Don’t Get Ripped Off! Know the Value of Your Gold Before Selling

A tight global economy means that people are looking for ways to bring in some extra cash whenever they can. One of the methods for getting some extra money is selling off gold jewelry that has been sitting around for years. Just because you need the money does not mean that you should become a victim. The more that you know about the value of gold, the less your chances of getting ripped off when you go to sell it.

What is a Karat?

Gold Karat

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A karat is a value of measurement assigned to the amount of actual gold in a piece. For example, a 10-karat piece has less real gold in it than a 14-karat piece. It is based on percentages and the actual percentages are:

  • 10-karat is 42 percent pure gold
  • 14-karat is 58 percent pure gold
  • 18-karat is 75 pecent pure gold

The rest of the metals are fillers that have no value. You can purchase testing kits online which will accurately let you know exactly how many karats your jewelry is so that you can get a fair price for it. It will also help you understand how much of it you will actually get if you send it to a refinery.

Know Your Options

Gold Options

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When you are looking to get a fair price on your jewelry, it is always a good idea to gather prices from various sources. This does not mean that you should go to different jewelry stores, it means that you should try different kinds of jewelry buyers to get your pricing. Pawn shops, jewelry stores, online gold buyers, gold buying home parties and refineries are just some of the places where you can get fair prices for all of your gold jewelry.

Separate Your Gold

Gold Treasure

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A gold coin could potentially have more value than a gold necklace, because the coin could have been minted to be worth a value above the value of just the metal. A gold coin that was part of sunken pirate treasure is also going to have more value than a standard gold coin. With more people scouring the oceans for sunken gold, it is not unusual to see gold coins from the 15th and 16th centuries show up in people’s collections. Separate your jewelry and see if the intrinsic value of the piece may exceed the value of the metal.

Get a General Understanding

Understanding Gold

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Before you go shopping for a car, you will spend hours on the Internet trying to determine a fair price for the vehicle you want. You need to use the same process before you head out to sell your jewelry. If you purchase a scale that can help you to weigh your gold in grams and combine that with your karat test, then you can use an online gold calculator to get an idea of what the gold is worth.

That pile of old gold jewelry you have been holding onto could pay your mortgage for a month or even be used as tuition for your child’s education. Before you actually sell your gold, you need to educate yourself on how to get a fair price so that you can avoid being ripped off.

6 Facts You Didn’t Know About James Bond’s Goldfinger

The James Bond franchise of movies is one of the most popular franchises of all time. The 1964 release “Goldfinger” stands as one of the installments that Bond fans come back to again and again. This iconic movie has been combed over by movie fans for decades, but there are still plenty of things that the average movie-goer does not know about this very famous movie.

The Gold Looked Real

Real Gold

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In the movie, there is a scene that is filmed in what looks like the vaults of the U.S. Treasury depository at Fort Knox. The film’s producers asked to film inside the actual vaults, but the United States government would not let them. To solve the problem, the producers built their own fake vaults and filled them with fake gold. But the vaults and the gold looked so real that the producers had to hire 24-hour security to prevent thieves from breaking in and stealing it.

Aston Martin Was Not Interested

Golden Aston Martin

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The Aston Martin car that James Bond drives is recognized as an iconic image in movie history. But the Aston Martin Company did not want to give the producers one of their cars for free. The Aston Martin used in “Goldfinger” was actually purchased by the movie’s producers for the film. After the success of the movie and the boost in Aston Martin sales, the producers were able to get free cars for future films.

Gold is Not Magnetic

Non Magnetic Gold

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One of the scenes that fans remember from the movie is when James Bond puts a magnetic tracking device on Goldfinger’s car after the two finish playing a game of golf. Goldfinger’s car is made from 18-karat gold, which means that it is 75 percent gold. Anything made from 18-karat gold is not going to be magnetic.

Bond Diffuses the Bomb in Style

007 Bomb

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The producers of James Bond movies always like including quick scenes that some fans catch and some do not. When Bond diffuses the bomb at the end of the movie, the bomb’s countdown clock stops on 0:07 seconds.

Crushing a Continental

Golden Ford

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Fans who know the movie “Goldfinger” remember that a brand new Ford Lincoln Continental was crushed during the movie in a scrap yard scene. Ford actually supplied a free Lincoln Continental for this movie in exchange for having the new Mustang featured in a scene in the Swiss Alps. At that time, the Lincoln Continental was considered the height of luxury and style. While the scene of the Lincoln crushing was being filmed, the crew remained completely silent at the sight of a brand new Lincoln Continental being purposely destroyed.

