This article is going to answer a lot of common questions most people have when it comes to selling their gold to a gold buyer. Today, let’s talk about how gold gets it value. A question almost every seller has is how much do you pay for gold? Or what is the percentage you pay for gold? Or the question I get over the phone that I just want to slap people for is this: I have a 14k ring (bracelet, necklace, etc.), how much do you pay for it? Come on man! The real answer I don’t say is, I have no freaking idea because I have never seen your item. 

So seriously, don’t ask that question; and this is why. We’ve paid anywhere from fourteen dollars to four hundred dollars for a 14k ring. Now you see why I can’t answer that question? And if I give you that number range over the phone, it doesn’t help you out either. The best thing is to always just take your gold in and let the person offer you a price for it. If you don’t like the price, then you can politely say you would like to get a second opinion and leave. A good gold buyer will respect that and not pressure you to sell something.

Value number one. The value of your gold comes from two numbers. The first number we look at is the karat or karat weight of the gold. Most American jewelry is somewhere between ten and eighteen karat. Sometimes more, some times less. Jewelry from Europe is almost always nine karat. Jewelry from Mexico is usually eight to fourteen karat and jewelry from the Middle East is usually fifteen to twenty-two karat. Buyers tip, if you’re in the Middle East, then pick up some gold cheap and come back here and sell it. On the scale, twenty-four karat gold is pure gold.

Almost no one has twenty four karat gold jewelry. And even if you think you do, then you probably don’t. The only twenty-four karat gold mainly exists in the form of gold coins and I’ve only seen a few of them.  So the higher the karat weight of gold, the more valuable it is. Side note one: if you’re jewelry is marked, it’s usually wrong. Side note two: if you have a rope necklace, then refer to note one. Rope necklaces are terrible at melting down into what they are stamped. Value number two is actual mass weight.

After we find out the karat weight, we will put your gold on a scale to get the mass weight. Personally, we weigh in troy ounces because that is what the market is based on. But some people will weigh in grams or pennyweights. Mass weight is the more important value and is the reason we can pay between $14 and $400 for the same karat weight. The more your gold weighs the better. As far as percentages go. For us, every day is different because of the market price always moving. Plus, we pay a higher percentage for higher valued items that we really want. So if a gold buyer tells you it really depends on the item you have, then he is not lying. This is true. And the buyer must see it in person to determine what he or she will pay.