by restrangled 2 Replies latest social current
Can anyone tell me the true price of 14K gold? I have a 14K ring that weighs 7.9 "penny ounces". I realize that means its approximately 1/2 solid gold. I need to understand this.
Here is what I was offered today. $70.00, $96.00 and $150.00.......I walked away. Am I out of my mind when gold is selling for 1128.00 per ounce?
r.
I'm not in the jewelry business, but...
There are 20 "pennyweights" to the troy ounce.
The price you always see quoted for gold is the price per troy ounce. A troy ounce is a bit larger than a "regular" ounce.
Your 14 karat gold ring is 14/24 = 58.333% "pure" gold.
If the total weight of the ring is 7.9 pennyweights, it is 0.395 ounces.
The gold content of the ring is 0.395 * .58333 = .2304 troy ounces of gold.
.2304 oz. * 1128 per oz. = Approximately $260 is the "melt value" of your ring.
Of course, any place you sell to has to make a bit of profit, you'd never get $260 for it.
The highest price I've seen offered in print is $20.50 per pennyweight of 14K gold, which would translate to about $162 for your ring. But that was a month or so ago, and the price of gold has risen since then.
I wouldn't take less than $175 for it.
Maybe try a coin shop - some of them buy scrap gold.
Thanks sir 82....thats a big help. I think I'll keep it. It also has 8, 1 point diamonds but that was not in consideration. Its too pretty to give away.
Thanks again!!!!
r