Men Playing Women

Golden Men

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The guys who have seen “Goldfinger” remember the female Flying Circus that appeared to be made up of a whole troupe of scantily clad young ladies. The truth is that a significant portion of those ladies were actually men in drag.

There is a magic to movies that some people find alluring. But it is always fun to learn interesting facts about our favorite films, especially when the facts are about James Bond’s “Goldfinger”.

The Most Spectacular Gold Heists of All Time

A lot of robbers have made detailed plans to heist gold. Most of those plans fall through or result in small hauls. Others go down in the history books as some of the most spectacular gold heists of all time.

The Brink’s-MAT Heist at London Heathrow Airport

Heathrow Gold Heist

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Date: November 26, 1983

Location: London, England

Value: $33 million

Brink’s-MAT, a security company based in Virginia, didn’t do its job very well at its London Heathrow Airport location on November 26, 1983. In what was an obvious inside job, a gang of six men entered the warehouse with the help of a security job. Originally planning to steal about $4 million in cash, they ended up pouring gasoline on security guards and threatening to set them on fire if they didn’t open a vault containing $33 million of gold, diamonds, and cash.

Police suspect that as many as 15 people were involved in the heist, but only three were ever brought to justice.

The Great Ghan Gold Robbery

Ghan Gold Robbery

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Date: May 28-30, 1934

Location: Northern Territory, Australia

Value: $550,000

The Great Ghan Gold Robbery didn’t result in the world’s biggest haul, but it is one of the most mysterious heists. While traveling between Alice Springs and Quorn, Australia, someone took 34 pounds of gold from an unguarded safe aboard the Northern Express train. A guarded safe on the train wasn’t even touched. Either the robbers didn’t want any trouble, or it was an inside job.

Authorities never arrested anyone for the crime (they didn’t even know exactly when the crime had occurred). The train company fined one of the guards a small amount for his carelessness.

Weston Gold Robbery

Weston Gold Theft

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Date: June 30, 1861

Location:  Weston, West Virginia

Value: $500,000

West Virginia, the only state established during the Civil War, has a complicated past that not only includes battles between the North and South, but a gold heist that helped fund the Union’s administration. In 1861, Colonel Erastus Tyler, accompanied by the 7th Ohio Volunteer Infantry, roused the residents of Weston in search of secession sympathizers. They were also there to “collect” a large stash of gold intended to pay for the construction of a new railroad.

The Union soldiers left enough money to pay construction workers, but they made off with about $500,000 worth of gold. That money was then used to build a hospital and barracks that helped establish West Virginia as a Union state separate from the seceded Virginia.

Beirut Gold Heist

Beirut Gold Heist

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Date: January 1976

Location: Beirut, Lebanon

Value: Between $20 million and $50 million

Recognized by the Guinness Book of World Records as history’s biggest safe deposit box robbery, a group of guerilla soldiers stole a large amount of gold bars, cash, and jewelry from the British Bank of the Middle East. The soldiers stole from numerous safe deposit boxes, so it’s impossible to know exactly how much they took. Many estimate the value between $20 million and $50 million.

A truce later ended much of the fighting between Christian and Muslim forces in Beirut, but one lucky group of soldiers made off with a fortune. They were never officially held accountable for the theft.

Considering gold’s persistently high value, it’s no wonder that so many robbers want to steal it. What would you do if you suddenly had a stash of gold worth hundreds of thousands of dollars?

3 Creative Ways to Find Gold

Gold is perhaps the most precious metal on earth, and by far the most cherished among jewelry metals. However, it is not always treated as such. Some people nearly give it away at garage sales, yard sales and other events where a sell-it-now attitude persists. You can also find this metal in places you wouldn’t expect–even thrift stores. So, before you put on that gold miner’s hat and grab your pan, check out these unique and creative ways to find gold without a lot of work or expense.

Going the Extra Yard for Gold

Yard Sale Gold

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Yard sales and garage sales are like downsized gold mines you don’t have to dig too far to find. You may have to sift through dozens of items before you lay your hands on that elusive gold, but it won’t be as hard as chiseling through solid stone, and you’ll never have to lift an axe. All you have to do is resell the gold to a gold buyer, who will offer a price minus a small fee or commission, or direct to a refinery that accepts raw gold from sellers. Simply check your yellow pages or the Internet for dealers.

