If you are observant enough about financial markets, like most people who sell gold in Oakland Gardens, NY, you would probably be aware now that prices of gold have been skyrocketing the past few years. In 2003 alone, gold went for $400 per ounce. Most recently, it went above $1,400 per ounce. While the country and the rest of the world were reeling from the economic crisis, gold rose rapidly due to some factors. One of these factors is that gold is a secure haven, Investors in this precious gem ran after its tangible value in the wake of an uncertain economy that is based on fiat currency.
Aside from that, gold is also considered as hedge against staggering inflation. Gold proved to be a good choice while central banks all over the world engaged in practices aimed at kick-starting inflation. And there’s also the widespread fear of what would happen to countries with huge debt problems. Countries with existing debt before the crisis happened plus the new debt incurred during the crisis look to gold for hope.
The hope placed on gold is also felt by the individual consumer. Many people who have been hit really hard by the crisis are now thinking of selling their gold jewelry. After all, that’s $1,400 per ounce, isn’t it? Not really. If you plan to sell gold in Oakland Gardens, NY, the reality is that you may not get that amount per ounce.
Reality Check: What to Expect When You Sell Your Gold
It is important to determine the reasonable amount to expect from your gold. Get somebody to inspect your gold. An independent jewelry store can evaluate your gold’s worth. Have an estimate of how much pure gold content your jewelry has. Pure gold is 24K. You only have a partial gold if what you have is a 10K, 14K, or 18K. The rest of it is less valuable metals added in. Ask the jeweller how much he is willing to pay for your jewelry item. Don’t forget the exact weight of your jewelry’s gold. Then take your jewelry item to another independent jeweller to compare the different estimates.
Also visit a pawnshop before you decide to sell gold in Oakland Gardens, NY to know what prices are reasonable in your area. The basic rule would be not to get less than 70 percent of your gold’s market price. So that’s about $980 for every ounce of pure gold.