More recently, the price of gold has remained below its strong performance back in late 2011 and early 2012, when it fueled the cash-for-gold craze that had many Americans rushing to sell their unwanted gold jewelry. Gold is one of the most popular items that allows consumers to gain access to cash. If you’re thinking about pawning or selling your gold items, you may be wondering what determines the value of your gold item.
However, most are unaware of the potential value of their gold items. Furthermore, they may not understand how pawnbrokers determine the value. There are many factors that determine the value of gold, but the 4 key determining factors are:
Current Price Per Ounce or Gram
This market price of gold is constantly fluctuating (though lately it’s been trending flat). A simple search on Google or any search engine for the “price of gold” will keep you up to the minute.
Original Value
The craftsmanship of your jewelry can count towards the value of your item. The experts at Best Collateral can help you determine if it’s worth melting your item or not.
Karat
The measure of the purity of gold is determined by karat. The purer the gold, the more valuable it will be once melted down. Pure gold is 24 karats.
Weight
The weight of your gold must be calculated in grams or ounces. Best Collateral uses regulated and inspected scales to determine the weight.
Testing the purity and weight of gold items is a simple process. The value of your gold can be determined with great accuracy, and it doesn’t take much time. Furthermore, it’s a great way to get cash when you need it, fast. We have a team a experienced, friendly staff that can work with you to get you the most money possible for the unwanted gold items you carry.