There’s a lot of money to be made in the gold business, and prices continue to rise as a modern-day gold rush ensues. With all the gold buyers out there, it can be hard to separate the true experts from the novices. In this article, Michael Matthews Jewelers offers some tips for success when you sell gold in Tarrytown NY.
Determining the Value of Gold
There are three variables that determine the amount you’ll get for your gold: its purity in karats, its weight, and its current price on the stock exchange. 24K gold is nearly pure, very soft and a bright yellow. To offer increased hardness and different coloration, other metals are often mixed in to make 14K or 10K gold.
The purity of gold is tested with fluorescence scans, scratch and acid tests and electronics. Once its purity has been determined, the jewelry is weighed and its gram value is measured against the market price.
Getting the Most for Your Gold
As prices increase, two variables remain constant: weight and karats. However, gold’s spot price can rise or fall by the minute, and the price you’ll get can vary depending on the jeweler. Gold buyers are not under a set of rules when purchasing gold; they can give you 100% of the market value (leaving themselves with no profit), or they can give you only a percentage and make an enormous profit at sale time.
What Happens to my Gold and Gemstones?
Gold buyers and jewelers sell their gold to refineries, which pay 90% of market value or more. The gold is melted down before being sent to other refineries, but gemstones are not-;and you should ask your buyer where they’ll go. Good gold buyers will offer to remove and return your gemstones, but often charge a premium for the service.
Selling Your Gold
When people are selling gold, their first concern is where to go to get the best price. Below, you will find some tips on finding a suitable buyer.
- Base your decision on reputation. Choose a jeweler or gold buyer who has established themselves in your community.
- Check reviews. Many websites offer consumer reviews, which can help you make a decision.
- Be wary of unreliable operations. You should sell your gold to a store with a physical address-;and you should visit the location before you Sell Gold in Tarrytown NY.
