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Gold hits new record per/ounce price!

jewelerman

Ideal_Rock
Joined
Sep 30, 2007
Messages
3,101
I always check the daily metal market just before i get my daily dose of PriceScope.I knew the prices were on the rise yesterday but sometime during the day it took a jump to $1782.50 before settling back down to 1751.00 and now at todays current 1729.00! Crazy! Do you follow the metal market? Does it affect how and when you buy jewelry? i think it will be some time before im able to buy jewelry again!
 

Circe

Ideal_Rock
Trade
Joined
Apr 26, 2007
Messages
8,087
Sort of stands to reason, given the stock market these last few days: everybody's scrambling to put their money into the most stable thing they can think of. What's more stable than gold?
 

iLander

Ideal_Rock
Joined
May 23, 2010
Messages
6,731
I can't afford to set a single darn stone.

They will sit in their boxes until the dust settles. It could be years.
 

Lula

Ideal_Rock
Joined
Apr 5, 2009
Messages
4,545
iLander|1312902026|2987190 said:
I can't afford to set a single darn stone.

They will sit in their boxes until the dust settles. It could be years.
+1

I'm also considering selling a lot of pieces, including loose stones. This hobby isn't much fun anymore at these prices.
 

gemgirl

Ideal_Rock
Premium
Joined
Feb 8, 2003
Messages
5,563
I actually check the metals prices often because I had family who traded gold on the NY commodities exchange at one time. It's very hard to believe that gold is trading for such ridiculous amounts of money per troy ounce, but the economy is in such bad shape that when the stock market is down or suffering, commodites boom because the people with money have to invest their money in something.

I won't look to buy any type of jewelry when the prices are so inflated, and truth be told, I haven't bought anything of any consequence (besides mountings) since the prices went crazy. This is going to sound unbelievable, but I bought most of my gold and platinum jewelry fifteen years ago when gold was trading for less than $300.- a troy ounce and platinum could be bought at retail for $30 and $35 a gram. I paid something like thirteen dollars and change a gram for my Omega necklace. Now? I'd never even think of buying one!
 

jewelerman

Ideal_Rock
Joined
Sep 30, 2007
Messages
3,101
I agree that im glad that ive bought the jewelry i did, when i did.I recently visited a pawn shop to look at whats available and there was very little stock.The owner told me that people are selling and not buying so he has to turn right around and re- sell alot of the heavier jewelry to refiners to make rent and payroll. Just before gold started to climb this same owner sold me an 18 karat trinity ring with over 14 grams of gold for $ 49.00 because he had it in stock for so long.He offered to but it back for 25.00 a gram,but i declined because the same style of ring was retailing new for just under $2,000.00 at a jewelry store a few miles away from his store. I am appreciating what i have right now!
 

tyty333

Super_Ideal_Rock
Premium
Joined
Dec 17, 2008
Messages
22,517
My DH just put some money in gold (something? - not sure if it were stocks or what) 2 weeks ago. He was pissed yesterday
that he didnt put more in. He figures its not going to come down until the economy turns around.
 

erinl

Brilliant_Rock
Joined
Jan 22, 2011
Messages
741
Hi all--

If you do decide to put any jewelry projects in the works in the near future, are you opting to use platinum instead of gold, since it is more value for your money at the moment? What about palladium?
 

smitcompton

Ideal_Rock
Premium
Joined
Feb 11, 2006
Messages
2,689
Hi,

I agree with Lulu. Its not fun anymore if you have to pay such high prices for settings.

I have always wondered what a gold contract (they sell them in contracts on the commodities exchange) goes for. I found out. One ontract sells for $180.000. However the margin is only $6,000. This means speculators can buy 2 or 3 contracts and put up very little for a half a million worth of gold, So, this is a risky market to get into as , for example, the exchange upped the margin for traders
yesterday to shake speculators out. The market goes down quickly when the trader doesn't have the money to meet the margin.
Also, only 53 % is used or jewelry. A lot of speculators in that market.
Annette
 

Laila619

Super_Ideal_Rock
Premium
Joined
Apr 28, 2008
Messages
11,614
iLander|1312902026|2987190 said:
I can't afford to set a single darn stone.

