When you sell your gold, it’s important to understand how the process works to ensure top dollar for your valuables. And when it comes to selling, it’s a good idea to know how prices are determined from the get-go so you feel good about your sale. From an investing standpoint, understanding how gold can impact your financial portfolio is critical when it comes to making the most of your money.
In the many years of experience I’ve had buying gold, here are the top 5 questions when it comes to selling or buying this precious metal.
Q: What is my gold worth?
A: You should expect to receive anywhere from 80%-85% of the assay value for your gold (unless there is any collector value for the item which would increase the value). The assay value is the equivalent of the melt value of the gold and is calculated by taking the weight multiplied the purity of the metal multiplied by the spot price of gold.
Q: How do I determine the purity of my gold items?
Most modern jewelry is stamped to indicate the karat value. For example if you have a jewelry item marked 14K it is 58.5% pure gold. Since 24K is 100% pure you simply take the karat weight divided by 24 (14/24 = 58.5). If your item is not marked, a precious metals dealer can determine the karat value by completing a simple acid test. The jewelry is lightly scratched on the surface of a stone and varying levels of acid are dropped on the stone to determine the density or karat value.
Q: How are gold prices determined (aka spot price)?
A: The pricing of gold is determined by trading in the gold and derivatives market. Each day, the pricing is determined through a process called Gold Fixing in London, England. The daily benchmark price is then what determines the rate (cost) of gold. Log onto UnitedCPM.com and check out the current rate of gold, updated every 30 seconds for the most complete and accurate information.
Q: What kind of gold do you buy?
A: We buy any kind of gold, whether it’s a coin or a piece of jewelry or anything in between. As long as it is made of gold, we will buy it. You should note that gold comes in different karats – 10K, 14K, 24K and rarely some other types of karats. Karats will influence the actual price of your gold piece, but we will still buy it no matter what how many karats. Come in and see us with any of your gold pieces. You will receive an offer on the spot. If you can’t come into the showroom, we can always work with you via certified mail.
Q: My gold jewelry is broken. Will you still buy it?
A: Absolutely! Your gold items can be in any condition whatsoever. As long as your valuables are made from gold, we will make you an offer. If you have other gold items such as statues, clocks, pocket watches or vases, we will also consider those valuables as well no matter their condition. Come see us for an instant quote.