We’re on a mission to find and learn about current strategies that will help us grow our investment portfolios, and sharing them with readers. We are quite certain that we’re not the only ones who wonder, “Is gold a good investment anymore?” or “What about buying silver even though it’s not worth as much as gold?” I thought we might have a little fun today, and talk about gold and silver.
A quick little anecdote for you before we dive in. We’ve been hoarding sterling silver for years. I know that it’s only worth whatever spot prices are on any given day. For example, just go to google and type in something like “silver spot price today” and a chart will immediately show up in the search results and give you the day’s price and that will give you an idea of what it’s worth in “scrap value.”
So, at the time of my writing this post, for silver, it’s showing up for me in ounces – just over $27/ounce today; in grams – about .88/gram today; and in kilos – just over $877/kilo today. I happen to have about 8-10 pounds of sterling silver scattered throughout, which, today would mean that it would be worth about $3,000-4,000 give or take. To figure that out, you would take however much sterling silver you have, and then multiply THAT in ounces x .925 (because sterling is not 100% silver – it’s 92.5% silver).
Of course your next issue would be to find someone willing to pay you that for your collection! Most dealers aren’t likely to pay spot – they’re in it to MAKE money.
Would I prefer to have 8-10 pounds of 14K gold? Yup! But it’s a little harder for me to find these days. But, for giggles, let’s say I did have 8 pounds!
Google “gold spot price today” – and as of this writing, the numbers are: in ounces, gold is approximately $1970/ounce or roughly $62/gram. Let’s do the math. 8 pounds = 128 ounces. Remember that 14K gold is only about 58% gold ( Divide 14K by 24 [24K would be pure], then you’ll see your percentage) – so, 14k/24k = 0.583. This equals about 58%. So, now I multiply my “whole ounces” (128) by 0.583 (the actual purity I’ve got) and that will equal my “tradable” gold in ounces. So, in this case 128 x 0.583 = 74.624. Multiply 74.624 x today’s spot price per ounce of $1970 = just over $147,000! Bring it on!
Anyway, a person can dream, right?