Imagine you are going on holiday and are looking to purchase some foreign currency such as Euros. You have £100 to exchange and at the spot price of 1.2 Euros per pound, you would expect the cashier to give you back around €120. But if the cashier gave you back €60, how would you feel?
Think of this simple foreign currency analogy as selling your gold. Gold is extremely liquid and is almost as good as cash, but with the added benefit of being a little more difficult to spend… Until now. Customers around the globe are presently exchanging their Gold for cash. With the extremely high value of gold, you would expect to be able to get a high price for your gold.
At the time of writing, Pure Gold is worth £33.99 per gram. Your 18ct gold bracelet weighs 20g, meaning that your bracelet contains 15g of pure gold. If I were to tell you that the market value of your 18ct bracelet was £509.85, how would you feel if you were offered £250 for it?
What if you didn’t know that your gold was worth £509.85, would you still be happy to receive £250?
Just some food for thought, because every day, we hear about our customers having sold some of their jewellery to other gold buyers for under 50% of it’s market value. Yes, that’s exactly the same as going to the bureau de change, handing over £100, and being given back €60 in Foreign Currency, when your £100 is actually worth €120.
So next time you are thinking about selling some gold, think of your Gold Jewellery as currency. Think of it as foreign currency which you can exchange for pounds at any time.
Just like you check the Foreign Exchange Rates when you decide you want to go on holiday, you should also check the gold rates which we publish on any given day on our homepage.
Just like you know how many pounds or euros you have in your wallet – If you have jewellery, you should also know the value of your gold stashed away in your jewellery box at home. If you know this, then you will never be ripped off by a gold buyer again.