) today is – .56 cents
But that’s not what a precious metals dealer will pay you. You can expect them to pay within the range of between 70% and 85% of the spot metal price for your gold and 65% to 75% for your silver.
I have seen many people sell their gold jewelry for as little as 50% of spot metals market prices, especially when they sell to national metals buyers they have found through T.V., Radio, and Print media. As well as by those who attend those nifty Gold and Silver parties at friends homes.
I am always in the market for collections of sterling, be they English, European, Mexican, Russian or American – Jewelry or Other Objects of Sterling.