In today’s unpredictable economy, many people are looking for creative ways to get their hands on some extra cash. The rise in the cost of living has actually outpaced income growth over the past 12 years, so even with a full-time job and a steady income many people still find it difficult to make ends meet every month.
Fortunately, you may have valuable assets hidden away that you don’t even realize are worth something. Family heirlooms like gold jewelry, currently collecting dust in your dresser drawers or jewelry box, may actually be cashed in for a decent price. If you find that you have gold items that you would like to sell, Gold Coast Jewelry & Pawn is a licensed and experienced precious metals dealer that can offer you competitive rates for your gold.
Before bringing in gold , silver or platinum jewelry or any other gold items to a pawn shop, customers should be educated about the items they are selling and how the selling process works, so they have an idea of what they will be paid in exchange for their items. Keep in mind that the market price for gold can fluctuate on a daily basis.
Tips for Selling Your Gold
Understand the weighing process
The value of gold is often determined by its weight. However, different buyers use different scales. Jewelers, for instance, use a measurement called a Troy ounce. U.S. scales measure 28 grams per ounce, yet gold is measured at 31.1 grams per Troy ounce. Another system of measurement is called the pennyweight, which may be used in place of grams. In addition, all items should always be weighed on a state registered scale that is inspected yearly for accurate weights and measurements.
Understand karats
Some gold items are purer and more valuable than others. Pure gold is considered 24 karat and it is only pure gold that determines the current market price. Because gold on its own is too soft to be used, it is combined with other metals to produce good durability and color. One karat is equal to 1/24 of pure gold. That means that 14 karat gold jewelry is 14 parts gold and 10 parts other metals. It is illegal for jewelry to be labeled “gold” if it is less than 10 karats. Is it essential that you know the karats of your gold so that you can make an informed decision about the value of your item and whether or not you want to sell it.
Do your research
Before selling your gold, check online to verify the current market price for gold. Like any industry, the market price will rise and fall, so you need to be aware of market trends before selling gold to a high-end pawn shop or “cash for gold” business.
Bring your I.D.
Gold buyers are required by law to check sellers’ government-issued identification. This rule is intended to protect consumers and help police investigate the sale of stolen property. Any reputable gold buyer will ask for identification. If they do not ask, consider this a red flag and think about selling your gold elsewhere.
Gold Coast Jewelry & Pawn is a licensed and knowledgeable precious metals dealer that has years of experience in buying and selling gold. We also have an experienced gemologist onsite who can evaluate any items that may contain precious stones or gems. Because of our experience, and the fact that we have all the equipment right on site to determine the exact value of your gold, the entire selling and evaluation process may take less than fifteen minutes. In addition, we often pay higher prices per ounce than anyone else.
Selling gold and other precious metals may be the solution you’ve been looking for, especially if you are in need of immediate funds. Stop by Gold Coast Jewelry & Pawn and let our experienced and knowledgeable staff make the gold selling process simple and profitable for you!
