How Gold Is Priced
© pexels

Gold is a precious metal; a hard commodity with a price that is always fluctuating. In recent years, the price of gold has climbed – something that usually happens when the economy is down. As a result, the gold buying and selling business has been booming. Americans across the country have caught on to the trend, knowing that in times of recession such as these when these prices are high, selling gold is a great way to earn some quick cash.

Gold is valuable because it is not man-made – there is only a certain amount of gold to be found on earth. The good thing about it, however, is that it is recyclable and can be made into jewelry or coins that can eventually be sold, melted down and then reused again and again.

It is because of the fact that gold can be reprocessed, that it’s become popular to sell your scrap gold for cash. Any piece made of gold qualifies as scrap gold. Gold items such as bracelets, thick or thin necklaces, rings, broken or tangled chains, old coins, dental crowns, earrings, pins and even old broken watches are all valuable items that can be sold for cold, hard cash.

A buyer will separate your gold out by its quality. The first thing to be determined before anything else is whether the piece is real gold and if so, how pure it is. The purity of the gold is a factor in determining the price of gold. For example, 24k or 24 karat gold is pure gold, and 18k, 14k and 12k gold signify a percentage of pure gold mixed with other metals.

Gold pieces are always marked with a stamp verifying its purity with an inscription of 10k,12k,14k, or18k. Pure gold, or 24k, is generally too soft to be used for jewelry which is why it is mixed with other metals in jewelry making. Some special coins, however, may be made with pure 24k gold.

It’s the quality and weight of all the scrap gold together that will determine how it is is priced. A professional buyer will separate and sort your gold out into groups by karat purity before putting it on the scale to measure actual weight. Then, it is the daily market price, at the time of evaluation, that is used to give a monetary value to the gold you wish to sell.

Ralph Mueller & Associates has been serving the Valley of the Sun for over 28 years, and have over 60 years combined experience in buying and selling diamonds and precious gemstones between their two senior Graduate Gemologists. Over the years, the company has purchased millions of dollars worth of fine gemstones and jewelry from people all over the world. Visit diamondbuyersofaz.com to have your jewelry appraised by our experts.

LEAVE A REPLY

Please enter your comment!
Please enter your name here