myLot User Profile

Sunday, January 31, 2010

Investing in Silver / Which Silver to Buy

A short video going into detail about investing in silver

In Gold We Trust Scrap Gold Calculator is an online tool that gives up to the minute prices on all gold silver and platinum coins, bullion and scrap

What is Gold Price Per Pennyweight

Another common question that comes up is how much is a pennyweight (DWT) worth. Pennyweight is a fraction of an ounce. There are 20 pennyweights to one ounce. So take the reported price of gold and divide it by 20 to get the current gold price per pennyweight.

In Gold We Trust Coin Bullion and Scrap Gold Calculator is an online tool to give you up to the minute values of all gold coins, junk silver coins, silver bullion, platinum coins and jewelry.

Thursday, January 21, 2010

The Times Reports Cash For Gold Companies as a Bad Deal

In the Times Today they reported that the Office of Fair Trading is launching an investigation into mail in cash for gold companies - saying that they are offering extremely low prices for jewelry sent in. One example was just over 10 pounds being paid for a bracelet that originally cost over 200 pounds.

Mailing in gold or selling your scrap gold to these companies is probably not the best way to sell your jewelry and certainly not the only one. You have to think that all the cash for gold company is going to do is ship sent in gold off to the refiner. The most the gold is ever going to be worth is the spot price of gold. The refiner takes their cut (between 5-10% typically) and you cash for gold company has to cover their costs ( getting Anne Diamond to appear on an advert amongst others) and make some profit meaning that what you get at the end is going to be a lot shy of the gold vlaue of your jewelry.

I am not sure that the Cash for Gold Companies are a rip off but that people have an over inflated idea of what their jewelry is worth based on what they paid for it. When you bought your ring etc your bought it for its utility and emotional value. A thick 14 karat wedding band may have set you back originally 600 pounds or $1000 but this ring that lets say weighs 6 grams only has about 80 pounds ($120) worth of gold in it and your cash for gold company will only pay you a fraction of this.

Other and perhaps better ways to liquidate your jewelry would be Ebay where you can easily get over the gold spot price or simply take your jewelry to a local second hand jewelers or coin shop who are likely also to ship it off to the refiners but have not had to pay Anne Diamond to convince you to part with your rings and necklaces therefore offering you a better price.

Before you do anything always make sure that you know how much your jewelry is worth - i.e the scrap gold value. has a scrap gold calculator allowing to easily calculate the value of any gold jewelry. Check out this You tube video explaining how to use it

Tuesday, January 19, 2010

The Risks of Paper Gold

James Turk from Gold Money talks about the risks of paper Gold

Saturday, January 9, 2010

How to Calculate The Gold Price Per Gram

I recently saw many questions online about how to calculate the gold price per gram. Gold is commonly priced in troy ounces but the many people outside the USA use the metric system so need the price in grams especially when trying to calculate scrap gold prices.

1 troy ounce of gold contains 31.104768 grams

So you just need to take the current market price of gold and divide it by 31.105768 and then you have your price per gram

Alternatively you can go to and use the coin, bullion & gold calculator and follow these instructions

Select Gold
Select Gold Bullion
Select Grams
Enter quantity

This will give you the current price of gold per gram quickly and easily.

Thursday, January 7, 2010

What is Scrap Gold/ How to Buy Scrap Gold

In Gold We Trust - Coin, Bullion & Scrap Gold Calculator
Information on Scrap Gold, How to buy Gold Scrap and How to Calculate the Value of Scrap Gold

Sunday, January 3, 2010

What is Junk Silver / Junk Silver Coins

Below is a video about Junk Silver Coins - What are Junk Silver Coins - Why Junk Silver is a Great Buy and How to Calculate the Value of Junk Silver Coins using the Coin, Bullion and Scrap Gold Calculator

Gold Confiscation

Follow this link for a great article by Trace Mayer from Run to Gold about Gold Confiscation. Gold Calculator & Precious Metals Calculator offers a great tool for anyone who owns gold, silver or other precious metals. The Gold Calculator gives up to the minute valuations on all types of gold silver and platinum coins. The Gold Calculator calculates the precious metal content based on the current market value of the metal and the content of the coin or jewelry.

You can also sign up for free and create a portfolio where you can list and track all your coins and jewelry.