Gold has been around for ages. It is a highly sought-after precious metal and in this last year, the price has increased rapidly! The price of gold hasn’t slowed down and this past year it has been at an all-time high. Per Apmex (https://www.apmex.com/gold-price) the spot price for gold today is $1784.10. This is a good time to consider selling your gold, gold bullion, and scrap jewelry. In the current economy, you might find you need extra cash to make ends meet due to job loss, health emergencies, or the rising cost of goods.
When selling gold or precious metals, the market fluctuates. It is important to understand the terms used in the market and what it means when selling your gold.
What does Spot Price Mean?
Spot Gold Price means the price that one ounce of gold could be bought or sold immediately. The spot price goes up and down in the gold market and is dependent on current events, the stock market, what’s happening in the world, and market conditions. Each dealer, or person you are selling your gold to as a gold buyer, has a premium which is their cost for doing business, such as melting and refining the gold. This cost is added to the price of the gold if you are buying gold, and it is deducted from the price you will get if you are selling your gold. Each gold buyer has different costs associated with how they do business. Selling gold online may yield a higher payout because the cost of doing business is lower when compared to a gold buyer who owns a brick and mortar store such as a jewelry store and the associated costs of running that business.
The gold spot price is based on 24k gold or 99% pure gold. This type of gold is often found in gold coins, bullion coins, and gold bullion. It is soft and pliable, and thus it is not used in making jewelry because it easily scratches.
Not all gold is 24k, and the gold may be 10k, 14k, or 18k, and each has a different purity content. The spot price is based on the purity of the gold. For instance, if you want to sell broken jewelry that is 10k gold, it will bring a lower price value when compared to selling gold coins that are 24k.
How to Tell if My Gold is Fake
Magnet Test
Gold is one of the precious metals that can be difficult to tell if it is fake. A magnet test is one way to separate fake gold from pure gold. Gold is not magnetic. When you place a strong magnet against the surface of your necklace or ring, it won’t move or stick. If it does, it is not gold.
Hallmark
Gold is marked with a “hallmark.” Most jewelry will have a stamp placed by the jewelry indicating the gold content. Look at the inside of a ring or the back of a pendant. If the stamp mark – hallmark reads 14K, it is 14 karat gold and has a purity of 58.3% gold content.
Discoloration
Gold doesn’t rust or discolor. Discoloration may also happen on your finger if you are wearing a ring that isn’t gold. Did you ever notice a green ring around your finger after wearing a ring you thought was pure gold? The discoloration on your finger will wash away just like because it isn’t gold.
Ceramic Test
Some people will do what is called a ceramic test. A ceramic test to determine if your gold items are truly gold is done by scraping your piece of gold jewelry across a piece of ceramic tile or a ceramic plate. Now be warned this may damage your piece. If the gold piece made a gold scrape across the plate, it is more than likely gold. Other metals won’t leave this gold mark on the plate or tile.
Expert Appraisal
A tell-tale way to determine if you’re selling gold coins, gold bullion, or scrap gold that are truly gold is to find an expert to authenticate your piece. Pawn shops and jewelry stores have gold experts who can determine the purity of your gold before you sell it.
At Parker Pawn, we have three stores located in or around Fayetteville, North Caroline, with experts who can appraise your gold. At the same time, you wait and if you are interested in selling gold jewelry or selling gold bullion coins. We are a reputable gold buyer, who you can feel confident to sell your gold and leave with instant cash.
Characteristics of Gold
All that glitters is not gold. Gold has different percentages of purity and spot price is based on the purity of the gold you are trying to sell.
24k Gold
24k gold is 99.9% pure. It won’t stick to a magnet, it won’t discolor, and it will scratch the ceramic tile. It is what spot price is based on. 24k gold has not been mixed with any other materials and is the purest of all gold types. It is the most expensive gold to use and is fairly uncommon in the United States to use for jewelry. It is soft and bends, scratches, and doesn’t retain its shape very well if used for rings or wearable jewelry. It is not used in jewelry because it doesn’t hold its appearance over time. It is used in bullion bars and gold coins. The color of 24K gold is bright and orangish. With this, it is not very attractive and doesn’t look as nice if used for wearable goods.
24k gold is the best purity of gold to sell to a gold buyer if you are looking to make a lot of money and get instant cash.
18k Gold
18k gold is 75% pure and thus has 25% alloy materials such as nickel. It is the purest form of gold that is used for jewelry and everyday practical wear. It will scratch because it is still soft in nature. It is more yellow in color and more attractive when compared to 24k gold. 18k gold is still expensive and items made from 18k gold can be expensive.
14k Gold
14k gold is 58.3% pure and thus has a 41.7% alloys, such as nickel, copper, silver, and zinc. 14k gold is used in most jewelry because it is affordable and durable. It doesn’t scratch as easily as 18k or 24k and it will hold its shape well. Most bridal sets, engagement rings, and gold jewelry is made using 14k gold because of affordability, and a pleasing yellow-gold appearance.
10k Gold
10k gold is 41.7% pure and has 58.3% alloys of nickel, copper, silver, and zinc. 10k gold is durable and doesn’t scuff and scratch. It is affordable for most people. It has an appealing pale yellow color. It is used in wearable jewelry and is a practical choice. Because it has less gold content it will not bring as much money if you are selling gold to a reputable gold buyer when compared to 24k.
