When you are looking to sell your gold for cash, you might find that you’ve got a lot of questions to ask about how the process works. In our previous article “How Do Cash for Gold Stores Work?” we outlined what happens when you take your gold or jewellery to be sold at a cash for gold store. It’s a great resource to help you understand what you should expect when selling your gold.
But how is gold weighed for cash when you go to sell it? Unlike other items that you sell by weight, gold isn’t measure in ounces. Instead it is measured in troy ounces. A troy ounce is larger than a standard ounce and it’s important for buyers and sellers of gold to understand the difference. In this article we will help you understand how gold is weighed at cash for gold stores and what that means for you, the seller.
Factors Involved in Weighing Gold for Cash
Pureness – when selling your gold, it can be hard to know the pureness or karat of the gold simply by looking at it. Pure gold is exceptionally soft and most gold jewellery including white and rose gold, is an alloy combining other metals with the gold.
When selling your gold for scrap rather than selling jewellery to be re-sold or restored you’ll need to consider the karat of the gold. The purer the gold the more valuable it will be. If your gold is a lower karat, such as 10 karat gold it would be less valuable as your item simply contains less gold and more of another metal. The level of other metals would not be included in the weight of your gold.
Weight – once the pureness of your gold has been assessed the next step will be to determine how much you have of it. Gold is weighed and sold in troy ounces so this will be the measure at which your gold is weighed. For more information on how gold is measured see our previous article “What is a Troy Ounce?’
How Much Money Will I Make?
Once the weight of your gold has been established you will be given an offer based on the current value of gold. The price of gold is not set, and it can vary from time to time. In order to get the best price for your gold you’ll need to consider what gold is selling for at the time you wish to sell. Sometimes it may be worth waiting for a better price, especially if you are selling larger amounts.
Along with the price of gold you’ll also need to consider how much work a buyer will need to do in order to be able to make a profit. Similar to selling a used car, a cash for gold store is unlikely to buy your gold for the exact price that gold is currently selling for, it’s important to understand this as a seller.
If you don’t know the pureness or weight of your gold, don’t worry. An expert gold buyer such as the professionals at Pinto Gold and Jewellery Buyers can help. We are here to help you sell your gold while feeling knowledgeable and comfortable with the experience. Contact us today to get your free appraisal on your gold items.