Selling gold: How to recognize what your old gold jewelry is worth

Opinions differ whether gold is a good investment. On the one hand, the precious metal will always be worth something in the eyes of the people. On the other hand, nobody can predict whether this will be more or less in five years than today – and interest or dividends does not pay gold either.

One thing is certain: the Germans sit on a gigantic gold treasure. Incredible 9000 tons of gold are privately owned in this country, the Steinbeis University of Berlin has investigated. After the study, six out of ten Germans hoarded something of the precious metal – in the form of bars, coins or jewelry.

The value of this treasure has increased enormously in recent years because the gold price is at a record level. Some may remember this one old piece of jewelry that has been untouched in the drawer for years. Or to the inherited coin collection, for which you actually have no use. And ask yourself: Should I turn my gold into money now and if so, how do I best do it?

In any case, there have been poorer times, because the market price is historically high. Almost 3000 euros is currently worth a good gold. This is a third more than a year ago and about twice as much five years ago. At the turn of the millennium, the gold price was only with a tenth of today’s value.

On the other hand, in the face of geopolitical uncertainties, some investors appreciate it now to own a little gold – as a protection against possible stock market crashes or as inflation protection. Some experts also prophesy growing gold courses, with such forecasts to be enjoyed with caution. Ultimately, whether you want to make your gold into money or not remains an individual decision.

Even the vernacular knows that not everything that shines is. What about Grandma’s old necklace? The ideal value for professional buyers usually as little as the design, says Ralf Scherfling, financial expert at the Consumer Center North Rhine -Westphalia. “With jewelry, the material value usually counts alone.” This can often even be determined yourself, says Scherfling. Then when the valuable object contains a engraving that specifies the gold content.

The number “333”, for example, means that the piece of jewelry is one third of gold, with “750” it is three quarters. The total weight can be determined with a letter scale, multiplied by 0.333 and 0.75, the gold weight in the two examples results in grams. A really gold -oup is 31.1 grams. A gram of fine gold is currently worth around 95 euros.

If you know the approximate material value of your jewelry, you can classify purchase offers accordingly. Particularly artistic pieces can also bring in more than the material value, but usually you have to expect a discount at the market price. “For a gold chain with a material value of 500 euros, an offer of over 450 euros is in the reputable area,” says expert Scherfling. “If the buyer only offers 300 euros, I know that he pulls me over the table.”

Depending on the form of the gold, it can be very different to determine the value. “With a certified gold bar, the weight and the gold content is clearly stated, and I can look online what it is worth at the current gold course,” says Scherfling. In the case of golden tooth crowns, however, this is not possible, the value of which an expert must estimate. It also depends on the condition: At a practical test of the Stiftung Warentest, some dealers did not want to accept dental gold with ceramic remains.

In the case of coins, a distinction is made between collector coins and investment coins. For the former you only get what another collector is ready to pay (if you find a prospect at all). In contrast, investment coins such as the Krugerrand have a standardized material value that determines the sales price. Scratches can cause buyers to pay less. It is best when the coins are still in their original packaging.

Consumer advocate Scherfling basically mentions three ways to sell gold. The first: “Take a afternoon and take off various jewelers and gold dealers in the city.” So you get different concrete offers relatively quickly. The disadvantage, especially with larger wealth: you have to carry the gold around with you and be careful not to become the goal of criminals. In any case, it is advisable to take a second person as a reinforcement, says Scherfling. So you also have a witness at the sales talk.

If you are not mobile or do not want to carry an extensive jewelry and coin collection from business to shop, you can also have an expert examined at home. Sounds comfortable, but also has its disadvantages. To get several offers, you have to have several potential buyers dancing. And: “You should see very carefully about who you bring into the house,” warns Scherfling. After all, you can also be carved into your own four walls. In the worst case, criminals could spy on the place for a later break -in.

The third option is online sales. This path is most suitable for coins and bars that are traded at standard prices. For example, trustworthy providers can be found on the comparison page Gold.de. However, you basically always have to go in advance when selling online: first you give your gold out of your hand, and only later you get your money. There is a shipping risk that you have to secure against money. And when you sit up, the gold is just gone.

The most important tip so as not to be carved into the gold sale is: compare several offers. Because especially with jewelry, the offers of gold baked people can vary surprisingly, as a practical test of the Stiftung Warentest recently showed: For one and the same gold bracelet, the test person received offers between less than 1500 and more than 2100 euros from ten Berlin gold dealers.

It is best to go to the shop and not take your gold out of your own gold until sales. If the potential buyer wants to disappear with the piece of jewelry alone in the back room for assessment, it is not a good sign, says Consumer protector Scherfling. Certified gold buyers can be found on the side of the professional association of the German coin specialist trade.

Particular caution applies to dubious dealers who promise the best offers in flyers or advertisements. In many places, the police recently warned of moving fur and gold bakers who only settle in a city for a few days in order to overprocess laypeople with poor prices. “Unfortunately, the gold purchase is currently also an interesting business area for fraudsters,” says Consumer protector Scherfling. When in doubt: “Better go to a dealer who has been on site for years and not in any clit that hasn’t been there last week.”