learning how to turn your gold into cash
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Gold jewelry can be aTRANSCRIPT
Learning How to Turn
Your Gold into Cash
In an economy where everything’s uncertain, you can say goodbye to stocks, and say hello to gold. Since early last year until the middle of August, the price of gold was going $1,700 per ounce. And on Mondays, the spot price for this extremely valuable metal hovers above $1,900 per ounce. It’s no wonder why a lot of people want to get cash for gold.
How does one cashes in on his gold? A trend among Americans these days is attending gold parties. Gold parties work very simply. You go to the party, have your gold jewelry appraised and receive cash for it. But while this sounds as simple as that, avoid rushing in to a party without doing a little research on gold, especially the gold jewelry that you are planning to sell.
An advice from the Better Business Bureau (BBB) says that while gold parties can be a lot of fun and a convenient way to get cash for gold, they may not be able to offer the best deal for your jewelry. Here are some tips you can use before you sell your gold.
Gold-Cash.com 61-21 Springfield Blvd Oakland Gardens, NY 11364
1. Understanding the Scales. What determines the value of gold is its weight. But you have to be aware that jewellers use a different standard of measurement. This measurement is called a Troy ounce. While a US scale will measure 28 grams for every ounce, a Troy ounce is for 31.1 grams. Some cash for gold dealers use a weighing system called DWT, or pennyweight, to gauge a Troy ounce, while some people use grams. A pennyweight is equal to 1.555 grams. Know that a dealer doesn’t weigh gold by DWT, but by gram. This is a tricky way used by dealers to give you less money for more gold weight.
2. Know your gold’s karat text. If gold is pure, it is too soft to be made into jewelry. So it is combined with other precious metals to achieve color and durability. The FTC (Federal Trade Commission) requires that jewelry items sold in the United States must describe the alloy’s karat fineness. A karat is equivalent to 1/24 of pure gold. That means 14karat gold means it is fourteen parts gold and ten parts other metals. The law prohibits the labelling of a jewelry item as “gold jewelry” if it weighs less than ten karats. This information will come in handy when it’s time for you to want cash for gold.
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Gold-Cash.com 61-21 Springfield Blvd Oakland Gardens, NY 11364