They will sit in their boxes until the dust settles. It could be years.
Ditto. I don't want to pay the outrageous prices!
 

AGBF

Super_Ideal_Rock
Premium
Joined
Jan 26, 2003
Messages
21,828
I would sell my 24K gold bangles, but I have heard that people get one third the actual price of gold! It's not fair!

I wonder what they weigh, though. I have seven of them and they're solid. Hmmm....

Deb/AGBF
:read:
 

jewelerman

Ideal_Rock
Joined
Sep 30, 2007
Messages
3,101
yesterday gold hit a new high of $1815 per ounce and today at end of trade the dust settled in the $1750 range... metals still to high for me to ever consider buying even sterling jewelry right now. :shock:
 

jewelerman

Ideal_Rock
Joined
Sep 30, 2007
Messages
3,101
Did some use jewelry buying and hobby in the same breath? :shock: its a lifestyle not a hobby! :D
 

Laila619

Super_Ideal_Rock
Premium
Joined
Apr 28, 2008
Messages
11,614
I have some loose stones I want to set soon.

Does anyone know, if we wait long enough, will the prices of gold settings eventually go back down? Or is it best to buy now, assuming gold will be even higher in the future?
 

jewelerman

Ideal_Rock
Joined
Sep 30, 2007
Messages
3,101
its literally a crap shoot! i would wait for a while to see if the storm calms down before buying.
 

jewelerman

Ideal_Rock
Joined
Sep 30, 2007
Messages
3,101
big update for interested parties!gold took a huge up swing this morning to a staggering $1881.40 and has dropper down now to a still impressive $1872!!!
 

JulieN

Super_Ideal_Rock
Premium
Joined
Jul 25, 2005
Messages
13,329
AGBF|1313094945|2988781 said:
I would sell my 24K gold bangles, but I have heard that people get one third the actual price of gold! It's not fair!

I wonder what they weigh, though. I have seven of them and they're solid. Hmmm....

Deb/AGBF
:read:
I went into a "Cash for Gold" location just to see what they were offering. At first glance, yes, they gave me about 30%. I hemmed and, they upped it to 50%. Still, I hawed, and they upped that to a bit over 60%. I left, since I thought that was outrageous. I went to a jeweler who offered me 80% right away. With haggling, you should be able to get 90% or higher, depending on how good you are.
 

JewelFreak

Ideal_Rock
Joined
Sep 3, 2009
Messages
7,768
Ended the day at $185.60, I think. Holy moley! I'm dying....looking at 3 stones & 2 side-stones I want to set in rings, plus a pair of malachites for earrings. Sigh, they will not have a home for a long time at this rate. :((
 

Dancing Fire

Super_Ideal_Rock
Premium
Joined
Apr 3, 2004
Messages
32,407
JulieN|1313793704|2994572 said:
AGBF|1313094945|2988781 said:
I would sell my 24K gold bangles, but I have heard that people get one third the actual price of gold! It's not fair!

I wonder what they weigh, though. I have seven of them and they're solid. Hmmm....

Deb/AGBF
:read:
I went into a "Cash for Gold" location just to see what they were offering. At first glance, yes, they gave me about 30%. I hemmed and, they upped it to 50%. Still, I hawed, and they upped that to a bit over 60%. I left, since I thought that was outrageous. I went to a jeweler who offered me 80% right away. With haggling, you should be able to get 90% or higher, depending on how good you are.
i usually paid 85% of melt for scrap gold.
 

ksinger

Ideal_Rock
Premium
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Jan 30, 2008
Messages
5,078
Well, just a little while ago, I bought 3 oz of 22K gold wire for a chain project and because I wanted to have a bit more gold - 2 birds with one stone. I bought at $1485/oz, and look at it now. Yikes! :-o
 