Do You Have a Hidden Gold Stach To Sell?
Selling gold is an option for many people who are in a situation where they need money for an unexpected financial burden. With the gold spot price where it is at in the current economy and a fluctuating stock market, you may have a hidden treasure you can liquidate for instant cash. Whatever your situation, you will want the best price for your gold coins, gold bullion, gold jewelry, and gold bars. Finding a reputable gold buyer is a must. Many different places are buying gold including online buyers, jewelry stores, and pawn shops.
Locating gold you have is easily done. Look in your garage, in boxes you moved from your relatives’ home when you were cleaning out their estate, look in your jewelry box. Old gold jewelry, rose gold, scrap gold – broken gold jewelry, gold coins, gold bullion, are all desired by gold buyers. If you aren’t sure if your old gold jewelry is gold plated have it tested. As you search through your jewelry box you may even come across silver jewelry, silver bullion, and silver coins you could also sell. Whatever the source, it may be an opportunity now to sell the gold for a fair price and get instant cash.
Where to Sell Gold
Gold can be sold in many places. It is sold online, in local jewelry stores, exchanges, and at pawn shops. Whichever place you chose, do your homework and make certain the place you chose is trustworthy and reputable.
Online Gold Buyers
Online gold buyers are an option you may decide to explore. These agencies are able to buy gold for a higher price because they don’t have the same overhead as brick-and-mortar stores. There’s no heat bill to pay or maintenance bill, thus the premium is lower. The gold buyer sends a mailer to send in the gold and the payment is returned. There is some waiting for payment so if you need cash fast this may not be the best option.
Jewelry Stores
Jewelry stores will often buy gold, old gold jewelry, or estate jewelry. The jewelry store is going to give you the value of the gold once it is melted down. They will compare the item you brought in, its purity level, and compare it to the spot price of gold on the day you bring it in. There may be a waiting period for payment and a cost for service may be added.
Pawn Shop
A pawn shop is a great option when you want to buy gold, sell gold, or liquidate gold jewelry, gold bullion, and gold coins. The process is quick and easy and customers leave the store with cash in hand. They also buy other precious metals like silver coins and silver bullion.
Pawnshops offer many services and they are gold buyers who have the ability to loan money on gold. If you found a gold coin you received as a gift from your grandfather and you really don’t want to forfeit it to an all-out sale, a pawn shop can work with you to set up a collateral loan against your gold coin. Once the terms of the loan are met, your gold coin is returned. It’s a win-win for everyone.
Are Pawn Shops Safe?
There are various perceptions about what a pawn shop is and isn’t. This all affects what pawn shop you go to so you can buy, sell, and pawn items. You may be wondering how to decide if a pawn shop is safe and a reputable gold buyer.
Let’s Look at the Image
Consider this when you enter a pawn shop. What is the image? As these questions to yourself. Is it neat, clean, and organized? Were you greeted when you entered the store? What is the merchandise you see on the selves and behind the glass? Are there jewelry products and are they displayed safely and neatly?
Have You Heard of the Pawn Shop or Events it Sponsored?
As you research what pawn shops buy gold and other precious metals, have you seen the pawn shop on Facebook, Instagram, Google? Are their reviews about the store? Has the shop been involved in sales, parking lot picnics, or holiday events? Pawn shops should be putting things together to meet the needs of their community. e
What is the Location of the Pawn Shop?
Pawn shops are scattered in all areas of the United States. They provide a service for the community through selling, buying, and loaning against valuable items. When you enter a pawn shops parking lot you should feel safe like you are going into any other business. The parking lot should be well lit and parking available for all of its customers. The storefront should be approachable and the sales floor open and inviting. Team members should be friendly and helpful and willing to explain any process you want to explore.
All pawn shops have to adhere to governmental regulations that govern their transactions and the ways they do business. Did you feel that the interaction you had was transparent? It should be.
Parker Pawn & Jewelry
At Parker Pawn we have 3 stores ready to help you with your cash needs. We have gold experts who understand the different types of gold, gold spot, premiums, and how to get you the most cash rather you are selling or wanting a collateral loan.
When working with our knowledgeable team we will appraise your gold and give you an explanation of the selling process as we go through it. Sometimes we get questions like “why aren’t you buying my gold at spot?” We are happy to explain the current spot value and the premium we add for the time it takes us to melt down the gold, process it, and any other overhead associated with providing our gold buying/loaning service.
Additionally, if you are bringing in coins, we will walk you through the process as well. For instance, an American Eagle, for example, carries a much higher premium than a generic round. This is because the American Eagle was minted in the United States and stamped as such. Rounds will always be worth slightly more than their face value due to how they are made. Your perfectly optimized content goes here!
Our pawn shop has an ever-changing inventory of silver bullion, silver coins, silver jewelry including sterling silver, gold coins, gold bullion, and gold jewelry. We are not only the place to come if you are selling your gold, we are the place to come if you are buying. We buy and sell other precious metals as well. We watch the current market price on all precious metals and have experts who can determine how much pure gold your item has in it. We have a fast, confidential, and easy process to buy, sell, or loan on anything comprised of precious metals and the bonus is we will get you the best price.
