Selling gold for cash is not a bad idea. In financial hardship, you may be in a situation that you just need to make your bill payment want extra cash, or simply just couldn’t make it to the pay day. At this situation, cashing gold can be one of the fastest solutions. Gold buying business is growing in millions of dollars in the U S since gold prices hit $1,900 in 2011.
This inspired today’s gold hunters strike in hundreds to open up new pawn shops to buy gold and sell. Maybe you have already seen cash for gold signs around the city, finding the real experts among the gold buyers can be burdensome. If you don’t know what your gold is worth, then you may risk selling it to shady businesses.
The here’s the list of things you should know before you take to any particular pawn shop or any gold buyers. First, you must do your research online before you take your gold anywhere today’s modern technology allows anyone to get all the information about any local business online. Not leaving your home.
Choose the store that has more customer feedback and reviews like Judy’s Antique and Estate Jewelry. Second, you ought to find out the purity of your gold. Look at your items, jewelry, coins rings, etc., and check its purity. Usually it’s marked with 10 K. 14 K or 18 K etc., or it’s marked with numbers like four 17, five 85, or etc. Now these numbers show the purity of gold.
For example, if you have a ring made with 10 K gold, it means the ring has 41.7% pure gold in it. So the higher carrot is the more pure gold it has. It means that you should expect to get more money for your gold as its purity goes up. If you can’t find any mark or can’t figure out whether it’s gold or not, then you can just take it to any gold buyer shop like Judy’s Antique and Estate Jewelry and get it tested there.
You can also order a testing kit. Purity needs to be checked by testing processes such as an acid scratch test. Electronic tester or x-ray fluorescence scan. Presence of stamp is not enough. Since fraud has become more common in the current gold rush.
Often you need to look up a spot price, or you can use websites like goldprice.org to find out current the gold price. Which is usually given a dollar amount per ounce. If you own gold, an associate can often weigh your piece of jewelry and coins for you, it is your call to ask Sal at Judy’s Antique and Estate Jewelry to explain how they do appraisals.
Let’s say you have a gold bracelet that has 14 K mark on it, and it weighs 10 grams. A shop is offering you $100. You can ask how much he is paying for each gram and what percentage of market spot price he is offering. You even can find out your Gold’s value yourself. By using simple math, 10 grams of 14 K bracelet has 58% pure gold.
So 58% of 10 grams is 5.8 grams. So your bracelet has 5.8 gram of pure gold. Next, you look at the spot price online. Price is for one Troy ounce of gold. As there are 31.1 grams in one Troy ounce, the spot price divided by 31.1 brings out the price of gold for each ground. This way, you know, what your gold is worth before you even visit any shops for a quote.
If your jewelry has stones or diamonds, then you can ask to get paid for them. And most stones have no resale value or its hard to find a buyer. However, diamonds are worth a good amount of money and you can negotiate a price for diamonds. Usually gold buyers like Judy’s Antique and Estate Jewelry offer you to remove the stones and give them back to you since they are paying only for gold.
These are some tips that you can use. If you’re looking for places to sell gold, it is always a good idea to choose the one that has more customer reviews and feedbacks like Judy’s Antique and Estate Jewelry. Make sure that establishment is permanent and reputable. Ask plenty of questions and make sure that they are being transparent about how they determined the value of your gold.
These techniques will help you get the most cash for your gold, silver, or platinum.
