If you are planning to sell your gold, you want to get the best price. You may be wondering, how much is my gold worth? Your gold’s worth depends on the type of gold you are selling Whether it is a coin, bar, scrap metal, or jewelry. Some precious designs or products are more prized or are in greater demand at a given time in the market. Products like gold coins hold their value through resale. If you want to sell your gold jewelry, you won’t get the same resale value.Learn more about why selling your gold online with Gold Cash Buyer’s is a great option. Most of the jewelry today has alloy and other decorative pieces, which leads to a lower value. The refiner will have to melt it and make it in the form of a bar, round, coin, or jewelry.
How Much is My Gold Worth: Determining the Value
You can calculate the value of your gold simply by multiplying the number of ounces by the current spot price. However, this will give you a tentative value. It will give you the upper limit on how much you can expect to receive in a sale. Most of the dealers will be giving you an offer of roughly 90 percent of the spot price. The market conditions may vary the percentage, as it may be higher or lower than 90 percent. If you have a large amount to sell and the dealer is short of supply, you may fetch a higher resale premium.
The worth of your gold will be dependent on the purity of the gold that you intend to sell. For instance, if you have a gold necklace that contains 10 ounces of gold and its purity is 92.6 percent, then you will be paid for 9.26 ounces. The dealer will multiply the gold content with the current spot price. Depending on the reputation of the dealer, prices may vary a bit. Pawnshops offer the lowest rate, sometimes less than 20% of the bullion content.
Consider the Amount of Gold You Have
The size of your transaction also plays a role in having a good price. If you went to a pawnshop with a considerably large amount of precious metals, it can make you vulnerable to burglary or assault. It is not much of a concern if you have to sell $1,500 worth of gold. Although, if you have to sell gold worth more than $100,000, then it is a serious consideration. Obviously, it does not make sense to carry gold worth millions of dollars into a pawnshop. For transactions this big, privacy and security are the topmost considerations. Our gold cash buyers are here to help.
Gold Price Calculator
You can also get the value of your gold by using the Gold Price Calculator on various gold trading websites on the internet. It is the fastest way to know the worth of your gold. In the United States, the minimum recognized purity for a metal to be called “gold” is 10K. Still, under-karating can occur and it is nearly impossible for the average consumer to spot. If it is possible, weigh your gold onset of a jeweler’s digital scale. Be careful if you use digital kitchen scales, as most of the units weigh in increments of 5 grams. You need to know the weight in grams, preferable to one-tenth of a gram. Furthermore, you need to enter the weight and purity of your gold into the Gold Price Calculator and get to know the price in the preferred currency.
Here at Gold Cash Buyers, we guarantee fair market appraisals with a top-dollar offer in as little as 24 hours. If you have any questions, don’t hesitate to give us a call at our toll-free number 1-877-857-6227.