Jewelry Guide

How Much do Pawn Shops Pay for Gold per Gram?

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We know that there are quite a few individuals who want to know how much do pawn shops pay for gold per gram!

 Below you can see an in-depth and in-detail explanation of this query. 

There are lots of people who are interested in selling their gold. They do so because they are dire in need of money or to meet their other expenses.

Different rates are offered by pawnshops when it comes to selling per gram gold. In addition, these rates do not differ any matter you want to sell a gold bracelet, gold ring, or gold earrings.

Most of the individuals buy gold so that they can sell it in their future times or whenever rainy days and tough time arrives. A piece of gold jewelry is marked and identified in the form of personal adornment and worthy expensive commodities.

This is a reliable investment option that you can go for. Furthermore, gold prices are nowhere going down. So, if you have bought gold ten to fifteen years back and you sell it now, then we are a sure a huge sum of profit will be received by you.

You can see other required details now for your convenience:

How to Sell Gold Jewelry?

How to sell gold jewelry

You might be wondering what the proper way to sell gold is, we can provide you a few interesting tips on it. Before you contact any jeweler or visit any pawnshop for selling your gold jewelry, you have to carry out proper and thorough research in this regard.

One needs to be aware of the fact that gold is an expensive commodity and it should not be taken for granted. In addition, this worthy amount of money and reliable investment option should not be sold at the wrong rates.

No matter, how old and antique your gold jewelry has become, its value will never and ever get lost. Furthermore, even if your gold piece is present in the worst shape, still its overall value and worth are restored and preserved.

Now, it is time to check out some of the proper tips and correct ways on how to sell gold to pawn shops. You will be surprised to know that celebs like Jennifer Lopez follow the same strategy and method while selling gold.

First Find The Value of Your Jewelry

The very first step that you have to carry out while selling gold to pawn shops is to find its current value and present price. You should have a clear idea and knowledge regarding which rates gold jewelry is being sold. Like, if you are living in Canada, you need to have this understanding of the current per gram gold rates.

This same tip should be followed no matter you are interested in selling your jewelry made of sterling silver or metal or injected with some distinct stones. Until and unless you do not know the real value of your jewelry piece, there is no point in selling it.

What you can do is to ask around, ask your friends and buddies, seek suggestions from seniors and experts and get to know the real selling value of gold per gram. There are a few of the ways that help you to determine gold per gram value, Here let me show you some experts advice from youtube.

Moreover, you can use a jewelry scale to find out the exact gold price. It is seen that this is a correct way for calculating and determining the exact weight as well as the value of your jewelry. You need to look and hunt for a scale that weighs exactly a tenth of a gram.

There is another interesting piece of information that gold jewelry is injected and embossed with stamps. These stamps usually and generally read 24K, 18K, as well as 14K. It is on the basis of these readings and stamps that you can know about the purity scale of your gold jewelry.

Apart from that, you can check out and visit any of the reliable online sources. On their platforms, you can know the rates of gold jewelry on which they are presently sold out. Or you can get in touch with a trusted jeweler. It is these professional jewelers that can better guide you when and how to sell your gold jewelry.

All in all, it is recommended to seek a bunch of opinions so that you can arrive at a wise decision before concluding with whom to sell your gold jewelry!

Don’t Be Hurry! Always Find the best price for your jewelry

Once you have got to know the actual and current price of gold per gram, after that, you need to start looking for those pawn shops and jewelers who offer desired rates to you. Contact those people who offer you the maximum and bigger prices. And avoid contacting those pawn shops that offer poor or you can say worst gold per gram rates to you. Moreover, you should remember this general rule of thumb that the gold market is always very competitive.

You have to hunt for several buyers before you finally hand over and sell your gold jewelry to them. There is no need to sell your gold jewelry on merely getting a few of the offers. Take a bunch numbers of offers in your hand and then decide and plan out wisely.

How Much do Pawn Shops Pay for Gold?

How much do pawn shops pay for gold

Now, coming to the main subject regarding how much do pawn shops pay for gold per gram! One needs to make this point sure shot that pawnshops offer different prices and these prices fluctuate on the basis of many factors that we are going to discuss sooner.

Most importantly, the overall weight of your gold jewelry piece, its karat factor, and the market situation determine your gold price selling rates. Apart from these, these prices vary and differ extensively on the basis of the pawn shop’s discretion as well. If you are a beginner and you are selling your gold piece for the very first time, then there is a chance that pawnshops may offer you minimum or unfair rates.

In other words, they might pay you less considering the fact that you are just a beginner and not enough know-how on selling how-to gold.

The karat factor plays a large and important role in influencing and determining gold per gram price. Keep in mind that Karat is the overall amount of purity of gold that is present in your ring or earring or in your bracelet. And it is these hallmarks that have to be present inside your gold jewelry.

It is observed that these hallmarks are also at times clasp on your gold jewelry. There is this rule that the higher the hallmark number, it means that the higher the level of purity inducted in your gold item.

As an example, if you have got gold jewelry that is less than of 24K gold, it means that piece is a mixture and combination of silver and gold alloy.

