Gold prices have increased significantly in the past few years leaving many people wondering how much is my gold worth? Let’s have a look, while gold has often occupied a portion of institutional portfolios, it has never been bought so fervently by investors from both institutions and from among the general public. While some traders focus on gold stocks, many people are buying actual quantities of physical gold bullion.
What Is My Gold Jewelry Worth?
The value of your gold jewelry depends on a few factors, first it depends on the spot price of gold, as the price of gold increase so does the value of your jewelry, fortunately as previously mentioned gold has been climbing steadily over the last few years and so too has the value of your gold jewelry.
Secondly the value of your gold jewelry depends on it’s karat, the higher the karat the more you can expect to get for your items, typical karats include 8k to 22k, it is very rare to find 24k gold jewelry.
The third thing that determines the value of your items is their weight, we weigh everything in grams, the more your items weigh the more you will get for your things.
Stay tuned for my future posts featuring real examples of what we have recently paid for different karat gold jewelry, including rings, chains pendants and more.
How Much Is Gold Bullion Worth?
Gold bullion purchases can take two different forms. Buyers can choose between coins and gold bars or wafers. There are advantages and disadvantages to owning each kind. There are also different ways of determining the value of each form of gold. The term bullion refers to gold that is at least .999 in purity, anything less is not bullion but can still be an excellent investment. There are bullion coins, some of the more popular are Canadian Maple Leafs and US Gold Buffalo’s or Eagles.
1 Ounce JM Bar | 1 Ounce Gold Maple (images do not represent actual dimensions)
The value of your gold depends on the form of bullion that you have purchased. It also depends on the market value of gold at any given time and how much your gold weighs. The purity of the gold is also important, bullion coins and bars will be at least .999 pure and some go as high as .9999 fine. Some gold bullion coins may have an additional value due to their craftsmanship or as numismatic collector’s items.
How Much Is a Gold Bar Worth?
A lot of investors prefer owning gold bars, to me this is the simplest form of owning gold bullion. Gold bullion bars come in a variety of weights or sizes, as mentioned before bullion bars are either .999 or .9999 fine, when selling your bars the difference in .999 to .9999 fine price is negligible. Bullion bars can be purchased in as small as 1 gram quantities and can go up to 400 ounce bars.
Selling any size bar is fairly straight forward, for example, if you have a 1 ounce bar and the current spot price is $1,800.00 you can expect to get anywhere from $1,665.00 to $1,746.00 for your bar (92.5 to 97% of spot price).
What Are Gold Coins Worth?
Owning gold coins can be as easier way into the gold market and has become popular over the last several years, this may be due to the fact that you can purchase coins in smaller quantities and they can be easily traded and liquidated in small quantities. This may seem advantegeous to many people but in my opinion you are better to stick with gold wafers or bars that are .999 fine, the reason I say this is that you know exactly what you have and you can easily track it’s value by referring to the day’s gold spot price.
Most gold coins are valued according to their actual gold weight or AGW. This refers to the actual ratio of gold to other contents of the coin. The fineness of gold coins varies and plays an important part in their sale and purchase. Remember investment grade gold coins are .999 fine and are considered to be bullion as well. Any coins less that .999 fine are not bullion
There are other popular gold coins such as the South African Krugerrand some of which are 22 karat or .916 which is equal to 91.6% actual gold weight (AGW). Although Krugerrand’s are stamped ‘1 ounce fine gold’ they are actually 22k so technically they are not considered to be bullion by many buyers me included, they do actually content 1 ounce of gold but they 1 ounce of gold is alloyed with other metals to make up 22k gold. There are many other types of gold coins that are popular for investors ranging from 14k, 18k and .900 or 90% AGW.
Some gold coins are also collector’s items because they were minted by kingdoms, empires and republics of long ago. The value of such items depends on more than their gold content. Their rarity can cause their market value to exceed that of their gold content.
The value of your gold will depend on supply and demand but it will also depend heavily on public sentiment. Though there was little change in the gold supply during the last decade, the value of gold increased incredibly as fears of a market collapse rose. Your gold’s value can change dramatically every day, regardless of the form it is in.
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