Over the past 5 years, gold has soared to record highs. Now, in these tough economic times, many consumers are wondering how to sell their gold. When you want to sell gold, there is one important rule of thumb: an educated consumer is a smart consumer. First, pure gold is 24 karats and based on one troy ounce, which consists of 31.1 grams or 20 pennyweights. One pennyweight is equal to 1.555 grams. Because gold is a very soft metal, almost all jewelry contains less than 24 karats of gold. In order to determine how much pure gold is in the item, you need divide the karat quality of the gold by 24. Most gold jewelry sold in the United States is in the form of 18k karat, 14 karat, or 10 karat gold. So 18 karat gold is 75% pure, 14 karat is 58.3% pure, and 10k gold is 41.7% pure. There should be a karat stamp somewhere on the piece of jewelry, although this is not required by law in the United States. We buy and Sell Gold in Los Angeles.
You probably have old, unwanted, and broken jewelry and while you know where to sell gold you may not know where the best place to sell gold is. The best place to sell gold really depends on you, but there are two general choices when you want to sell gold.
Pawn Shops: Selling to a normal pawn shop is really more of a negotiation so unless you like to haggle or want to spend a few hours in time and gas driving around for the best price, a pawn shop is probably not the right choice for you.
Local Jewelers: The local jeweler is often generally viewed as a trusted merchant. It is very similar to buying a used car and just taking the car dealer’s advice — car dealers do not list prices, do not tell you the value of what you have, and you never know if you are getting a good deal. The jeweler always has more information than you, and will use it to his advantage.