"Cash For Gold!" Cool Checks On The Actual Drama
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Anxious to exchange your gold for cash? If you've read and seen the talk up by TV pitchmen and maybe you are wondering that the only one being taken to the cleaners is you if you fall for it. The truth is, well connected buyers who sell directly to a refinery can pay top dollar - up to a cool 70 percent of the melt (spot) price of gold.
Don't fall for the hothead, do cool checks for prices from gold dealers show a range from 10% to 70% of the melt price. Most gold dealers will pay you only 50% of the melt price, pawn shops pay in the 40% to 50% range.
The firms that publicize on television will reimburse you you the smallest percentage of money. The average is about 33 percent, or 33 cents on the dollar. I've even read of people getting as little as 10 cents on the dollar!
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.
You don't want to be taken in, so ask around for various offers and make the effort to write down the prices paid. Then do your own assessment. Weigh your pieces and multiply against the respective weights. Then multiply against the spot price.
Gold weight is another issue in nomenclature. It is measured in troy ounces. A 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.
What can be bewildering is that your food scale at home uses 28 grams per ounce. Recognize that you are using a somewhat different scale of weight. 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.
If you are a bit puzzled about how to estimate your gold jewelry, find a trusted source to weigh your gold and record your results. Note that when gold prices are ramping up, you'll likely cut a better deal since the dealer is optimistic about getting even more with the rising market. Off topic: save 50% replenishing personal checks at Cool Checks
Article Source: Articlelogy.com
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