The way that Gold Buyers determine the value of gold can vary. In some cases, it is possible to determine at least a rough value before taking the pieces in-to a gold buyer. First, it is helpful if the gold pieces are organized according to their karat weights. This may seem a bit challenging initially, but with sharp eyes it is easy to figure out what the karat weight of each piece is.
Look for the small engraving marks on the jewelry. These marks are typically placed in areas like clasps or on the underside of the piece. The marks are usually very small but are distinct enough to be able to make out the number and the letter. All genuine gold made in the United States should carry a mark. The marks will include a number and a “k” as well. The most typical mark is “14k,” which signifies 14 karat gold. Other marks may include “18k” (for 18 karat gold,) “10k” (for 10 karat gold,) and in very rare cases “24k” (for solid gold.)
Since each karat weight will translate into a different value at a Gold Buyers in Chicago area, having them separated ahead of time will make it easier for the buyer and will help the seller to get their price quote faster. Although many pawn shops are willing to negotiate in the majority of transactions, gold transactions tend to be different. Gold prices are very transparent at Gold Buyers in Chicago because they are based upon the most recent prices for gold. As gold prices rise, the amount that a buyer is willing to pay will rise along with the prices. Similarly, prices will go down and make gold less valuable at a pawn shop.
The good thing about selling gold is that gold is an asset that will always be worth something. While the prices may go up and down over time, there is no time in history in which gold held no value at all. Gold is essentially inflation proof. While the paper currency may change wildly, gold will always be a good way to sell something and get money for it fast.
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