Thursday, March 12, 2009
The Midas move
Wasn’t that weird—Super Bowl ads for pawn shops? This country is so screwed up a National Psychiatric Czar could not unscramble us anymore.
Anyhow, Russ Wiles, a columnist at the Arizona Republic, says the American Assn of Appraisers has some words for us before we slip over to ye olde pawnshop.
Learn about karats before you talk to the pawn broker (or you will become broker than ever). Gold of 24 karats is 99% pure. 18 karats—75%. 14 karat—58.3%. 10 karat--$41.7%
But—the stamp on it may not be true. (Dandy)
You need to track gold prices. OK, hang on—those prices are in troy ounces. Divide that by 31.1 and you have the price for an ounce of 24 karat gold.
Ask the jeweler about his or her fees. What percentage does the metal refinery take? Those send-in-your stuff ads? Better to deal with a jeweler in the community.
What you are selling is important—are there gems in it? Usually you don’t want those pieces melted for the gold. An antique piece may be worth more than the gold.
Check with the American Society of Appraisers at www.appraisers.org.
Has anyone done this—sold things? I tried to sell an antique amber necklace once and the jeweler noticed in a sec that it had a cracked bead. No sale. Beat me—I never knew it.