10 Best Bristle Free Bbq Brush

Best Bristle Free Bbq Brush in 2023

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Does the High Price of Gold Have You Thinking About Unloading Your Unwanted Jewelry?

When selling your unwanted gold intodays market, you need to be aware of the pitfalls and brush up on your weights and measures.

When selling your gold or unwanted jewelry you need to be aware of the pitfalls and brush up on your weights and measures in this tricky market place. Here are some tips before heading out to the Pawn Shop.

Don't be confused by the measures of weight. Learn the difference between a pennyweight, gram and troy ounce.

In this tough economy, the record price for gold has many people rushing out and selling their unwanted jewelry and other gold items. Who could blame them, with a Troy Ounce gold now over $1,700 and even the neighborhood deli claiming to offer the best price for you gold, it seems to be a can't lose situation. Or is it? Gold buyers have been using different measures to weight gold and this has caused a lot of confusion in the marketplace for sellers. Do you know the difference between a pennyweight and a gram or for that matter between a gram and a troy ounce? If you're like most you most likely don't even know what a pennyweight is. Arming yourself with a little knowledge can assure that you will get a competitive and fair price for you jewels.

Many buyers, especially the "We Buy Gold" outlets that seen to be on every corner of Main Street or every floor of the mall, buy using a pennyweight measure. The industry standard for many years has been grams, a measure that most are more familiar with. Is the change to pennyweight designed to confuse the consumer, does it sound more attractive? You bet it does. When using Pennyweights buyers can make it seem like you are getting a better deal because it's perceived as higher, thus deceiving the seller. There have also been incidences where unscrupulous buyers will weigh in pennyweight and pay off in grams.

Let's back up and see how this all works. Gold on the open markets is priced by the troy ounce. A troy once equals 31.1 grams or 20 pennyweights. Remember by using this guide a pennyweight will always be a lower number than a gram. To find out how many pennyweight are in a gram you divide by 1.555, and vice versa to find the grams in a pennyweight you would multiple by 1.555. Now since gold is priced by troy ounce all these different measures make it easy for buyers to confuse an uninformed seller and this is just the tip of the iceberg.

Insist that your gold is weighted using a measure you are comfortable with. If the buyer refuses, leave.

Your best defense is to come prepared. Ask the buyer to weigh you items in grams or troy ounce and avoid any necessary conversions. If they refuses or claim there scales only uses pennyweights you should leave immediately and bring your business elsewhere. There are also many apps that will do the conversion for you and remove any guess work. Many of these are free and are worth their weigh in, well you guessed it, gold. Do your math before rushing out to sell, and have a good idea how much your looking for.

Know the quality of your gold and its value relative to pure gold.

Another area that may cause confusion to a novice seller is the actual quality of the gold being sold. Remember I said earlier that gold on the open markets is priced by troy ounce. That price you see quoted is for pure gold, none of which is likely to be sitting in a jewelry box or made into a pair of unwanted cuff links. Pure gold is 24 carrot and a troy of 24 carrot gold on February 1, 2020 sells for over $1,700. To arrive at the amount of gold present in your jewelry divide the carrot number by 24. A 14 carrot gold ring is made up of 58% gold. 14 divided by 24 equals 0.58 or 58%. For argument sake let's assume that you are looking to sell a 14 carrot gold ring that weights exactly 1 troy ounce or 31.1 grams. The price of pure gold is selling for $1,700 making your ring valued at $986. $1,700 divided by .58 equals $986.00. Not a bad deal for a ring just collecting dust in your draw.

Another thing you may want to be aware of is that not all gold is what it's crapped up to be. Just because it says 14 C, doesn't mean it legit. All buyers will check the gold by doing an acid test regardless of how it's stamped, so don't be surprised or offended at this policy. It is not unusual for to find a piece of stamped 14 C test as 10 carat. Buyers are always on the lookout for this and merely covering their purchase.

Explore different options when it comes to sell.

$986, not a bad deal at all you say. Well just try and get that price. Most gold buyers, be it pawn shops, coin dealers, jewelry shops or even that corner deli all have overhead. In addition they need to accumulate enough weight to sell your gold to a refiner that will give them top price. They are running a business and have rent, employees to pay and many other expenses that add to their overhead. They need to make a good profit on their purchase. They are also taking a risk that by the time they accumulate enough weight to sell to a refiner, gold would not have fallen from their purchase price. Bear in mind that the refiner also needs to make a buck and may only offer 95% of the spot price. Spot price is what the gold is selling for at the time of the transaction.

With all that being said, a fair price for your gold is about 60% of spot price or $590 for your 14 carrot ring. That's not too bad, but with a little research you can do better. The best place to sell your gold is directly to a refiner. They usually offer anywhere between 95 and 98 percent of spot price. Problem is that most refiners deal in quantity and you will need more than one ring for them to do business with you. These are the guys that are buying gold from pawn shops and jewelers. Even if they did purchase your gold they will most likely tack on a fee based on the weight and that can really reduce your bottom line. There are some refiners that deal with the general public, especially if you can convince them that you are a collector and will be giving them repeat business.

Jewelers, Coin Dealers and Pawn Shops should be your next on your list of potential buyers, but do shop around. Be wary of the pennyweight buyers and don't feel pressure to sell only because you walked into their shop. Compare prices and go back to whoever is giving you the best deal. Having an app on your phone or on your laptop that will tell you the full value of the gold in question gives you a leg up on navigating a better price.

Many gold buyers are now recruiting reps and doing home shows or parties. Like Tupperware Parties, a host will invite friends and family to their home giving them the opportunity to sell their gold. Company reps will weight, and verify the quality of the gold and than offer you a price. The nice thing about these parties is that you don't have to buy anything and can walk away with some cash. You can also walk away with your gold if you're not satisfied with the price. Gold parties are becoming very popular and for some companies this is their only way of doing business. These buyers, without the overhead of a brick and mortar shop, can and usually do offer a higher percentage for your gold.

Television ads and the internet are full of companies offering you an easy way to make money selling your unwanted gold. These buyers traditionally offer the lowest percentage and in my opinion should be avoided. Their claim is not the best price, but the ease and convenience of selling your gold without leaving your house. They arrange pickup via FedEx or UPS and within days send you a check for your gold. At that point you can keep the check or send it back and ask for a return of the gold. In most cases the payoff is usually 30% or less of spot.

There is another option that can be beneficial when you look to get rid of unwanted jewelry, and that is to donate it to a charity. Many non-profit organizations will gladly take your gold as a donation and give you letter verifying the gift stating that no goods or services were received in exchange for the donation. You can than claim the gift as a write off on you tax return. In this case everyone wins!