Precious Metals
Posted on: February 7th, 2025
It’s time to go through your drawers and trinket boxes, not to mention your kitchen/dining room storage chests and cupboards. As of today, February 5, 2025, silver is selling for $32.56/troy ounce and gold, at its all-time high, for $2,881.30/troy ounce. Remember those gold teeth (fillings) you inherited from your grandparents in that box of old pins, cufflinks, studs, and all those tiny, un-named items? Those bits and bobs can now bring in an amazing amount of money with spot prices as high as they are today. Jewelry you haven’t worn in years, pieces you got as presents when you were a kid, your first cup and set of silverware, usually sterling silver, can add up when spot prices are this high.
Local jewelry and coin stores are always buying. Ask first what their commission is; it should not be over 10%. Find out when that commission is applied; gold and silver items for use are not 100% gold or silver. There is a percentage of alloy added for strength that will not be included in the transaction. For example, sterling silver is 925/1000 pure silver.
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