If you have been thinking about selling your gold jewellery, coins, or other gold items, you have probably noticed the headlines. Gold prices have been climbing steadily and are now trading near all-time highs in New Zealand dollars.
But what does that actually mean for the rings, chains, and coins in your drawer? And is now really the right time to sell?
Why Gold Prices Are So High
Gold prices are driven by global economic factors. When there is uncertainty in the world, whether from inflation, geopolitical tensions, or concerns about the stability of financial markets, investors turn to gold as a safe haven. This increased demand pushes prices up.
On top of that, central banks around the world have been buying gold at record levels, adding further upward pressure. For New Zealanders, the strength of the gold price combined with a relatively weaker NZ dollar means gold is worth more in local currency than almost any point in history.
What This Means for Your Gold
The gold price directly determines what your jewellery and coins are worth. When the price goes up, so does the value of every gram of gold you own.
To put it in perspective: a standard 9ct gold ring weighing 5 grams contains about 1.875 grams of pure gold. An 18ct gold chain of the same weight would contain 3.75 grams of pure gold, exactly double. Check the current gold spot price per gram and multiply to see the theoretical value. Buyers will offer a percentage of this to cover refining costs, but it gives you a solid baseline.
Many people are surprised by how much pure gold is actually contained in their old, unworn jewellery. With the gold price significantly higher than it was a few years ago, the same items are now worth considerably more.
Should You Sell Now or Wait?
Nobody can predict the future price of gold with certainty. Prices could continue to rise, or they could pull back. What we do know is that the current price is historically high, and that means the value of your gold items is historically high too.
Here is a practical way to think about it: if you have gold jewellery or coins that you are not wearing, not using, and not emotionally attached to, the current market gives you a strong return. Holding onto items in the hope that prices will go even higher is a gamble, and in the meantime, those items are just sitting in a drawer doing nothing.
On the other hand, if a piece has sentimental value, no price is going to make selling it feel right. We would never pressure anyone to sell something they are not ready to part with.
What About Silver?
Silver prices have also been strong, though they tend to be more volatile than gold. If you have silver jewellery, silverware, or silver coins, they are also worth more now than they have been for most of the past decade.
Sterling silver (92.5% pure) items like cutlery sets, teapots, trays, and candlesticks can add up to a surprising amount, especially heavier pieces. A sterling silver cutlery set weighing a kilogram contains 925 grams of pure silver. Multiply that by the current silver spot price for the theoretical value. As with gold, buyers pay a percentage of spot to account for refining, but it gives you a useful starting point.
How to Get Started
If you are curious about what your gold or silver is worth, the first step is simple: get in touch with us for a free assessment. We come to you anywhere in Tauranga and the Bay of Plenty, test and weigh your items in front of you, and give you a no-obligation quote based on live market prices.
There is no cost, no pressure, and no obligation. If the price is not right for you today, you keep your items and you have lost nothing except 15 minutes of your time.
Find Out What Your Items Are Worth
We offer free, no-obligation assessments anywhere in Tauranga and the Bay of Plenty. Same-day bank transfer if you accept.
