Glossary Of Gold Terms
You may already know a fair amount about gold, but to fill in any holes you might have, heres a glossary of terms you should get familiar with when looking to sell your gold.
Ask and Bid Prices. The ask price is the price a precious metals dealer has set for a bar or coin, also known as the selling price. The bid price is how much a dealer is willing to pay to purchase or buy back a coin or bar.
Assay. A test to determine the fineness and weight of a precious metal.
Avoirdupois. The weighting system used for commodities, except precious metals, stones, gunpowder, and drugs. For example, corn, wheat, meat and other common items use the 16 ounces equals one pound unit of measurement. One avoirdupois ounce equals 28.35 grams or 437.50 grains.
Metals stones, gunpowder and drugs are weighted according to a Troy ounce. It is heavier than an avoirdupois ounce. One troy ounce equals 1.09714286 avoirdupois ounces. One troy ounce equals 31.1035 grams
Comex. Located in New York City, Comex is a division of the New York Mercantile Exchange and one of the worlds major commodities futures exchanges where gold and silver are traded.
Fine weight. The precious metallic weight of a coin, ingot, or bar, as opposed to the items gross weight. The gross weight also includes other alloys. For example, a 1-oz Gold Eagle has a fine weight of one troy ounce but a gross weight of 1.0909 troy ounces. The .0909 troy ounces are composed of other alloys.
The Types Of Gold Jewelry We Buy:
14k gold is the most popular purities of gold available. Most gold jewelry is stamped with its purity, also known as karats. A karat is one part per 24, so 14 karats is 14 parts gold and 10 parts other metals. A typical European stamp on 14k gold might read 585, meaning 585 parts of gold per 1000, or 58.5% gold. Check if your jewelry is stamped with either: 14k, 14kp , 585 or even 583.
You can sell your white, rose or yellow gold rings at any Canada Gold location. If you are selling a gold ring with a diamond that is more than .25 carats, it is best to visit our Vancouver or Surrey locations where our GIA certified gemologist will accurately grade and evaluate your diamond . Gold rings set with gemstones can also be sold, however we will subtract the weight of the gemstone .
It is rare to find gold necklaces of a higher purity, as it is extremely soft and impractical unless fabricated with large thick links.
Some Chinese gold bracelets are made from pure 24k gold, and are usually stamped with a 999. However gold becomes very soft as it increases in purity, so pure gold bangles and bracelets, and even 22k gold are less common because they bend very easily.
Large heavy chains arent as fashionable as they used to be, so cashing in your unwanted gold chains makes more sense than letting them collect dust!
How Can You Tell If Gold Is Real
This actually applies to gold you already have, as well as gold youre considering as a purchase.
There are several possible ways to test gold to see if it is real. Because of golds unique properties, it is difficult to produce fake gold but that doesnt mean people dont try.
Gold is one of the densest metals on earth, meaning that any metal used to attempt to replicate gold will be much less compact. If you have gold bullion and coins of a purported certain weight, you can simply weigh and check the size of your bullion which is made to a set of specifications that make a reference point comparison relatively easy to do.
Another simple test is to use a magnet. Unlike most metals, gold is not magnetic, so a real gold bullion coin, bar, or piece of gold jewelry will not stick to a magnet. You will need to know if your pieces have other types of metals or not.
Gold also has a distinctive ping sound when it is struck. Precious metals will have a high-pitched ringing sound when struck, as opposed to base metals that will have a much shorter and duller sound.
You can also drag your gold over an unglazed ceramic plate applying slight pressure. If you see a gold mark on the ceramic once youve done this, then the gold is real. But if the mark is black then it is fake.
Different strengths of acid are available to test different carats, so gold that doesnt react to the acid is at least as pure as the carat rating suggested, if not higher.
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When Should I Sell My Gold Is Selling Gold For Cash Worth It
If you have to ask yes, sell your gold! Again, it is better to have cash that you very much need now to pay essential bills like rent, a car note, or utilities instead of gold coins, gold jewelry, bullion or scrap sitting in a drawer, or safety deposit box.
It can also make sense to sell gold for other investments, including stock funds in a retirement account, in real estate, or even education or a new business.
How Pure Is Raw Gold
Raw goldis 100% pure gold in its natural state, and always contains some kind of impurities.
When these impurities consist of other metals, the gold is considered to be an alloy. The most common metal to be found with gold is silver, but gold can also be found with copper, iron, and lead impurities as well.
Raw gold is commonly found as 18 karat gold, it can be as low as 14 karats in purity.
