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How much is 14ct gold worth per gram?

14ct gold rings

You probably already know that the carat (ct) is the unit used to denote the purity of gold alloys. The higher the number, the more pure the gold, i.e. the ‘gold’ alloy has more gold content and fewer other metals. In the USA, it’s spelt ‘karat’ (kt).

The formula used by the gold industry measures carat purity as 24 x the purity by mass. This means that 24ct gold should be 100% pure or fine gold (in fact, for complex technical reasons it’s 99.9% fine gold by mass). So 14ct gold is 14 parts gold, 10 parts other metal. In percentage terms, that’s 58.5% fine gold.

The scrap value of 14ct gold

Gold is combined with other metals to alter the colour and the hardness of the finished product. You’re most likely thinking of selling your scrap gold jewellery, so let’s focus on that.

14ct gold is sometimes used for men’s rings, as the higher carats such as 22ct and 24ct, while more valuable, are considered too soft and less able to withstand prolonged wear. There’s actually a measurement for metal hardness called the Vickers scale, and 14ct gold is in the 100 – 165 HV scale, depending on the other metals used.

14ct gold is a popular purity in countries such as Greece and Italy. Customer’s should be aware that there is no official guarantee or hallmarking standard in these countries. In our experience, items marked as 14 carat (14k) from Greece are often of slightly lesser purity – around the 55% purity mark.

Our price today for 14ct scrap gold

So, now you know what your 14ct gold is made of, what’s it worth? Gold-Traders is currently paying £ for 14ct gold. (Check our current scrap gold prices here).

If you weigh your scrap 14ct gold, you can then use our online calculator on the right of the page, to get an accurate quote. Look at our page about how to weigh your scrap gold, but don’t worry if your own scales aren’t that accurate – we will use our calibrated and Trading Standards approved scales to determine the exact weight and make sure you get an exceptionally good price.

March 4th, 2013 No Comments » Gold, Selling Tips |

Why Gold & Silver Fairs are unfair to sellers

A Philip & Sons flyer adverting a local gold buying event.

  • Gold & Silver buying events are tempting, but their only real value is entertainment – you could lose out heavily if you sell there.

  • Beware promoter’s extravagant claims. They rarely stand up to scrutiny.

If you’ve seen a leaflet advertising a gold and silver buying event or fair at a local venue, such as a hotel or community centre, don’t rush to sell your valuables there. You could get far less than they are really worth.

Gold and Silver Fairs are promoted with tempting claims. Take the local event being staged by Philip & Sons, which seems like a reputable company with its Mayfair address.

Worthless claims on Philip & Sons flyer

“Top London cash prices paid”, says their flyer, although what actually constitutes a top London cash price is unclear. It also promises, “We pay better than all the rest” and “No one offers more!” These claims are unsupportable and untrue.

Let’s look at their flyer in more detail. Apparently Philip & Sons will pay a minimum six times face value for pre-1946 silver coins. Putting aside the inaccuracy that the critical date for silver content in coins is actually pre-1947, the rates quoted certainly don’t match the adjacent claim “No one offers more!” Gold Traders is currently paying well over 10 times face value. Even if you’re just selling a handful of coins, that’s a worthwhile difference.

See what you could lose

For example, at six times face value, Philip & Sons would pay 72 pence for a pre-47 shilling; we would pay £1.29. For a Florin (remember those – they were worth two shillings), it would be £1.44 from Philip & Sons, £2.58 from Gold Traders. The greater the face value, the more you’d lose out by selling to Philip & Sons rather than Gold Traders; for a Half Crown it’s £1.80 vs. £3.24, and for a Crown it’s £3.60 vs. £6.49. You could almost double your money.

We’ll point out right now that as we pay by weight, these prices are an illustration and rates will vary according to wear as well as the current silver price. Having said that, Gold Traders will pay you considerably more than Philip & Sons for even heavily worn coins.

Dramatic difference

The difference is even greater with Sovereigns. The Philip & Sons flyer promises a minimum £65 for a Half Sovereign and £130 for a Full Sovereign. Our current prices are almost double – currently £115.05 for a Half Sovereign and £230.09 for a Full Sovereign.

Not so much fun at the fair

So while selling your gold and silver at hotel or community centre buying fairs may seem convenient, you’re likely to lose out significantly. It’s best to treat these events purely as free entertainment, and sell to Gold Traders instead – where you’re always sure of a fair exchange.

More reading:

February 22nd, 2013 No Comments » Selling Tips |

Company behind CashMyGold.co.uk to be struck off Companies House register

Bullion Buying Limited

Bullion Buying Limited - CashMyGold.co.uk

Financial website ThisIsMoney.co.uk reports that Bullion Buying Limited, the company behind the CashMyGold.co.uk is set to be struck off the register of companies at Companies House for failing to file its accounts on time.

