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Don't fall prey to cons, know the price of gold

Selling your old gold can be one of the easiest money makers for somebody looking to instantly raise some cash. The price of gold has literally never been higher, and more people than ever are realising the possibilities they can realise by selling.

However, this blog is here to sound a note of caution. Selling gold can also be fraught with opportunities for you to get ripped off, so it's important for you to know what you're doing, and just how much you can expect to get for gold. So lets take a look.

The internet is chock full of horror stories of consumers getting as little as 20% of the value of their gold from online "Cash for Gold" resellers. The only way to prevent this is to know just how much your gold is worth, so how do you figure it out?

First of all, you need to establish whether your gold is real. You can do this simply by checking it's not magnetic. Real gold is not magnetic. If you find it's slightly magnetic, it may be worthless. Once you've established that, it's time to start looking for hallmarks.

The hallmarks currently used in the UK are as follows. 9 Carat - 375, 14 Carat - 583, 18 Carat - 750, 22 Carat - 917, 24 Carat - 999. So the higher the number you see, the more your gold is worth. The next step is to weigh your gold to establish the weight in grammes. At the time of writing, gold is selling at £22.50/gram.

So to figure out your gold's worth you need to multiply the weight in grammes by the price per gramme, and multiply that by the purity percentage.

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