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How Do Designer Jewelry And Custom Jewelry Prices Get Figured Out
Custom Made Engagement Ring
If you have a one-of-a-kind custom-made ring created for you, your price to be paid will be greater, than a ring of similar weight and style that was factory made. The cost of a custom made ring includes the time of t he designer to create it, as well as the wax carving or CAD/CAM creation, casting, polishing, setting and adding the special finishes or textures plus any engraving that make your ring unique.
A custom wedding or engagement ring has no economy of scale because it is one of a kind. So expect to pay more for the singular care that goes into its making.
What Is The Gold Spot Price
The spot gold price is the price that gold will sell for today on the spot. This price changes daily and is the standard used by dealers to set their prices to buy from consumers.
It is expressed at the current price that one troy ounce of gold can be bought or sold based on an unfabricated form of gold. Unfabricated means the gold is in a raw form before it is struck as a coin or poured into a bar.
Many factors influence the spot price of gold. Market speculation, current events, supply and demand and other things will impact the rise and fall of spot gold prices. Keep in mind that gold is constantly being bought and sold around the world, not just in the United States.
This 24-hour a day action includes gold being sold on exchanges in New York, Sydney, London, Hong Kong, Tokyo and Zurich. As prices rise and fall in each of these markets, it impacts prices throughout the world.
If you are actively engaged in seeking to sell gold, or will be doing so over a period of time, youre smart to keep up with the spot price of gold to help you get the most money when you sell, and get the best price if you intend to buy.
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What Alternatives Do You Have
Selling your jewelry for cash is not the only option you have if you want to get rid of an old item.
You can ask at the jewelry store if you could exchange your piece for a new one and pay in cash the difference in value.
You wont be able to get nearly as much as the jewelrys original price, but the store may offer you a better deal on the value of your old item if you are going to buy a new one there.
Where To Sell Jewelry Online
There are plenty of places to sell your jewelry online. This can be a good option if you have a unique piece or your offers from local buyers are too low.
One disadvantage of selling online is having to mail in your jewelry. The process can take several weeks to complete shipping, appraisal, and payment process.
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Get An Independent Appraisal
Any legit jewelry vendor will appraise your jewelry to make an offer. While many vendors are trustworthy, you should get an independent appraisal first to compare appraisal values.
Many jewelers provide free appraisals. However, you may need to pay several hundred dollars to receive an official report to keep for your records.
Knowing how much your jewelry is worth gives you a better idea of where to sell your jewelry. For example, you may try selling valuable pieces at an auction. But it may be better to save time and sell lower-quality jewelry for scrap value to make money quickly.
What You Should Know About Selling Gold
In their lifetimes, more people will sell a couple of used cars than unload gold jewelry. So it’s key to take time to understand the process to get your best price as you hear more about record gold prices.
Some tips include:
- Know the current market price. Call stores to get quotes. See www.goldprice.org as a guide.
- The higher the karat, the more gold content. Different karats say 14 karat and 10 karat should be weighed separately and priced accordingly.
- Find a trustworthy appraiser for special jewelry.
- Ask whether there is a charge for removing the diamonds or stones.
- Be cautious when someone promotes the “best price” on gold. You still might need to negotiate.
- The Michigan Precious Metal and Gem Dealer Act requires precious metal dealers to register with the local government or local police agency where they intend to do business. Precious metal dealers must keep a permanent record of each transaction, and must keep all precious items received for nine calendar days. The idea is to make sure the item isn’t stolen. A driver’s license or identification is required to sell gold.
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Evaluate The Gold And Stones Separately
If your gold jewelry has stones set in it, find out how much they are worth if sold individually.
There are gold buyers that will purchase your jewelry with its diamonds or other gemstones, but you should be aware of their value so that you know if you are getting a good deal.
Ask several gemstone dealers how much money they would give you for your stones only, and then ask gold dealers to give you a price only for the gold in your jewelry. It might turn out that you would be better off selling your stones and gold .
Why Should You Choose Muthoot Gold Point To Cash For Gold
Muthoot Gold Point is one of the trusted companies in the precious metal space. We buy Gold from the customer for market value and promise to provide the right amount for Gold.
- The process is 100% transparent and efficient.
- Selling Gold in its old condition, which may affect its weight and overall valuation. Muthoot Gold Point cleans the Gold with the ultrasonic machine right in front of the customer. Cleaning dirt from Gold helps estimating the appropriate value.
- Advanced XRF machines are used to check values, weight and purity of the Gold.
- At Muthoot Gold Point, the customers can sell Gold for cash. Our services are designed to meet requirement of every customer.
- The current market price is used every time while evaluating Gold.
- Up to 3 decimals points are considered as shown on the weighing scale. It helps with the accuracy of the overall weight, and hence the highest value of the Gold is assured to the customers.
