Things To Know Before Exchanging Your Gold For Cash
If you have accumulated a lot of gold jewelry or other pieces that you are finally looking to cash in on, you can help maximize your return by doing a bit of homework before you start searching for local gold buyers. Here are some things that every gold seller should know before attempting to exchange the precious metal for cash.
Gold Is Measured Differently By Some Buyers
Common wisdom holds that 28 grams of gold equals one ounce. But when interacting with a professional gold buyer, this might not be the case. Many top gold buyers use the measurement standard of a "Troy ounce." The Troy ounce dictates that it takes 31.1 grams of gold to equal one ounce. This means that when doing your research and calculating a fair offer, you might technically have fewer ounces on hand than you think you do. Contact your potential buyer and ask what kind of scale they use before you move forward.
Pure Gold Doesn't Really Exist
No matter how expensive the gold jewelry you own may be, it's not actually pure gold. That's because gold by itself isn't strong enough to be formed into specific shapes. All gold jewelry contains both gold and another metal like silver. The way you know how much actual gold is in any piece of jewelry or trinket is by the Karat rating. The higher the Karats, the more actual gold is in the piece.
Don't Mix Multiple Karat Categories Together
Because the Karat rating is so important to determining the value of gold trinkets and jewelry, it's a very good idea to separate your gold by Karat category before you arrive at the buyer. When the buyer goes to weigh the jewelry, they will likely want to weigh gold pieces of the same Karat amount together. If you arrive at their shop with your gold all mixed up, you risk making the process long and confusing, and you might even end up getting some gold of different Karat amounts mixed together, which can lead to a lower offer or at least a massive headache for all involved.
Before you head out to the local gold buyer to cash in on your jewelry and trinkets, try weighing the gold yourself and be sure to organize different Karat amounts accordingly. Once you know how many ounces (or Troy ounces) you actually have and how many Karats of gold are in each piece, you will be much more prepared to negotiate with your buyer.
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