You live in Boca Raton, Florida and you have some gold jewelry that you no longer use. Instead of leaving them lying around or keeping them stored in the jewelry box, why not sell gold Boca Raton to earn some money? There are gold buyers in Boca Raton and they pay cash for gold. If you are interested now, do not go to the nearest pawnshop just yet. There are a few things that you need to know first. Surely, you want to get the most out of your gold jewelry when you sell it. The only question is “How?”
When you are ready to turn your gold karats into some cash, it is essential that you look for the one that is considered as one of the top paying Boca gold buyers. If you believe that your precious metal is worth a lot of money, it probably is.
How Much is Your Gold Worth?
Before you sell your gold jewelry, it is important that you know how much your gold is worth more or less. Gold prices fluctuate from time to time, just like other commodities. Nevertheless, the gold price depends on a variety of factors and events including:
- Threats of war
- Karat of the gold jewelry
- Weight of gold in grams
The best way for you to know that you will get the most cash from your gold jewelry is to know exactly how much your gold costs. To do this, you need some basic skills in Mathematics. Do not worry though because there is always a calculator to help you with this task. You also need to weigh the items before you take it to a buyer. To be more elaborate, here are four ways to help you calculate the gold value:
- Know the current price of gold. It is usually in the news, but if you did not catch it, you can go online to find out (for example, Kitco.com). The current price, which you should take on as the current melt price of gold differs depending on the economy. However, it is typically based on a troy ounce of 24 karat gold. It is important here that you know exactly that the gold you have is pure and not just gold-plated.
- Know how much one gram of gold costs. Gold is not your typical metal. It does not use most of the common units of measure like the others: troy ounces. This is a unit that is derived from Ancient Rome where they used the troy weights system. Troy ounces are not like the regular ounces because they weight a bit more. One troy ounce is equal to 31.1 grams and you can use this to calculate the amount of your gold when you sell it. Simply get the melt price of gold right now and divide that number by 31.1.
- Know the gold’s weight. This is fairly easy because you just need a weighing scale. You have to make sure though that you are getting an accurate reading so that you will find out the weight of your gold in grams. Once you get the weight of the gold in grams, you can multiply it with the price for every gram.
- Know the gold’s karat value. The karat system determines the purity of gold. Most of the jewelry pieces today (and even those from the old years) are stamped with the value in karat. You only need a magnifying glass to see the number inscribed in the jewelry piece. It can be 10k, 14k, 18k, 22k, and 24k. However, if it does not say its karat value, you may have to give it to an expert goldsmith and have it evaluated there. The higher the karat, the higher the value of that jewelry piece.
If you know exactly where the jewelry piece came from, there is a huge chance that you can identify its karat value without even taking it to a dealer or goldsmith. The region in which the gold was purchased may tell you the value in karat:
- If it is from the United States, it is most likely a 14k gold jewelry piece.
- If you have bought it in the Middle East or in India, it will be around 18k to 22k.
- If the jewelry came from the Far East, there is a possibility that it is a 24k gold.
Learning about Gold Purity to Sell Gold Boca Raton Successfully
Aside from the karat, you should also know if your jewelry is pure gold. If you already know the karat, it is much easier to determine the purity of the gold:
- If it is 10k gold, it is 41.7% pure gold.
- If it is a 14k gold, it is 58.5% pure gold.
- A 22k gold jewelry piece is 91.6% pure gold.
- 24k gold is equivalent to 99.9% pure gold.
Note that there are more and more jewelry pieces whose purity levels are slightly lower than what they have been marked. In this case, you have to look for items that have the KP mark which stands for karat plumb. This will help you get the full value of the gold you intend to sell. KP means that the amount of gold marked in the piece is the least amount of gold that is present. For instance, if your jewelry is marked 14KP, this means that it is 58.5% pure gold – at the very least. It is highly likely that it has more gold than the listed karat.
You can also get the price of your gold if you multiply the price of gold at the current time per gram by its purity. This is quite helpful especially since most of the jewelry pieces do not have 24k gold. Therefore, you can just take the purity and the price per gram and multiply them.
Getting Ready to Sell Gold Jewelry Boca Raton
Here are the things you need to do once you have finally decided that you will really sell your gold in Boca Raton:
- Organize your piece/s. Perhaps you want to sell more than one jewelry piece. Make sure that you remove all the imitation gold in your collection. All the things that you will bring to the dealer should be pure gold. If you do not waste the time of the dealer, you will most likely get more money.
- Sort them out. Use a magnifying glass to check the labels before you go. They should have the 10k, 14k, and so on stamped on the pieces. You can put all the same pieces in one box: necklaces go with other necklaces; rings go with other rings, and so forth. Make sure none of the items have GP or GF marks, which denote they are only gold plated.
- Research and get quotes. Perhaps you already know how much your pieces cost or perhaps you do not. Either way, it is smart to get quotes first from the Internet before you go to a dealer.
Beware of Boca Gold buyers who will not give you fair payment for your gold. With this guide, you will surely get the most cash out of your precious metals.