Tips For Selling Your Gold for Cash

With gold prices fluctuating it is best to know some facts before deciding where to go.

Understanding how scales work:
The weight of gold helps determine its value, but grams may be converted to Troy ounce to determine the value. Scales in the US 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) to measure a Troy ounce, while others will use grams. A pennyweight is the equivalent of 1.555 grams. To keep valuation simple we just use grams here in San Antonio at San Pedro Jewelry.

Know Your Karats:
Pure gold is too soft to be used alone so it is combined with other metals to create durability and color. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. describe a karat fineness of the alloy. One karat equals 1/24 of pure gold by weight, and so 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals. It is illegal for jewelry to be labeled “gold jewelry” if it is less than 10 karats. It is important to know the karats of your gold to make an informed decision on the scrap value of your jewelry.

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 to some buyers beyond the gold it’s made of. Give us a call 210.451.1212 we can give you an honest assessment.