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P. Simmons
P. Simmons, Attorney
Category: General
Satisfied Customers: 34516
Experience:  45 years old, retired Marine Officer, current attorney
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I have an ounce of gold in the form of a gold nugget (once

Resolved Question:

I have an ounce of gold in the form of a gold nugget (once worn by my husband on a chain, when men were wearing necklaces, 80's?). I took it and some other gold that I don't use to a jeweler here in San Diego. I was thinking that because it is an ounce of gold, it might be worth the $1000 that we are hearing about current gold prices. There must be a difference between gold jewelry and the kind you invest in. I guess I need some gold education. Maybe you could point me in that direction.

Judy L, San Diego, CA
Submitted: 7 years ago.
Category: General
Expert:  P. Simmons replied 7 years ago.
There are different qualities of gold. You may have heard of the term Karat...that signifies the quality...the higher the number the better, up to 24 Karat.

Often times jewelry is of a lesser quality...for many reasons, including pure gold is too soft to use for jewelry in most its mixed with other metals...this can lower the rating, for example 18 Karat or 12 Karat. I suspect that is what you have.

Thre are companies that will send you a send to them and they will make you an offer...that may be worth your time.

Customer: replied 7 years ago.
Let's say this nugget is 14 K or 18 K. What is the difference between this and the gold that everyone is investing in currently? Is the investment gold bar or gold boullion? I guess I was thinking that this nugget that weighs 1 oz. would have a value close to investment gold.

I doubt that I would be interested in sending the gold I have off to a company that would make me an offer, when I know nothing about the company.
Expert:  P. Simmons replied 7 years ago.
When you hear gold is at $1000/oz that is for 1 oz of pure, 24K gold.

18 Karat is 75% pure. 14 Karat is 58% pure.

So, lets say you have 14 $1000/oz your piece would be, theoretically, worth approx $600...but you have to find a buyer.

Many of the local shops would not likely give you $1000/oz or even close to this...they need to make a profit and likely believe the price will fall in the future. And to make a profit they would need to perhaps they would give you, say, $900/oz...this drops your piece to near $500...and that assumes its 14K and not less pure.

Actually, the best price you can get will likely be in mailing off...there are many companies out there...if you do a bit of research you can find the better ones.

Edited by psimmons on 10/13/2009 at 6:43 PM EST
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