When you're cash-strapped and need a way to cover some of your short-term expenses, there are companies that will buy your gold items -- including coins, jewelry, and even things like gold-plated fixtures. But how do you know how to negotiate price for these items? Read on to discover some of the most common ways to understand cash for gold pricing.
Type of Gold
If you're like most people, you may know that gold is measured in karats, but how do you know the quality of your actual gold pieces? Another important question is what type of gold you have -- in the old days, most gold was conventional yellow gold. Now, jewelers are making a lot of rings, earrings and other items in what's called "white gold" or even in alloys that have different pricing models. This is one of the issues that you want to talk to professional jewelers or others about when considering a cash-for-gold deal.
The condition of these objects is very important as well. Clean gold is generally more valuable than dirty gold -- if you have a bracelet that has been hanging on someone's arm for 30 years, it may not be as valuable as it would have been in the box, even though it might have some high-value gold in it.
Price per Ounce
Are you tracking the price of pure gold on the market? In addition to understanding the general value of your gold items, it's a good idea to know about the overall price per ounce that's referenced currently on the stock market. This price changes over time, and may have a big impact on how valuable your gold is.
Another great thing to know about is numismatic and collectible value. Numismatic value might sound fancy, but it's just a way to say that gold that is minted as coins may have its own value. For instance, if you have some kind of extremely rare European gold coin, that's going to be worth much more than just a regular little nugget of gold that weighs the same amount. Collectible value often factors into the trade of gold items that are specifically crafted as coins or other useful items.
Along with all of the above, it's a good idea to examine the price of gold within the context of the overall metals market. People tend to think about gold as the only valuable metal, but this leaves out a wide range of metals that also have quite a lot of value and may have even more potential to grow in the future. Silver and copper are two good examples, but other more rare examples are things like Palladium and other rare earth metals that are increasingly used in electronics. Examine the value of gold, and the value of your gold pieces, against these types of baseline commodities. Contact a company like Atlas Loan & Jewelry Co for more information.