Friday, March 30, 2012

A Review of Sellyourgold.Com

 I checked out this site for selling gold, but like all gold-buying sites, it left me cold. For one thing, that web site does not specify how much they pay for gold. They prefer to remain mysterious. I and everyone else in the world want to know the minimum scrap price they are willing to pay for gold. None of these gold-buyers reveal that essential bit of information.

That site quotes prices that they have paid in the past (when gold was how much? $50 a gram? $20 a gram? who knows?) per pennyweight of gold, an archaic measurement. Pennyweight has no relevance in the modern world. We might as well go back to measuring distance in furlongs if we are going to use pennyweights. The metric gram is sufficient for all measurements of weight. There's nothing complicated about milligrams and it is understood universally.

Any fifth-grader worth his salt can calculate the commodity value of any marked piece of solid gold jewelry using nothing more than a metric scale with an accuracy of +/- one milligram and a magnifying glass to read the mark. Read the mark to determine karat weight. Divide karat weight by twenty-four to obtain the percentage of gold. Weigh the jewelery to obtain gram weight. The last variable, the current price per gram of gold, must be obtained online and will vary from day to day, even second by second, although I only care about the daily price and would accept anything within a dollar or two of it. Multiply the percentage of gold by the total gram weight by the current price per gram, and presto, the commodity value is obtained. Easy. Nothing to it. Javascript to help people estimate commodity value could be written in a single afternoon. I do not know why these gold buyers don't offer such a service, when they have clearly spent a small fortune on web design.

I have decided to hang on to my gold jewelery, because I don't trust any of the commercial gold buyers. I have yet to find one that pays a decent amount, in the 85 - 90% range for scrap value at the current commodity price.

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