Do gold prices per gram really matter right now if you are shopping for gold? It might, but how do you know? You hear about troy ounce, grams, and even pennyweights. So, which one is the right one? I am going to tell you the difference between them, and which one is the most important for you to go by when buying.
Gold Prices Per Gram | What Grams Means
When you hear about gold prices per gram, it is because it’s the most common way to measure out the weight of gold. It’s important to understand this if you are selling your scrap gold, so please understand I am sharing this with you so that you can be better prepared.
Gold prices always fluctuate, and they are higher when the economy isn’t doing so great. Historically speaking, this is the case, and that is still the case right now as gold has been at an all-time high. This is why so many have been seeking out where they can sell their broken gold jewelry and other goods.
What a consumer is paid is based upon how much the gold weighs, so don’t think it’s done any other way. Precious metals dealers or jewelers will weigh it up on a scale, and they will weigh it in grams to give you the weight on which they will base what they are going to pay you. It is best to convert to grams if your scale only weighs in ounces.
Gold Prices Per Gram | Separate by Karat
Before you ever sell any gold that you have, you MUST separate it by karat. This will help you assess your gold, so that you can at least get some idea what your gold is worth. When you take it to the shop to sell it, they will ten weigh it, and tell you the gold prices per gram.
Separating by karat is important so that you know if you will get more. The higher the karat the more gold content is in the jewelry, so most of it is mixed with other alloys.
The challenge with selling gold is that most folks don’t know what to expect, so if you teach yourself a little bit about the industry and the markets, you will be better prepared to understand what you should get paid. Are you ready to go and sell your gold now?
Gold Prices Per Gram | Acid Test
If you aren’t sure what you have, you can purchase the acid and stone for testing. This is another way that you can easily identify if what you have is 10k, 14k, 22k, 24k, and so on. You can test silver and platinum too if necessary, but the most commonly sold item is 14k gold.
The reality is that you should never let someone take your gold and walk away with it. If they take it away and weight it elsewhere, it’s a good indication that they don’t plan to be fair with you on price. Don’t let this happen to you when you can educate yourself upfront, so that you have an idea of what to expect.
Take the time to educate yourself on gold and what you can expect to get out of it when you go to sell. CLICK HERE to learn more about gold prices per gram, and how you can buy for your own insurance.
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