Cash For Gold? Tread Carefully
Cash For Gold? Tread Carefully
By Lesley Gregory October 29, 2020
With the gold price hitting record highs, it may be tempting to take part in a new gold rush by turning your old or unwanted jewelry into cash. A swag of dealers is out there panning for gold: “We buy gold jewelry!”, “Cash for gold!”, “Sell your scrap gold!”, the internet ads shout.
We’ve seen this before. A decade ago, as gold approached a high just under $US2000, gold buyers were even spruiking for business from “pop-up” stalls in shopping malls and hosting Tupperware-style “gold parties”.
The gold price has now topped that record, but before you hand over Aunty Ruby’s gold bracelet or that “bit too bling” birthday gift to be melted down and recycled, there are a few things you should consider.
Know The Value Of Your Gold
Weigh the gold jewelry you want to sell. While gold is measured in troy ounces, you’ll do this in grams – and you should ask the buyer to put their offer to you as a price per gram. Working in grams simplifies things as there’s a difference between the troy ounces in which gold is measured and the avoirdupois ounces you’re used to working with elsewhere (a troy ounce is 31.1 grams, while a standard ounce is 28.4 grams).
Next, consider the purity of the gold in your jewelry. Pure gold is 24 carats, so 18carat gold is 75 per cent pure and 9carat gold is 37.5 per cent pure. (If you have more than one piece, separate your items into piles of the same purity before weighing each pile separately.) Now you can multiply the weight by the purity to come up with how much gold you actually have. For example, 100 grams of 18carat gold jewelry would melt down to 75 grams of gold.
Last, you need to multiply the amount of pure gold by the prevailing gold price. You can find the price per gram on a site like this. At the time of writing gold was about $US61 per gram or about £47. Bear in mind that these are “spot” market numbers, and the currency and gold traders will necessarily build in a profit margin for themselves, lowering these numbers. A rule of thumb is that you should expect about 80 per cent of the spot price.
Know Who You’re Dealing With
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Debt management: How To Avoid Common, But Costly, Money Mistakes
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Americans are carrying more debt than ever before. Total household balances now approach $19 trillion, reflecting a steady increase over the past decade.1 In 2025, millennials in their mid-30s held roughly twice as much nonhousing debt—including student loans, auto loans, and credit card debt—as baby boomers did at a similar age.2
9 Ways Retirement Will Be Different in 2026
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Retirement may seem like the most stable period of your life, with no work demands, no kids to cart around and lots of free time. But this dynamic new chapter comes with its own twists and turns. Your lifestyle, expectations and finances continue to change. And in 2026, big shifts are coming — from Social Security payments and Medicare expenses to how you save and spend.
12 Key Habits for Achieving Financial Freedom
Set yourself on the path to saving with these habits
By Matt Danielsson Updated March 06, 2026
Key Takeaways
Set financial goals and create a plan to achieve them.
Make and stick to a budget covering all financial needs.
Pay off credit cards monthly and minimize debt.
Automate savings with an emergency fund and retirement contributions.
U.S. consumers can request a free annual credit report from major agencies.
The Seven Deadly Sins Of Personal Finance
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I've been reading and writing about personal finance for more than thirteen years. In that time, I've consumed a lot of books about money. Lately, I've found that it's fun to revisit old favorites.
Recently, for instance, I've been re-reading Brett Wilder's The Quiet Millionaire [my review]. It's different than most personal finance books. It's targeted at those who are farther along their financial journeys rather than at those just starting out. Still, there are bits and pieces in The Quiet Millionaire that are applicable to everyone.
5 Reasons Not to Use Debit Cards When You Shop Online
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Bad financial information doesn't come only from scammers; even our loved ones can unwittingly steer us wrong. That's why knowing what not to do with your money is often your biggest asset. In general, there are two little words that should set off everybody's suspicion meter: Trust me. Anyone who gives you this line—whether a financial adviser or your significant other—is disrespecting you.
Powerball Winner Wished He 'Tore Up Ticket' After $315m Jackpot Destroyed Him
Story by Liam McInerney
The world's largest lottery is launching in the UK this week - offering a fortunate British player the chance to become more than £300million ($400m) wealthier. Powerball, an American lottery game, awards massive jackpots that are distributed over a 30-year period.
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No Such Thing as Enough Money
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How much money is enough?
It’s a philosophical money question that often arises out of discontent. We see someone of substantial means, like a celebrity, live a troubled life. Or, we ourselves experience great fortune yet feel unhappy.
It makes us wonder where the finish line is, the point when you can stop striving for more and settle into a life of satisfaction.
The Relationship Between Money and Marriage
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I love scotch; she hates it.
There are many things my wife and I don't agree on, but money isn't one of them. We are intentional spenders, buying only what mutually aligns with our needs or values. For instance, disinterested in paying for the trappings of an ostentatious wedding, we tied the knot at New York's City Hall; our reception was watching our first son play at a public playground in the East Village on a warm fall afternoon.
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Every year around this time, a silent killer sneaks its way onto European shores and slaughters people by the tens of thousands. Last year, it killed more people in just three months than the number of civilians killed in the war in Ukraine all year. It killed three times as many people as traffic accidents do. And it killed FOUR times more Europeans than gun violence killed in America. I'm not talking about COVID. Or even the legions of migrants invading the continent.
4 Bad Habits That Could Affect Your Money More Than Tariffs and Inflation
Written by Chris Adam GoBankingRates
The Trump administration’s discussions about tariffs and inflation have led many consumers to question how well they’re prepared for the future regarding their finances. After all, some experts have raised concerns that tariffs could lead to higher prices on products and services people use each day.
But there may be a way to protect personal finances that has little to do with moves by the White House.
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Money Can Now Be Turned Over To State. Secure your money ASAP
Katelyn Fugate thought she was doing something nice for her young son. A few years back, she opened a savings account for him — a small starter fund he could build on one day. Recently, she decided to check in on it.
The balance was zero. Fugate told Scripps News she went to check the balance hoping to start adding to it again. Instead, she found the account empty. (1) The bank had declared it dormant after five years of inactivity, closed it and shipped the money off to the state's unclaimed funds department. Worse, when Fugate went looking for it, she couldn't find the money at the bank or the state.
5 Steps To Master Your Money
Simple strategies to help fund your future.
Fidelity Viewpoints
Key takeaways
Define clear goals and make a plan to help guide your financial decisions.
Set up automatic transfers to help boost your savings and keep you on track.
Build up your emergency savings to cover unexpected essential expenses