- Muthoot Gold Point uses high quality crucibles to melt the Gold which do not retain any Gold on it after melting.
- A customer gets up to Rs. 10,000 cash is direct. Amount more than Rs. 10,000 is instantly transferred to the customers bank account.
- One of the most trusted companies to exchange Gold for cash in India. Muthoot Gold Point is the part of Muthoot Pappachan Group which has legacy of more than 133 years built on trust.
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Should I Have An Appraisal Done Before Trying To Sell My Gold
Yes. The more due diligence you can undertake, the more likely it is that you will get as much as possible when you actually sell your gold.
Although no paperwork is required when selling your gold, if you have had an appraisal done, be sure to bring it with you to support your ability to negotiate with a dealer.
How To Tell If Gold Is Real
Check for a stamp. A real gold item will have a purity marking on the back or inside. This stamp is typically either a carat number, such as 18K, or 12K, in the shape of a rectangle with the corners cut off, and with a number inside. Here is the meaning of those numbers:
999 = 24 karat, 99.9% gold990 = 22 karat, 99% gold 916 = 22 karat, 91.6% gold 750 = 18 karat, 75% gold 585 = 14 karat, 58.5% gold 375 = 9 carat, 37.5% gold
How to tell if gold is real with a lighter. Hold your gold jewelry or coin to the steady flame of a lighter or oven .Real gold will get bright hot after a while, but will not darken. Fake gold will darken or otherwise change color when exposed to fire. Also, if the piece is gold-plated , the thin gold plating will melt, revealing the inner metal.
Test your gold with a magnet. Gold is not magnetic. Using an extra-strong magnet , see if your gold jewelry is attracted to the magnet. One side note, sometimes a real-gold bracelet or necklace will have a clasp that is not made of real gold, and will be drawn to the magnet, while the rest of the item will not.
Float test. Real gold will not float, and will not rust. Drop your gold into a glass of water. If it floats, it’s fake.
Skin test. Real gold jewelry will not turn your skin black or green.
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What Is Gold Worth
Gold is a precious metal, but its also a commonly traded commodity. The market price for gold changes every single day.
For example, gold cost $1,819 an ounce on February 12, 2021.
To know what gold is worth, youll have to look up that days prices. You can easily do this with a quick internet search.
The price that you see quoted is the price for pure gold. Not all gold jewelry is made of pure gold. Gold is a very soft metal and can easily get damaged.
It is often mixed with other metals, such as copper and silver. This reduces the purity of the gold, reducing its value.
Gold purity is measured in karats. Common karat ratings and their associated purities are:
- 24 karat 99.9% pure
- 12 karat 50% pure
- 6 karat 25% pure
If you have four ounces of 6 karat gold, you only have one ounce of real gold.
The other three ounces are other metals that are alloyed with the gold, so the price you can get for the gold will reflect how much of its weight is pure gold.
Why Do People Invest In Gold Or Silver
Precious metals, like gold, silver, and platinum, are liquid assets. In other words, its easy to sell them. This is particularly true for bullion, the purest form of metal.
In addition, theres a high degree of privacy with silver or gold investments. You dont need financial consultants to purchase or sell them.
Finally, precious metals tend to hold their value well during times of inflation.
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Where Is The Best Place To Sell Gold Bullion
There are many places you can sell gold bullion. The trick is finding a gold buyer that will give you the best price for your gold. People often sell gold bullion on eBay. If you go this route, dont expect to get the same prices you would see from an authorized dealer.
Authorized dealers are probably the safest route for sellers. You can either find a dealer locally or go online and expand your search. Again, we recommend Cash for Gold USA as your best option.
Some Quick Guidelines Before You Go To One Of These Places
Pure gold is currently paying about $1250 per ounce. By going through the math, this means that 10 karat gold will scrap at about $16.35 per gram. And 14 karat gold will scrap at $23.50 per gram. Scrap prices refers to what these large companies get paid when they send in this gold to be melted, which is what most of them do with your gold. This means that its nearly impossible for you to ever get offered more than this amount for your gold. In fact, more than likely, it wont even be close to this number. As I mentioned earlier, this is because of the convenience charge these stores get for being market makers. However, the closer you can get to these numbers, obviously the better.
2) Your second option is to go a pawn shop. Many people recommend going to pawn shopes over the We Buy Gold places because often these shops pay significantly more. I recently sold some gold myself and this is exactly what I did. Ill detail my experience selling gold later in the post.
3) Finally, you can always just wait. Hold on to your gold and wait for the price to go up. Gold fluctuates. But in the long-term, it has always gone up. If you dont really need the money, it might be the way to go. Save it for that rainy day.
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