How Much Is My Gold Worth?
Do you have gold jewelry, watches, or other items that are broken, out of style, or you just haven’t worn in a while? Have you asked what’s the best place near me to get gold items appraised? For people looking to sell gold, understanding just how to get the most money for your valuables is essential. There are different options out there, but understanding when, where, and how to get the most cash from gold buyers is simple.
- First, it’s important to understand that the price of gold fluctuates around the world.
- Next, you need to learn about the different weights and measures used to price gold.
- There are some terms you may hear while you are selling gold that it’s helpful to know in advance.
- Finally, identifying the luxury brands that may be worth more from gold buyers than others can help you increase your cash for gold profits.
The Price of Gold Today and Why It Changes
When you’re looking to sell gold, it’s important to know the current price for gold around the world. Today gold is valued at about $1833.01 an ounce. As the value for the U.S. dollar has fallen in 2022, the price of gold has increased. This is a common response to changes in the market. Part of the reason why the price of gold, silver, and other precious metals goes up and down is supply and demand. When more people are looking to buy gold, the price goes up. This is similar to the rise in gas prices during holiday weekends, when more Americans plan to drive their vehicles.
Although the price of gold can change based on market conditions and supply and demand, gold has been traditionally considered a sound long-term investment. When the U.S. stock market falls, the price of gold usually stays consistent and even increases in response to market uncertainty. It’s the same for inflation – when inflation rises and stocks fall – more people consider gold a good investment and its price rises. As inflation has risen in the U.S. recently, turning gold into cash can bring you even more money.
Terms To Know When Working with Gold Buyers
If you’re asking yourself where the best place to sell gold near me is, make sure you know the terms gold buyers use.
The Troy Ounce
- First, the ‘troy ounce’ is the measurement used for precious metals, including gold, silver, platinum, and even gemstones. We’ve been using this same unit of measurement since the Middle Ages!
- One troy ounce is equal to 31.103 grams, as defined by the Royal Mint of the U.K. It’s similar to saying ‘You need to add another ounce of butter to that recipe to make your cookies softer.’ But, a standard ounce, which is used for baking and other items, is only 28.35 grams.
- When you sell gold items, it’s important to remember that a troy ounce is about 10% heavier than a standard ounce. So, when gold buyers say gold is valued at $1833.01 an ounce, they’re referring to the troy ounce, not a standard ounce.
Numismatic Value
- Another important term used by gold buyers is numismatic value. This is used in the appraisal and sale of collectible gold coins.
- A coin’s numismatic value can be worth more than the amount of gold it is made from and the price of gold that day. It is also impacted by how rare and in demand the collectible coin is, as well as the quality of the coin.
- Collectible coins often increase in value based on the age of the coin and how many are available for sale at that time. The numismatic value is the amount of money a seller receives for the sale of the coin at that time.
- Collectible coins are worth more than the value of the gold they contain, because they are rare items that are collected by people around the globe. In fact, rare coins can trade for far more than the value of the gold they contain.
- The Smithsonian has the largest collection of collectible coins in the U.S.
What Is Gold Purity and Why Is It Important?
Not all jewelry, watches, and other gold items are made from pure gold. Some may not be made from gold at all. Instead, these items are gold-plated or gold-dipped. To find out about your own items, first check for an official mark showing the purity level of the gold. This is measured in Karats, and can be 10k, 14k, 18k, 22k, or 24k.
A Karat is a unit of measurement used to identify the purity of gold, similar to a meter or a gallon. If you’ve heard it used to measure how big a diamond is, that’s usually spelled as Carat and there’s a difference. While a Carat refers to the mass of the diamond, a Gold Karat (sometimes spelled as Gold Carat – confusing, I know) is actually the purity level of the gold (how much gold it contains). Pure gold is 24 parts out of 24 or 99.999% gold. This is referred to as 24K or 24-Karat Gold.
If your gold item is marked with 18K, it contains 18 out of 24 parts gold. The rest contains another metal alloy. When mixing gold and alloys, we can change its color. That’s how rose gold and white gold are made. But even white gold, when stamped with an 18K mark, is made from 75% pure gold. In contrast, gold-plated items have only a thin layer of gold on top. Underneath, the item is usually made from silver, steel, or copper. Gold dipped items have a similar thin layer of gold on top and something different underneath.
Before you chose a place ‘near me’ to sell your gold items, check for an official stamp. If the item is old and the stamp has been worn off, or a newer item doesn’t have a visible stamp, you can still find out its purity level using a test. How much gold the item is made from will affect its value. In addition, the jewelry designer can also impact how much an item is worth to gold buyers. For example, some watch brands hold their value better than others. A few of the most valuable watch manufacturers are IWC, Patek Philippe, Audemars Piguet, and Tudor. When looking for cash for gold items, high-end jewelry designers like Cartier, Rolex, Hermes, and Van Clef are also known for holding their value over time.
The Simple Three-Step Process for Getting the Best Price for Gold Items
At Sell Your Gold, our easy three-step process helps you get the most for your gold items, with no risk. Just fill out our online form and we’ll ship you our appraisal kit free of charge. The kit includes everything you need to send your gold items back to us safely and securely. Our expert team will appraise your items on the same day, including:
- Determining the purity of each item’s precious metals
- Identifying the total weight of your gold items
- Determine whether each item is an antique, luxury brand, or has other numismatic value
With a combination of these findings, plus the current day's market price for each precious metal, Sell Your Gold will calculate your individual offer and send it back the same day we receive your items. You receive each Sell Your Gold appraisal free of charge and risk free. That means, if you are not happy with the offer, we will send your items back for free! If you accept the offer, you’ll get paid the same day via the payment method of your choice. It’s a win-win, and it’s the safest, easiest, most professional way to sell your gold items.