Furthermore, it is on a per ounce basis that gold is generally and commonly priced.  Before you approach and get in touch with any buyer, make sure to use a jewelry scale so that you can well discover and find out the weight of your gold jewelry product.

These pawn shops pay for gold per gram on the basis of the supply and demand factor as well. These prices are dependent on the present market situation and also on the speculations that we usually hear on an often basis. Hence, all of these factors determine the price of gold right there at pawn shops. At the same time, gold price constantly and continuously fluctuates.

How to Calculate the Value of Your Gold Jewelry?

How to calculate the value of your gold jewelry

There is a proper way to calculate and determine the value of your gold jewelry piece; here you can check out that! As an example, if you have bought any of the gold pieces on 10th September, 2001, then there is a specific way to calculate to know the present price of that same gold jewelry piece.

In addition, there is a specific and particular formula that can well give you most accurate and nearly closest value of gold per gram.  So, you can take help from this formula and then decide whether pawn shops are offering you the correct rates or not!

First of all, you have to find out the weight of your gold jewelry. Then you need to multiply that value right by the number that indicates and signifies its purity. We can give you a rough and basic example in this regard.

If your gold bracelet carries a weight of 21.4 grams and its clasp is of 14K Gold, then it means your bracelet carries 58.5% gold. Just multiply 0.585*21.4 so that you can get the amount of 12.51grams. Later on, you need to multiply the resultant value i.e. 12.51 exactly by the current price of your gold bracelet so that you may acquire the approximate value been offered by pawn shops.

Where To Go To Sell Your Gold?

best place to sell gold jewelry for cash

The major and important question is where to sell your gold! It is suggested and advised to visit the gold stores so that you may get the desired and expected rates of your gold jewelry. You can visit as many gold stores as you can. Or you can ask for suggestions from your family and friends.

If they know about any trusted pawnshop that offers fair gold price selling rates, then you can contact that same pawn shop as well. In other words, you need to outline and plan out as many options as you can. The more choices and options you have in your hands, the better it will be for you to sell your gold on ideal notes.

From The Start (the concept of selling gold to pawn shops)

We can provide you with more of the basic illustration as well as an explanation of the concept of selling gold to pawn shops. Suppose, you have got a few of the gold jewelry pieces and you want to immediately sell them out because you are in need of handy cash to meet your expenses. All gold that is in your hands is the money actually. The only effort that you have to make is to get the best price upon selling that gold.

Gold is gold no matter it is broken or tangled. It does not matter you have got mismatched gold; it is still gold and can give you lots of money in return. While you plan to sell your gold, make sure to avoid sending it through any mail courier option.

 Such an option will be a rip-off for you and might give you immense loss that you have never thought of before! 

There are many fake companies out there who claim to offer you best gold selling rates and in return, they want you to mail your gold jewelry. Avoid becoming the victim of such companies and sell your gold jewelry in the safe hands.

The second most important thing that you have to keep in mind to avoid considering a few of the options and offers!

Get as many offers as you can and then finalize which pawnshop person you want to contact. There is no guarantee that you get the best and expected rates in the initial offers of yours. Do some research and homework and then plan out which offer suits your requirements.

Furthermore, you need to trust your guts and instincts while you sell your gold jewelry. If any pawn shop person is offering very fewer rates or very high rates, then your guts should say that this is not the right person to get in touch with!

The third and highly important factor that you have to consider when going out to sell your gold to pawn shop! You have to do complete homework or you can say legwork at your end. Weigh your gold and get the closest and nearest approximation about the current price of gold.

Moreover, you should avoid meeting up with those people who do not have any knowledge about this area. Sit and discuss with those people who have ample knowledge and understanding on buying and selling gold.

So, What is the Bad News Over Here!

So, what is the bad news over here! Whatever current gold price you come to know about, there is a high chance that your gold jewelry will not be sold out exactly on that current price. In other words, it will be sold out comparatively on a lesser rate.

Like, if gold is currently and presently trading at $1,100 per ounce, then there is a high chance and probability that it will get sold out for a significantly lower price. This happens because of the fact that pawnshop owners keep their profit and on the basis of it, they offer you the selling price.

Furthermore, they deduct polishing value and just offer you the selling price of pure gold present in that jewelry piece. All in all, you can still get the best rates and offers in gold market. Remain calm and composed and remain wise and sensible enough as well. We hope that once you become an expert, then you can start to make better deals in buying and selling gold area.

The Variety of  Options

Visit “We Buy Gold” pop-up shops and buildings

The first zone and common area where you can sell gold, it is these “We Buy Gold” pop-up shops and buildings. This is the common spot where extensive numbers of people come to sell their gold jewelry. Simply take your gold jewelry to these “We Buy Gold” pop-up shops and buildings and ask for quotes from them.

Before you jump into these shops and pop up buildings that are into the job of buying gold for years and years, you should do your homework beforehand. There might come a situation that you are offered penny price for your gold jewelry pieces.

Just keep on making efforts and attempts that you get the right price. You should not visit and enter into those “We Buy Gold” pop-up shops and buildings that confuse you Here let me also share with you the video from youtube.