Some people simply don’t account for the value of gold at a yard sale. You may find it in some very strange places. Look for gold spoons, gold candlesticks, and even gold picture frames. Other common gold items include gold thread (made with real gold and often overlooked), gold leaf paper, and even gold cooking utensils, plates or thimbles. These items might be sold off as invaluable, or even donated to a thrift store. So, check there as well!

The New Digital Goldmine

Digital Gold

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It is possible to find gold in electronics, although it is a challenge. Gold is a very good conductor of electricity so it is the preferred metal for electrical connections in computer motherboards, cables and wires (like your HDMI cable) and even old televisions.

Now, it takes time, effort and energy to extract the gold, but if you are willing, you can do it. You first remove all the connectors using metal snips or a similar tool. Then, extract the gold by dissolving it in acid, chlorine bleach and water. Just be very careful, this process requires special preparation. So, if you are unsure, do not attempt it. Instead, go ahead and send it off to a refinery with your other gold finds.

A Golden Estate of Affairs

Gold Estate

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Estate sales are another excellent way to find gold without a pick axe. Be on the look out for gold-lined china dishes, platters, utensils, spoons, forks and other housewares. Be on the look out for necklaces, earrings, and even bracelets. If jewelry items appear damaged or broken, sellers will often give you a deal. If you are shrewd enough, you can work out a deal with the estate sellers who often just want to sell everything quickly.

Other items include gold class rings, cuff links, trophies, and coins. You will also find many items appearing to hold little value except for their gold! Remember, objects like canes may have gold handles, and even jewelry boxes contain gold inlays, latches, or trim.

Gold is a popular metal and often turns up in the strangest places. These items will often sell for half the value of the gold they contain. If gold is going for $1500 an ounce, you don’t need a great big pile of it to make money.

The Meanings Behind Gold Idioms

Have you ever heard someone say another has a heart of gold? Many things are said to be worth their weight in gold. Where did these idioms come from, and what exactly do they mean?

Gold Standard

Gold Standard

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Where it started: The gold standard was adopted by most countries in the mid-1800s. This standard stated that if someone wanted to trade in their paper money, it would be backed by the government for the same value in gold. What did this achieve? It helped the people to pay for goods and services without having to haul around tons of heavy metal. The value of the money was real, and everyone knew it.

What it means today: The majority of the countries who had originally adopted this standard let it go by the wayside around the time of World War 1. This helped them pay for the war, which wasn’t cheap. Today, however, the phrase “gold standard” is still heavily used. Today, it means the best of the best; it is the standard by which all others are held. If a product is the gold standard, there is nothing better. This term is used for any items with a wide variance of quality.

All That Glitters is Not Gold

Glittering Gold

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Where it started: Back in the days of the gold rush, there were many people panning for gold all over the world. However, many found pyrite instead of gold. Otherwise known as fool’s gold, this stone was practically worthless. It looked pretty, and even shined much more than authentic gold. Unfortunately, all that meant was that many fell for Mother Nature’s ruse.

What it means today: The phrase “all that glitters is not gold” is used as a cautionary statement. This phrase warns people who even though something looks great that does not mean it is. Things do not have value simply because they are pretty.

Worth its Weight in Gold

Weight in Gold

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Where it started: This saying has roots back to the Roman Empire. Gold has always been valuable, and because of that, the more you had, the wealthier you were. Of course, the more gold you had, the more it weighed, as well.

What it means today: The meaning hasn’t changed much in the intervening years. Today, the phrase “worth its weight in gold” still means that something is very valuable. However, many times the saying is given to things without a tangible value or weight. If someone says, for example, that their education is worth its weight in gold, they simply mean that they feel their schooling was extremely important and valuable to them.

Heart of Gold

Heart of Gold

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Where it started: Gold has symbolized many things to many cultures through history. Some of the most common things it has represented, however, are luxury and nobility. The positive qualities of the metal are what this phrase point toward.

What it means today: If someone is said to have a heart of gold, it means that they are a kind, caring, loving person that puts others ahead of themselves. This harkens back to the meanings originally placed on the metal—all positive attributes in human nature.

There are many idioms that express the value and importance of gold in human history. For many centuries we have been enamored of the metal, and as we continue to value it we continue to use idioms exemplifying gold regularly.