subject: "cash For Gold!" Cool Checks On The Regular Story [print this page] You've seen the commercials, "Sell Your Gold For Cash!" Before you fall for the cool hype, check this out. You may be getting less than 10% of its worth if you don't do some comparison shopping.
Stay away from making an instant decision because of some soapbox orator and do some cool checks on prices. You'll find that the prices range from 10% to 70% of the melt price. Pawn shops offer between 40% to 50% generally, gold dealers try to get your gold for 50% of what it is worth.
The TV rabble-rousers and heavily advertised sites give you the least for your gold. Surveys find that they offer 10% to 33% of the melt price for your gold.
So you don't get burned, you need to know the weight and purity of your gold. Pure gold is 24 karats. Usually it is combined with other elements since pure gold dents easily. 12 karat gold is 50% pure. 18 karat gold is 75% pure. 14 karat is 66.6% pure. If you had one ounce of 18 karat gold and the spot price was $900 then $900 x .75 equal $675 worth of gold at the melt price. If you find someone who is going to give you 70 percent of the melt price, they should pay you $675 x .70 = $472.50.
The message given is to call around and make note the various prices paid. Weigh your items and pencil if they are 18 karat, 22 karat, 14 karat, etc. and their individual weights.
Gold weight is another matter where you need to beware of. There are 20 pennyweights in a troy ounce. The measure used to weigh precious metals of gold, platinum and silver, a pennyweight (abbreviated dwt.) is equal to 24 grains and there are 20 pennyweights in a Troy ounce.
Food scales are instrument measuring grams. Note that Troy Ounces: A unit of apothecary weight equal to 480 grains or one twelfth of a troy pound and Grams: A metric unit of weight equal to one thousandth of a kilogram.
It can be a bit confusing if you're not used to the measuring system. If that is the case, have your gold weighed by a trusted acquaintance or professional who is in a position to help if you are not going to do it yourself. Additionally, when you sell your gold, you'll be more likely to get a preferred price when the gold market is going up since the dealer will think he can get a more suitable price as it is increasing. Off topic: save 50% replenishing personal checks at Cool Checks
by: Peggy Scott
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