3 Easy Step Cash For Gold Checklist
Your biggest weapon at a cash for gold appointment is knowledge of the gold price, and how to break it down by karat. It is a simple 3 step calculation that most cash for gold buyers would rather you not be aware of. It is our mission to shed some light on this subject and educate our customers so that they can find the best place to sell their gold, silver and other precious metals. This article should take no more than 3 minutes to read, and possibly add hundreds of dollars to your next cash for gold appointment.
Back in the day before we had the internet at our fingertips, if you wanted to know the price of gold, you had to do quite a bit of digging to find the gold price. Today, you can find the price of gold with a simple google search. You can even find calculators online that will help you determine the price of your gold broken down in karat value (see calculator below)
To determine the price of your item, There are only two crucial things that you need to know to calculate the proper price of your gold and silver.
- The Gold Purity – Karat Content
- Weight in Grams
It is so simple yet most people don’t pay attention to this information before they sell and leave hundreds of dollars on the table.
1. Finding The Karat Stamp
The best way to find the karat stamp is to make sure you have some good lighting and it should be able to be easily found on your item. If it is a small piece, you might have to use a magnifying glass and some good light to see it. Once you have identified the karat, you can move onto the next step which is finding the weight.
The location of the stamp is usually found in the following places:
- Pendant: Stamp on back
- Ring: Stamp on inside
- Necklace: Stamp on clasp
- Bracelet: Stamp on clasp
- Bangle Bracelet: Stamp on inside
2. Finding The Weight
The weight might be the tricky part because not everybody has a scale at hand. Often times, a kitchen scale will work if it at least goes to one decimal point on the scale. One easy trick is to bring it to the post office to see how much it weighs. You could tell them you were just looking to see how much it would cost to ship it.
If you didn’t want the postmaster to see what you were weighing, you could put it in a lightweight non transparent baggy and have them weigh it for you. You are going to want to find the weight in grams. If the postmaster gives it to you in ounces, just make sure you convert it to troy ounces and then grams. This can easily be converted with a simple google search.
3. Determining the Value
Now that you have the weight and karat you can either do the math yourself to determine the current value, or you can just use our gold calculator if you scroll a little further.
If you would like to do the math calculation yourself, you can watch this short 5 minute video and understand the breakdown of how you can use a simple formula to determine the current price.
If you are like me and don’t like to do math, this calculator will give you the updated daily price of what we are paying at GoldPay for your gold and silver. You can also make an appointment by calling us at 844-332-4242 or Tap To Call Us