Found an interesting write up at Mining.com, the story is about a decade old court case over salvage rights to 480,000 ounces of gold. Yes nearly a half million ounces of Klondike gold!
At $1600 us per ounce that haul is worth about $768,000,000 ! Can you imagine finding that! What would that experience feel like, and no wonder it took a decade to settle it.
The steamship SS Islander carrying the gold from the Klondike and sank near Juneau, Alaska, August 15 1901. The ship was full with passengers, mail and 480,000 oz. of gold bullion. The SS Islander was favoured by businessmen and wealthy since it was better outfitted than most vessels.
Around 2 a.m. on Aug. 15 the Islander hit an iceberg in Lynn Canal, south of Juneau.Within five minutes, the bow was completely underwater making the ship inoperable. The boat sank 15 minutes later. Forty people lost their lives.
When the boat sank, salvage was not possible due to the depth and low temperatures under the water. A salvage company did managed to raise two thirds of the hull in 1934 but 60 feet of the forward hull section, the heavier part of the boat, broke away and stayed on the bottom.
Both Ocean Mar and Yukon Recovery made separate expeditions in the '90s and discovered the hull section independently leading to the dispute.U.S. District Court Judge H. Russel Holland said Ocean Mar located the vessel first, disappointing rival company Yukon Recovery.
Read the Story - Link at Mining.com
Showing posts with label value of gold. Show all posts
Showing posts with label value of gold. Show all posts
Thursday, June 21, 2012
Friday, February 05, 2010
Selling Gold Jewelry
Knowing the Value of Gold Jewelry Pieces
With the present high gold prices, many people are considering selling gold jewelry to raise some cash. While this is not a bad idea from broken or unserviceable jewelry, it may not be such a good idea for all your stuff. You might be better off selling unwanted pieces as jewelry, rather than sending it to the melting pot.
If you sell gold jewelry for its scrap value, you'll lose much of its retail value, perhaps 75% or more. The scrap price is based on the value of the metal alone and doesn't reflect the craftsmanship or any aesthetic or antique value, let alone emotional attachment you or family members may have to the piece. It’s a good idea to have it appraised before you sell it for scarp.
Of course some jewelry pieces like one earring with a lost mate or broken rings parts of bracelets etc. are pretty much scarp anyway and probably can only be sold as such minus any valuable stones of course. Garden variety class rings and wedding bands are sometimes better sold as scarp.
The price of gold is based on a troy ounce of 24-karat, or pure, gold. A troy ounce contains 31.1 grams, or 20 pennyweights. If the spot price of gold is $1,100 USD per ounce then 1 gram of 24 karat gold is worth $1,100 / 31.1 grams or $35.37 USD. Gold prices change often so use the handy chart on this page to check updated spot prices.
Gold less than 24K is discounted proportionately:
18K is 75% pure gold, 14K is 58.3%, and 10K is 41.7% gold.
Gold jewellery of 10K or more will have a karat stamp, you this to get an idea of the content and value of gold in a certain piece.
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With the present high gold prices, many people are considering selling gold jewelry to raise some cash. While this is not a bad idea from broken or unserviceable jewelry, it may not be such a good idea for all your stuff. You might be better off selling unwanted pieces as jewelry, rather than sending it to the melting pot.
If you sell gold jewelry for its scrap value, you'll lose much of its retail value, perhaps 75% or more. The scrap price is based on the value of the metal alone and doesn't reflect the craftsmanship or any aesthetic or antique value, let alone emotional attachment you or family members may have to the piece. It’s a good idea to have it appraised before you sell it for scarp.
Of course some jewelry pieces like one earring with a lost mate or broken rings parts of bracelets etc. are pretty much scarp anyway and probably can only be sold as such minus any valuable stones of course. Garden variety class rings and wedding bands are sometimes better sold as scarp.
The price of gold is based on a troy ounce of 24-karat, or pure, gold. A troy ounce contains 31.1 grams, or 20 pennyweights. If the spot price of gold is $1,100 USD per ounce then 1 gram of 24 karat gold is worth $1,100 / 31.1 grams or $35.37 USD. Gold prices change often so use the handy chart on this page to check updated spot prices.
Gold less than 24K is discounted proportionately:
18K is 75% pure gold, 14K is 58.3%, and 10K is 41.7% gold.
Gold jewellery of 10K or more will have a karat stamp, you this to get an idea of the content and value of gold in a certain piece.
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