Incorporated on 23 July 2009, Bullion Buying Limited has yet to file any accounts. Undoubtedly, the company will now be subject to substantial late filing penalties, levied by HMRC and it’s likely the two directors may also face prosecution.

Which? investigation

CashMyGold.co.uk have had the unenviable reputation of paying some of the lowest rates in the market. An undercover Which? investigation revealed they offered the lowest cash amount for sample items, sent to six different companies. They purchased six identical lots of jewellery, consisting of three items with a combined retail value of £729. Of the six ‘cash for gold’ companies they used, Cash My Gold offered the lowest amount, a paltry £38.57 for everything.

Misleading advertising

Cash My Gold

Cash My Gold

Using TV personality Dale Winton to front their expensive advertising campaign, they have also been subject to an Advertising Standards Agency adjudication in relation to misleading advertising.

The golden rules

As we’ve said before, like CashMyGold.co.uk, beware of any ‘cash for gold’ company that fails to clearly state the real price they will offer for your gold. There are now a number of companies that have ‘calculators’ on their sites that provide so-called valuations. However, dig a little deeper and you’ll discover hidden fees in their Terms & Conditions or that the ‘valuation’ is simply an estimate, which is not binding.

August 8th, 2012 No Comments » Industry News, Selling Tips |

British Gold Refinery rapped by ASA for misleading advertising

British Gold Refinery

Seller beware! The price quoted on the British Gold Refinery calculator is NOT the price you will be paid!

The Advertising Standards Agency (ASA) has taken action against Cash for Gold company Weston Knightly, trading as The British Gold Refinery, for misleading advertising.

The adjudication, published on the ASA website refers to website content and online advertising, published between May and July 2011.

Three complainants challenged that their advertising was misleading because customers were not clearly advised they would have to pay an administration fee if they wanted their gold returned.

The ASA observed that if an offer is rejected, the customer will be liable to an administration fee of £35 + VAT before items are returned and that this should be prominently displayed, rather than hiding it within their Terms and Conditions.

They also upheld a complaint regarding an unsubstantiated advert, stating “We pay 70% more”.

ASA Adjudication: Weston Knightly t/a British Gold Refinery

More reading:

January 9th, 2012 18 Comments » Industry News, Selling Tips |

Is selling gold at auction the best option?

If this gold cigarette case had sold at auction for the top-end estimate, the seller would have been approx. £794 worse off compared to the amount we paid.

If you have high value item and have decided to sell it, you’ll be looking at what options are available to you. One consideration is to sell it at auction.

Just to make things clear, I’m not referring to online auctions in this article. Online actions introduce a whole range of additional issues, which may get discussed in anther post. This post looks at the merits of selling gold, platinum or silver via a any reputable bricks and mortar auction house.

Sellers Fees

Auction houses make their money charging a buyer’s premium and a seller’s fee. As the name suggests, the sellers fee is payable by the seller. The amount payable is based on the final sale value of the item, calculated a percentage, usually around 20 – 25%. The auction fees also attract VAT at 20%.

The buyer’s premium is added to the final auction price and is paid over to the auction house by the buyer. For the purposes of this example, we don’t need to account for it.

Here are a couple of recent examples to illustrate our point.

Last week, we purchased this 18ct gold basket weave cigarette case. It’s mid 20th century, French with a cabochon sapphire button release. After purchasing it, we had it professionally valued by a specialist dealer who has many years experience and has worked for some of the top auction houses around the world.

His appraisal, “With the current high price of precious metals on the commodity markets, the value will be almost if not entirely based on its weight.”

Auctioneers valuation: £3,500
Sellers fee + VAT: £840
Estimated payout to customer: £2,660

Amount paid by Gold-Traders: £3,454.33

So, assuming the case had sold at the top estimate and the auctioneer charged just 20% sellers fee, the seller would have been over £794 worse off at auction.

This gold rose bown was sold to us after the seller calculated they would receive less money at auction.

The above example is by no means uncommon. This solid 9ct rose bowl was purchased by us after the customer calculated they would be significantly worse off by selling at auction.

This doesn’t just apply to gold items. With the current high prices for silver and platinum, we’re also receiving many more large items, such as silver tea sets, cutlery and platinum watches.

If you’re thinking of selling an item at auction, why not give us a call for a no-obligation valuation? We can usually provide a valuation over the telephone and we have no hidden fees or charges at all. The rates we quote are the rates we pay.

December 5th, 2011 No Comments » Selling Tips |
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