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Gold
- Thread starter kyredneck
- Start date
I don't know much about investing in gold. Just that there are pros and cons.
Typically people invest in gold to guard against a market turndown and protect against inflation. But it is highly volatile.
I just keep in mind that banks and big investors don't invest in gold....so that makes me skeptical.
Typically people invest in gold to guard against a market turndown and protect against inflation. But it is highly volatile.
I just keep in mind that banks and big investors don't invest in gold....so that makes me skeptical.
Met some interesting people last year during the three-weekend long estate yard sale of Mom (passed 06/05/2011) and Dad (passed 06/27/2023). One who had been buying up every piece of golden jewelry he came across for years and melting it down. I tried to find out more about his procedure and his final product, but he quit talking when I asked. He bought every piece of golden jewelry we had (minus those of sentimental value to the girls). I've always been curious how he would mold it into a product that could be traded or sold, and how it's purity could be determined.
I've melted a ton of lead back in my plumber days.
I've melted a ton of lead back in my plumber days.
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I'd have tried to sell the jewelery intact (melt price is always lower than the price of the actual piece).
My wife worked in jewelery for years. She did melt some gold for me to make a new piece. But gold itself goes for the market price while jewelery is the price of the gold plus workmanship....if the piece is still functional.
And, of course, I don't wear gold so I have a rather heavy nugget with diamonds in a box.....somewhere.
My wife worked in jewelery for years. She did melt some gold for me to make a new piece. But gold itself goes for the market price while jewelery is the price of the gold plus workmanship....if the piece is still functional.
And, of course, I don't wear gold so I have a rather heavy nugget with diamonds in a box.....somewhere.
KenH
Well-Known Member
I had some gold and silver coins that I sold a couple of years ago; some of the silver coins were quite old and I had them from my youth. I sold them because I wanted to plump up my bank account without dipping into more into my retirement savings so I would be more liquid for any major expenses that might arise. Personally, I like gold, and silver, and the thought crossed my mind the other day about maybe purchasing some.
Also, I am definitely a supporter of getting rid of this inflationary fiat currency monetary system that has been in full force since 1971 and started to destroy the value of the dollar with the creation of the Federal Reserve in 1913. Here is an excellent 41-minute video that extolls the gold standard and lays waste to the position of the fiat currency advocates:
There is a smelter here in Michigan who pays 95% of melt. You can get your return back in cash or the gold itself. Midwest Refinery. Good people. You need to buy a small weight scale first. They are cheap & fit in your pocket. It’s a simple matter of weighing the item, determine fineness (14k, 18k, 10k etc.), and a little math based on the price that day gives you your value. 14k is .585 real gold so you multiply the current price x .585, then divide that number by 31.1, which is the grams per ounce. Currently with the price around 2440, an average weight ring (6 grams) 14k, would bring you 276 in melt, minus the 5%. It’s getting harder to find people giving away gold jewelry today, even goodwill puts their pieces up on ebay now.
Even gold filled jewelry is being smelted now, although most would not bother with it. Much of the old jewelry is not marked, but can be acid tested, which is another small investment to buy the kit to determine the purity.