Recent financial jitters have seen gold prices sky-rocketing to an all-time high of over $1900 as those with more money than Croesus seek to protect and secure their wealth. For thousands of years, people have viewed the precious metal as a safe-haven in times of fiscal strife. Gold is a stable investment because it holds its value no matter how long you own it.
In Roman times, an ounce of gold would have bought a Centurion a rather nice uniform. Today, an ounce will buy you a pretty nice suit on Saville Row. Not as cool as a Centurion uniform but the war has moved over the last few thousand years from the battlefield to the boardroom.
So, what if you're not super-wealthy but you simply want to cash in on the current boom in this precious metal?
Scrap gold might be the area to look into.
In the last few years, numerous cash for gold stores have sprung up all over the place. These allow people with small amounts of gold to liquidate their assets in exchange for hard cash.
As most ordinary people don't own or have access to bullion, the stores accept jewelry, watches, coins, gold that doesn't have a hallmark and even gold dental fillings.
These stores employ experts to grade the gold you're selling and thus calculate the value. Different stores will offer different prices but a general rule of thumb is that 9 carat gold will typically earn you approximately a third (give or take) of what 24 carat gold is worth.
So, if a gram of 9 carat gold gets you approximately seventeen U.S. dollars at current prices, a gram of 24 carat gold will put forty-seven dollars in your pocket and therefore, selling a gold bracelet or tangled up necklace can prove quite lucrative.
But before you break into your grandmother's house to pillage her jewelry box or get the pliers out to pull that gold tooth, bear in mind that you will never sell your gold to a cash for gold store for the full spot price value. This is because the stores need to make a profit from the gold they buy from you. The spot price offered in these stores can be a shock to customers as it may be a lot less than the market value, so it's best to think it through properly before parting with your wedding ring.
Cash for gold stores are not the only places to swap your scrap gold for money. Pawn shops and straightforward retail jewelers may also buy your gold, but again, your gold will earn you less money than the spot price of the market that day.
So scrap gold prices: What should you get? Well, it all depends on where you got it from and who you sell it to. But one thing is certain: the world has never lost its appetite for gold; and probably never will.