Tips For When You Sell Gold in NYC

Tips For When You Sell Gold in NYC

The fastest way to get cash for your unwanted or broken gold jewelry is to work with a reputable gold pawn broker in NYC. These financial service providers have years of experience in appraising the value of gold jewelry and coins to make it a profitable transaction for all involved. When you want to sell gold NYC, always work with a pawn shop that pays cash on the spot for gold, silver, and gems. Here are a few more tips to get the best deal when selling gold:

Understand the Purity of Gold

All gold is rated on its level of purity (K or karat), which can range from 10K, 12K, 14K, 18K, 22K, up to what is considered pure gold – or 24K gold. 18 Karat gold has 18 parts of pure gold, which amounts to 75% of the total mixed with 25% other metals such as copper or silver. It takes 24 parts of gold to equal 100% purity. So if you’re trading 24K gold jewelry, you can determine a ball park trade figure based on the weight and the current price of pure gold bullion.

Does Color Make a Difference?

The warm yellow color of gold is often modified for artistic purposes, and changing the color will change it’s purity or it’s true value. Different alloys including zinc, copper, nickel, and silver are added to pure gold to create new colors, such as pink, green, or white gold. The added alloy will of lessen the value or purity of the gold, unless the color is electro-plated onto 24 karat gold. Gold with this surface color will eventually lose the plating and return to its natural color.

How is Gold Traded?

Everyday, gold is sold and bought as a commodity on the open market. The value of gold is determined by a number of market and political trends. This makes the price of an ounce of gold change constantly throughout the day. So, while gold is selling for one price on the world markets, don’t expect to get that same price from a pawn shop or a jeweler. You will be paid less than the base price because the gold dealer will need to make a profit also when they sell the gold item.

Selling Gold to a Pawn Shop

You can sell your gold to a pawn shop or a jeweler, both of whom will evaluate your jewelry pieces based on a number of factors other than the current price of gold. Current supply and demand, if the piece has artistic value, is the jewelry from a recognized house of design, and the result of tests to determine the true value based on karat weight – will all affect the price of the gold you’re selling.

When you work with a professional gold trader at a pawn shop, you can expect to sell gold NYC faster and receive a fair price for your gold trade. Look for dealers that are licensed by the NYC Dept. of Consumer Affairs and those that are willing to offer a competitive price.