Things to Know With Pawning Gold

Are you sitting on a small fortune inherited from costly jewellery to gold bullion? A terrific way to make quick cash is selling gold. However, you need to be careful when searching for selling jewellery near me. So for all the inside facts, keep reading.

Pawning Gold a Pro’s Guide

The pawnbrokers market is infested with sharks from merciless cons to thieves. Nevertheless, if you know what you are doing, you will be fine. Here are five things for you to understand when pawning gold:

1. Always be aware of the gold price.

As gold is a publicly traded asset, it is similar to looking at the stock in terms of value. Like stock, the worth keeps changing, and if you can be on track with the information, it is an excellent starting point. You will be able to determine the value of gold bullion or jewellery when pawning or selling it.

2. Never combine the karats.

After spending hours trying to find a reputable pawn shop to buy your gold and make a decision, you need to bear the following in mind. When pawning gold, the critical thing is to keep all your gold items separated by carat. You may find that some pawn shops weigh everything to give you an estimate based on the lowest carat worth. Doing this is a bad deal if you have mixed gold or 12-karat and 22-karat. So, know how much carat of gold you have on hand.

3. Keep your eye on that scale.

For weighing gold, pawn shops use pennyweights or grams. A pennyweight is about 1.555 grams. However, when it comes to ounces, people do not measure gold the same way compared to other precious metals that are 28 grams. Instead, people use a measurement known as Troy that is 31.1 grams.

Knowing this is crucial as some gold buyers can deceive you when weighing your luxury gold item. They evaluate it in pennyweight but pass it as grams undercutting your sale price. A fact is that pennyweight is much heavier than grams.

We recommend weighing your gold at home using an excellent scale to do all your conversion to Troy and pennyweight. Then, when pawnbrokers appraise your precious metal, keep your eye on that scale and if something does not look right and does not equal yours, keep moving to the next pawn shop.

4. Ask for verification credentials of pawnbrokers.

Any reputable pawn shop will provide you with their license to sell gold. However, you will also need to provide some identification to avoid selling stolen goods. Hence, if a pawn shop presents you with credentials and asks for yours, you know you are dealing with a trustworthy dealer.

5. Take advantage of selling your gold.

When looking for pawnbrokers near me, always keep in mind that selling gold is something that people want. Visit a variety of pawnshops to get a real deal to use their appraisals against each other. Do not just sell your gold valuables to the first buyer. Always remember to be patient.

Related Articles

Back to top button