Pawn Shops Buy, Sell, and Pawn Gold and Gold Jewelry
People wonder what the scrap gold price at pawn shop is, or how much pawn shops will pay for gold jewelry, gold earrings, gold items like coins, bullion, and bars, and even sterling silver and silver. Sometimes it feels like liquidating precious metals is a mystery, with all kinds of companies trying to up their profit margin.
Gold prices are based on the current market value, and the value changes depending on current economic conditions, political affairs, and world events. The spot price or current price of gold fluctuates, so checking what the current gold price is is important before you consider selling your gold. The market price of gold is inversely related to the U.S. dollar.
The best plan is to sell high and buy low. Understanding how the spot price of gold is calculated is important if you want to understand the good deal you will or won’t get when you sell gold.
Purity of Gold and Gold Jewelry
24k gold is the purest form of gold. It is 99.9% pure. Pure gold is malleable, bright yellow, and scratches easily. Pure gold is mainly used for gold coins, gold bullion, and gold bars. It is so soft that it scratches and bends, so it isn’t the best choice for jewelry.
18k gold contains 75% gold and 25% other metals like copper or silver. It is lighter in color than pure gold, and is not so easily bent. Some jewelry for personal adornment is made from 18k gold.
14k gold contains 58.3% pure gold and 41.7% other metal alloys like copper, silver, and nickel. It is the first choice for making jewelry, because it holds its shape, is durable, doesn’t scratch, and is affordable. It has a classic gold appearance, and for personal adornment, it is the top choice for most people.
10k gold is made up of 41.7% gold and 58.3% alloy. It is durable and used to make jewelry because of its affordability. It is the most impure gold that can remain legally gold in most countries. 10k gold settings can have distinct stones added, so the jewelry stands out in a crowd.
Jewelry Scale
No matter what gold pieces you want to liquidate, you need to know how much the jewelry weighs. A jewelry scale is used by professional jewelers, pawn shops, and ordinary people to weigh gold because it weighs to the tenth of a gram. If the jewelry you weigh has stones, the weight of the actual gold in the jewelry will be less.
Gold is measured in troy ounces. There are 31.1 grams in a troy ounce.
Gold Coins and Bars
American Eagle Bullion Coins
In 1986, the American Eagle Bullion Coin Program was launched and started selling American Eagle Gold and Silver Bullion Coins. In 1997, Platinum was added, and by 1917, Palladium was added. The American Eagle Bullion coin has become the most popular bullion coin in the U.S. Each 1 ounce Eagle contains a full 31.1 grams of pure gold. Other alloys are silver and copper bringing the total weight up to 33.9 grams.
American Buffalo Bullion Coins
By 2006, under Pubic Law 109-145, the “Presidential $1 Coin Act of 2005,” the American Buffalo Bullion Coin was released and is one of the purest gold coins available, with a purity of 24k gold. The act established the guidelines for the coin’s design, production volume, price, legal tender status, gold sourcing, and more.
The Act instructed that the James Earle Fraser’s designs for the ‘Buffalo Nickel’, which will be used on the obverse and reverse sides of the $50 coin. All the gold needs to be sourced from the U.S. or in a U.S. territory within a year following the month the ore was mined. It designates the coin as legal tender and specifies the coins as ‘numismatic items.’
Gold Prices
The price of precious metals is affected by supply and demand, the rate of for the recipient of the metal, the spot price, and the likely cost of storing and transporting the precious metal. The spot price is the price per gram paid at any time. The spot price of gold or other metals is real-time prices.
The market price of gold fluctuates daily and throughout the day. Suppose there is an increased demand and low supply, and the price increases. Gold price and other metals pricing are also dependent on future contracts. Inflation, economy, world events, and supply and demand contribute to the increase and decrease in the price.
Bullion is valued by the value of the precious metal it is made of. The most common forms of bullion are bars and ingots, and coins. Bullion comes in gold, silver, and other metals, and gold bars are easily added to investment portfolios for a balanced portfolio.
Bullion and bars are also easy to store and don’t take up much room.
Do You Want to Sell Your Gold Jewelry, Gold Coins, Gold Items?
If you looked in your closet and jewelry box and identified gold items you want to liquidate and you have educated yourself about the gold market and how to buy gold and sell gold, you are ready to sell your jewelry piece for quick cash.
There are online gold buyers, jewelry stores, and pawn shops who sell gold and buy gold. A pawn shop will also use the value of your gold jewelry to write a secured short-term pawn loan.
Knowing the exact weight of your gold and what karat it is will help you when you are talking about selling gold. The hallmark number on your gold items may say it is 14k, but the pawn broker will test the gold to make sure it is genuine.
Shopping online is convenient, but there are some drawbacks. You have to send your gold into the company. They will assess it and make you an offer. You have the expense of postage and insurance to ensure your contents are covered if it gets lost. Sometimes there are non-reputable companies who say that your gold isn’t what it is. After you make a deal the company will send you a check, and you have to wait for the check.
Pawn Shops
Pawn shops will buy and sell gold. They are conveniently located in most communities. Most pawn shops have the means to test gold and weigh it accurately, so they can give you a price based on market value. At a pawn shop gold is worth about 25%-90% of its real value. The money is quick but know the terms before you agree to sell gold to them.
Some pawn shops offer 90% of the actual gold value, and the payment is immediate. Selling gold to a pawn shop is a good deal, especially if you need money fast.
Pawn brokers understand the gold market and what a gold wedding ring or gold bracelet is worth, or how unused jewelry can be melted into scrap gold that they will send to a refinery for payment. Pawn shops pay a lower price for scrap gold.
Pawn shops check the gold content of the gold items you bring in, so they can give you the most money for your gold.
Pawn shops are a great place when buying gold. If you are in the market for a gold bracelet, gold engagement ring, gold earrings or any other gold pieces, check out your local pawn shop. Their inventory changes often so checking back frequently is important.
Pawn shops also sell gold coins and bullion. Depending on the amount of gold you plan to purchase, will depend on what good deals you can get.
Lambert Pawn In Whittier, CA Will Buy Gold Jewelry, Diamond Jewelry, and Other Precious Metals
Lambert Pawn is a full service California licensed pawn shop located in Whitttier, CA. With over 25 years of combined experience, they will loan the maximum dollar amount on almost anything of value.
They loan, buy, sell, and trade on gold jewelry, silver, diamonds, and other precious metals. Additionally, they accept electronics, musical instruments, tools, and name brand sneakers.
You can click a picture of the item you want to pawn, buy, or sell, and give a description, and get a quote right away. The process is easy.
Conveniently open six days a week, the pawn brokers will test your gold jewelry, gold, sterling silver, and other valuable items and give you a fair price.
Maybe you are in the market for gold or a special piece of gold jewelry. Lambert Pawn can help. They sell gold jewelry at affordable prices.
Lambert Pawn shop will accept valuable items at the pawn shop’s discretion. They pay the most for gold jewelry and gold.
