With gold prices remaining relativley high, many Americans are still cashing in on the gold craze by pawning their scrap or unwanted gold jewelry. Gold prices soared to over $1,900 an ounce in 2011, but gold continues to be a solid investment. With the proliferation of gold buying establishments, it’s important to know how the value of your unwanted gold items is determined. There are generally three aspects that help appraisers determine how much your gold is worth.
1. Purity – Karat or carat is number that is used to indicate the purity of the gold. As you may know, gold jewelry is often created using gold and other metals, such as copper or silver. The carat denotes how much of gold is in that mixture of metals. The higher the number, the purer the gold, with 24 karat gold being the purest. Gold jewelry is often 10k, 14k, 18k or 24k.
2. Weight – The weight of gold is measured in different units by different countries. Gold buying establishments will often measure your gold in grams using scales that are regulated by a local or state regulatory entity. The amount in grams is then converted to troy ounces.
3. Market – Of course, the price of your gold item will also be determined by the market value of gold. This number changes several times daily and can be affected by many factors. Click here to read what factors affect the market price of gold.
If you are interested in selling your gold to a pawn shop in New York City, stop into Modell Loans. With locations in Manhattan, Brooklyn and Queens and the friendliest, most knowledgeable staff, you can be confident knowing that you’re getting the most money for your unwanted gold items.