Buyers advertise in in the media. announcing their gold buyers in Boca Raton will spend the weekend at a fashionable hotel’s convention facility. They claim to be a respected conglomerate purchasing gold. They promise honest grading and weighing of gold pieces and higher prices than you would find anywhere else. The conglomerate really wants to sell Boca Raton residents a scam.
1.Know Weight in Troy Ounces
The weight of gold helps determine its value, but jewelers use a different standard called a Troy ounce. U.S. scales will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. Some dealers may also use a system of weights called pennyweight (dwt).. A pennyweight is 1.555 grams. Be alert that a dealer does not weigh your gold by pennyweight but pay you by the gram, a sneaky way for the dealer to pay you less for more weight of gold! If you want to sell gold boca raton residents must have guards up.
2: Know Your Karats Pure gold is too soft to be practically used so must be combined with other metals to create durability and color. The Federal Trade Commission (FTC) requires all jewelry sold in the U.S. describe a karat fineness of the alloy. One karat = 1/24 of pure gold.. So 14 karats would mean the jewelry was 14 parts gold and 10 parts alloy metals. It is illegal for jewelry to be labeled “gold jewelry” if less than 10 karats.
3: Keep Your Karats Separate
Don’t let jewelry of different karat values be weighed together. Some dealers will weigh all jewelry together and pay the lowest value. Separate your jewelry by karat value before attending a gold party or setting off to the conglomerate’s buying weekend. To sell gold Boca Raton residents need to be Aware.
4:Know the Value
Call a local jewelry store or check with www.goldprice.org, to verify the current market price for gold beforehand. The date of this article, gold was $1315.50 per troy ounce.
5:Know Your Buyer!
Check out jewelry stores and gold buyers registered with BBB. For example, Raymond Lee Jewelers has been the go-to source for expert information relative to fine jewelry in South Florida for over 30 years.
.6:Know What You Are Selling
Some gold items may be worth more when sold as they are, rather than if they are melted down. If your gold necklace or bracelet comes from a well-known designer or maker, it may have a value beyond the gold it’s made of.
7: Be Wary
If you choose to use a mail-away service, and you are hereby advised not to, understand the terms. Send items insured. Always photograph before sending and hold on to all relevant paperwork. To sell gold Boca Raton should be wiser than that choice.
8: Shop Around
Remember, you don’t have to jump at the first offer to sell gold Boca Raton.
9: Appraisal may be prudent.
If you have accrued valuable fine jewelry, have it appraised before selling. The total may render an appraisal not cost effective. Only you can determine if you should appraise it, in case your jewelry may be worth more than troy weight, when you include workmanship, artistic value, and embedded gems.
10: Bring Your I.D.
Gold buyers are required by law to ask sellers for government-issued identification, This requirement is designed to protect consumers by helping police investigate the sale of stolen property and prevent money laundering. All reputable gold buyers comply with these rules.
Consumer Reports’ Money Adviser contributes tips to help you get the most when you sell gold in Boca Raton:
- Refiners — You’ll get close to full market value from refining companies. The problem is refiners buy in bulk. That makes this an unlikely route for you to sell just a few pieces of gold.
2. Local jewelers or pawn shops — Your 2nd best places can be these buyers. Call around to determine what they’ll offer for you to sell gold Boca Raton, once you determine its weight using instructions in this article. Also, check with BBB or online YELP to vet questionable businesses.
3. Gold parties – These are social gatherings helping someone make money from your attendance there. The average paid is about 70 percent or less of the gold’s “spot”l value. If invited to sell gold Boca Raton, decline.
4. Mail-in buyers — The worst deal for your gold and jewelry comes from firms that advertise online, on TV or on highway billboards. Money Adviser magazine, subsidiary to Consumer Reports, checked with Cash4Gold, GoldKit and GoldPaq and stated for the record, “they only pay about 11 to 29 percent of daily market value.”
- Before: Make sure your gold does not have any antique or historical value that would trump its meltdown value! Know if the stones in it are precious gems that should be removed.
Using a simple kitchen scale, weigh your gold piece by piece. Use an online calculator like Dendritics.com to convert the weight into pennyweights or troy ounces.
2. Know What You Have
Know what you have in your collection of gold pieces before you meet with the potential buyer. Twenty-four carat is purest and will demand the highest price per troy ounce. Carat markings in the United States are required by law to have a “K” next to them so “10K” means that the piece is made with 10 carat gold. Do not be conned by someone who states that gold standards are different throughout the world, and the stamp on the jewelry is not accurate.
3. Watch the Scale!
Have your gold weighed in front of you where you can clearly see the scale numbers. You can also test the scale by weighing a standard United States nickel. The scale should say that it weighs five grams, but anything down to 4.9 grams is acceptable for the weight of a nickel.
4. Understand the Measurements
Gold is weighed in troy ounces, or 31.1 grams, while the more common ounce is only 28 grams. When you go to the reputable dealer, they will weigh it piece by piece and not your collection en masse. In order to know your fair price for selling it, you have to convert the grams to troy ounces. It’s common sense to have gold weighed first by somebody other than the buyer. After it is weighed, then meet with potential buyers. That is how you sell gold boca raton!
The Bottom Line
If you’re not convinced that you really want to sell, then hold on to your gold. Know what you have and what it’s worth beforehand