For centuries people have coveted gold because of its beauty and luster. However, they valued gold more than any other metal because it always retained its value. It is more reliable than fiat currencies out there. In times of economic turmoil a lot of people turn to gold. They resort to liquidating or selling their gold whether it is in the form of bars, coins or even jewellery to deal with their financial crises. The old gold jewellery or inherited bullion coins or bars can serve as a financial safety net when you are in dire need of cash.

So how do you go about finding out what your gold is worth? If you have gold jewellery that you would like to sell, you need to know the spot price of gold at the time you are trying to sell. With this information, you can accurately calculate what your gold jewellery  is actually worth. That is not all you need go know. 

1. What are the karats stamped on your jewellery? This is the measure of how much gold is in the jewellery. Most jewellery are marked 10k,14k or 18k. 10-karat gold jewellery contains 41.67 % pure gold, 14k is 56.33% pure gold whilst 18karat consists of 75 percent pure gold. Sort your jewellery according to weight and then weigh everything.
2. There are countless websites that keep track of the market price gold. The gold price that is set is for a troy of the purest gold or 24k. Some sites show the price in troy ounces. Most scales measure weight in grams. Unless you can find a site that gives the spot price of gold in grams you have to convert the grams to a troy ounce. A troy ounce is made of 31.1035 grams.
3. Calculate the market price of your gold by taking the karat value of your gold by the spot price of gold. You need to convert the gold spot price from troy ounces. Let’s assume assume the price of gold is $1.800 and ounce. If 1 troy ounce is = 31.1035 grams then  1800/ 31.1035 will give you $57.87 per gram. To get the value of your 14k gold then 14k/24 = 0.5633. The value of the gold in your 14 karat gold jewellery should be $57.87 x 0.5633 = $ 32.59/gram. Now if your jewellery weighs 10 grams then your piece of jewellery is worth $325.90. If all that maths makes your head spin, look for sites that have online calculators. You simply have to weigh your gold enter the karat value and the calculator will do the rest. 

With the rise in the number of gold buyers in the market, it is possible to get a good gold price when you sell gold bullion or gold jewellery. The important thing is to find a reputable buyer and make sure that they give you a fair rate for your gold jewellery. Online gold buyer reviews can offer great insight into the reputation of a gold buyer. 

In a perfect world, everyone would be able to save their money for a rainy day or invest in assets that will have great returns when there is a need for cash. Not everyone can afford to invest in stocks and even if they can, getting money out of those investments at a moment’s notice can be hard. It is always advisable to have assets that are easy to liquidate.  Gold is a very liquid asset. The beauty of it is that it can be sold at any time in any form. It doesn’t even have to be investment grade bullion. There is money to be made from old, and damaged gold jewellery too. 

A great piece of advice to follow: look for buyers who have been around for years These buyers have spent years building a good reputation and will try hard to protect it.