You can grab more of the quick and handy amount of guidelines that educate you on where to sell your gold. Giving you a simple example, pure gold is currently paid around and about $1250 per ounce. And if you have got 10 karat gold, then it is estimated that it is going to sell out at $16.35 per gram. Moreover, for selling 14 karat gold, it is sold out at approximately and precisely $23.50 per gram.

All of these “We Buy Gold” pop-up shops and buildings are the market makers. They are the ones who determine and finalize the gold buying and selling rates. It is up to these shops concerning what they offer to the person who is interested in selling her or his gold. In addition, you can see at your convenience and ease regarding which “We Buy Gold” pop-up shop you want to get in touch with!

 Hence, it is recommended that you make efforts to get closer to these offered rates and numbers, the closer you get, it is obviously better for you. 

Visit a Pawnshop

The second option that is available for you is to visit and contact a reliable pawn shop owner. If you think that believe that “We Buy Gold” places are not suitable option for you, then you should visit and make your entry to pawn shops. Most noteworthy, these shops may pay you a little bit more as compared to “We Buy Gold” places.

There are lots of individuals who have penned down their personal experiences while visiting pawn shops. And according to them, they have got the best and much fair rates while selling their gold in these pawn shops. If you have also personally experienced this phase, then write down to us your thoughts and feedback. The trend of visiting and consulting pawn shops is getting higher. Now, many people have started to prefer these shops whenever they make plan of selling their gold.

Wait Until and Unless Your Gold Price Goes Way Far Up!

Lastly, you can wait for the right time and then sell your gold accordingly. While you enter into this phase, there is no need to show any impatient attitude. Remain calm and wait for the right time to let gold prices go up and up!

We know that gold prices fluctuate and change a lot. Keep a closer eye and sell your gold items at the most appropriate rates. We have seen this practice on an often and frequent basis that gold prices do get an increase on a long-term basis. So, just save and secure your gold items for the rainy days and sell it at the suitable offered price.

My Personal Gold Selling Experience

 

Let me tell you my gold selling experience. Trust me, once you will read out and come to know my gold selling experience, then you will see yourself in a better position. In this case, first of all, I visited a few of the pop-up stores and later on I visited “We Buy Gold” places. The rates that pop-up stores offered me were pennies on the dollar.

I had 14 karat in my hands and I wanted them to pay me at least around and about $20 per gram. This is the important and crucial negotiating technique that I opted and pursued for! If you want to get the best gold selling rates, then make sure to put forward high asking price in front of the shop owner.

The person that I contact gave me a card and that card guaranteed to give me 10% better. I took that card and headed off. Later on, I visited a few numbers of pawn shops. I arrived on this conclusion that national chains offer considerably more because they carry more financial backing at their end.

 

It was from one of the national chain pawn shops that I got the ideal deal. I pen down that offer all in writing and head back to the “We Buy Gold” place so that I can show them the price quote offer that I am currently getting. “We Buy Gold” place shop offered me $7 per gram and the pawnshop offered me way more than that, and it is $19 per gram.

But the twist came when the card showed $19.70 per gram offer and pawnshop was offering me $19 per gram. Though they did not fulfill their promise on 100% notes, still I sell my gold to them because their rates were better and higher. My total gold value comes out to be $374 from them.

So, you can well see that I just do a little bit of research and was quite happy with my gold selling rates. If you come to know any of the reader stories, so feel free to tell us about them. Moreover, if you opt any other negotiating technique and tip, then forward those strategies to us too. We are quite sure that once this personal experience of mine will be read out by a bunch number of people, more and more people will come up front to share their gold-selling stories.

Do Pawn Shops Pay Spot Price for Gold?

There is this common query that do pawn shops pay spot price for gold, here you can get the answer of this query.  Almost every single pawn shop out there, they do not pay full price for gold and keep a profit margin at their end. They keep this profit so that their business can keep on getting running.

In other words, the person does not get the full and complete price for his gold jewelry and therefore sure occurs a deduction. Furthermore, the current gold spot price is far higher and bigger than that of the per-gram price. This price is worth around and about $2,600 based on its overall gold content.

Conclusion

Hence, this piece of writing may have placed you in a confident position. If you still want to know more details on how much do pawn shops pay for gold per gram, then you can keep tuned with us,

Moreover, it is advised to avoid selling your gold at the lowest rates. Just remain patient and wait for the right time and then you can sell your gold jewelry at the best-offered rates.

Most importantly, the overall price of gold per gram offered in a large number of pawnshops, they are dependent on an extensive number of factors, so keep in mind those as well.

You need to assure this thing that gold is an expensive commodity. Avoid selling it to sub-standard pawn shops and prefer selling it to trustworthy and reputable jewelers.

In addition, you have to remain utmost wise enough while making deals with any of the pawnshops. Stay in touch with us because more tips on selling gold to pawn shops are coming up.

 


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Jasmin Piterson

Hi i am Dr. Jasmin Piterson an Sole owner and editor of The Piercing Home. I works with expert piercer and writes original content based on their recommendations. Previously, I have done my doctorate from the University of California. I covered all kind of stuff related to piercing. My favorite things include Eyebro piercing, septum piercing and all kind of piercing for both male and female

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