AGBF

Super_Ideal_Rock
Premium
Joined
Jan 26, 2003
Messages
21,828
ksinger|1313807267|2994759 said:
Well, just a little while ago, I bought 3 oz of 22K gold wire for a chain project and because I wanted to have a bit more gold - 2 birds with one stone. I bought at $1485/oz, and look at it now. Yikes!
Yeah. But. It ain't gonna stay high forever. I remember when the metals were high in the late 70's or early 80's. It now seems insane that anyone bought anything made of gold or silver made then. Unless you have an urgent need for something right now, wait. (By the way, I didn't mean wait on projects requiring 3 ounces of gold, ksinger! I meant to wait on adding a 24K gold bangle to your set, AGBF!)

Deb/AGBF
:read:
 

JewelFreak

Ideal_Rock
Joined
Sep 3, 2009
Messages
7,768
Yeah, good advice, Deb. Gold will begin going down as soon as things start getting better. Investors won't wait for the economy to boom before they shift assets from gold to other things; prices will begin to slide fairly quickly on economic improvement & stability. Oy vay, it's pretty amazing right now!

--- Laurie
 

diamondringlover

Ideal_Rock
Premium
Joined
Dec 12, 2006
Messages
3,877
I cant believe how high it has gotten...I keep struggling to decide if I want to melt some more gold....I have quite a bit that I dont use or wear anymore, but I have several 14K gold bands and 14K gold CZ bracelets (they have a ton of gold in them) that I am not sure if I would get more if I sell them or melt them.....I want to get a new gold band but funds are low so this seems like a good way to get what I want :bigsmile:
 

Dancing Fire

Super_Ideal_Rock
Premium
Joined
Apr 3, 2004
Messages
32,407
AGBF|1313838184|2994901 said:
ksinger|1313807267|2994759 said:
Well, just a little while ago, I bought 3 oz of 22K gold wire for a chain project and because I wanted to have a bit more gold - 2 birds with one stone. I bought at $1485/oz, and look at it now. Yikes!
Yeah. But. It ain't gonna stay high forever. I remember when the metals were high in the late 70's or early 80's. It now seems insane that anyone bought anything made of gold or silver made then. Unless you have an urgent need for something right now, wait. (By the way, I didn't mean wait on projects requiring 3 ounces of gold, ksinger! I meant to wait on adding a 24K gold bangle to your set, AGBF!)

Deb/AGBF
:read:
Deb...should i sell my 24K necklace? :bigsmile: it weight 70 grams.

koi 067.jpg
 

ksinger

Ideal_Rock
Premium
Joined
Jan 30, 2008
Messages
5,078
AGBF|1313838184|2994901 said:
ksinger|1313807267|2994759 said:
Well, just a little while ago, I bought 3 oz of 22K gold wire for a chain project and because I wanted to have a bit more gold - 2 birds with one stone. I bought at $1485/oz, and look at it now. Yikes!
Yeah. But. It ain't gonna stay high forever. I remember when the metals were high in the late 70's or early 80's. It now seems insane that anyone bought anything made of gold or silver made then. Unless you have an urgent need for something right now, wait. (By the way, I didn't mean wait on projects requiring 3 ounces of gold, ksinger! I meant to wait on adding a 24K gold bangle to your set, AGBF!)

Deb/AGBF
:read:
Well, I am set on making a single direction double-loop-in-loop chain, that will look pretty much exactly like this (link below), only heavier, since mine will be in 20 gauge rather than the 22 gauge that this is in. The silver one I've already made has identical endcaps, minus the granulation, and a S-hook instead of a toggle. I will likely do that endcap again. It's a bit tricky, but lovely when finished.
It won't take all of my wire, I'm fairly certain, and since I'm making it for myself, the labor is free. I paid $4200 for the wire, and I guarantee that even before the price hikes, there is no way on earth I could have gotten a chain like that for $4200 or under. Besides, I get the fun of making something! Woot! ;))

http://www.denisebetesh.com/item.php?category=HANDMADE%20CHAINS&item=4100&offset=0
 
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