The most significant tip that any expert will provide to you is not to sell your gold to anyone outside of your town. Always look for established and reputed shops for selling gold or even if you want to avail gold loans. You will come across several temporary sources to sell your gold and a few may even book reputed hotels for such conventions. All may not have the best intentions and work towards your interest. Therefore, it is prudent not to take chances as you will have no or very limited recourse. It is your hard earned money you need to protect.
Avoid Gold Parties
Even if you come across gold parties in your friend’s house abstain from selling gold here for cash. The person hosting the party typically in his or her house usually works for a gold buying company and will get a commission of the amount of gold purchased. In these parties, you will often get lowball offers just as you will get in any unlicensed shop that offers cash for gold NYC. While dealing with gold, you must always follow the instructions and tips to sale gold of The Better Business Bureau to get the best value for your gold.
Know The Scales
The value of your gold will largely depend on the weight. This weight is starkly different from weights and measurements that you are usually aware of. The jewelers use a specific standard that is called a Troy ounce. According to US scales when the weight is 28 grams per ounce, for gold, it will be 31.1 grams as per Troy ounce. To measure the Troy ounce, a few dealers may use a different system of weight called pennyweight or DWT. On the other hand, there may be a few that will use simple grams to measure the weight of gold. In a pennyweight system, it is equivalent of 1.555 grams.
The Karats Text
Another important factor to know about gold is the karat. Ideally, pure gold is too soft a metal to work on. Therefore, it is combined with other metals so that it is easy to carve on it and to make it durable and give the actual color. The Federal Trade Commission and other gold grading organizations require gold to be priced and sold according to the karat fineness of the alloy. One karat is equivalent to 1/24 part of pure gold in weight. Therefore, 14 karat gold will have 14 parts gold and 10 parts other metals. Any gold medal having less than 10 karats cannot be sold as “gold jewelry.”
Keep Karats Separate
To know the exact value of your gold do not let the trader weigh gold of different karats together. Ideally, you must separate all karat values and weight it separately. Otherwise, you will get paid for the lowest karat value even if a few items have a higher value. It is best to visit different local jewelry stores or check the value on any online source for gold pricing.