The prospect of earning some quick cash by trading in your gold can be exciting, but it’s best to go into the transaction with as much background information as possible. To learn more about what you can expect out of your cash for gold sale, it’s smart to consult with a reputable gold specialist at American Coins & Gold. Located in New York and New Jersey, the coin dealer has an array of knowledgeable staff members who can walk you through a typical sale. Here, they offer a general guide to what to expect.
Depending on what type of gold you have and the quantity in your possession, you can walk away from a cash for gold transaction with anywhere from hundreds to thousands of dollars. Lower-quality gold will go for less than that. To find out how much money you can expect for your gold, you have to understand how the worth is calculated.
The most important variables that determine value are the purity of the gold and its weight. The purity, also known as the number of karats, is often tested with electronics, fluorescent scans, and other means. To make gold hard enough to serve as jewelry, it is alloyed with other metals. The question you’ll need to answer is: How much actual gold is there? The weighing component makes it clear how much volume you have.
Once those two key variables are known, the cash for gold agent will offer you a price. It’s worth consulting a valuation resource to get a sense of how much gold is worth per ounce. The market is always in flux, but, in general, you can expect it to be a few hundred dollars above $1,000. It’s important to understand, however, the price per ounce will not go right into your pocket. Dealers still need to make a profit as well as send the gold to be melted down. Depending on the buyer, you’re likely to be offered anywhere from 20 to 40% of the book price.
If you want to know exactly how much your gold is worth, head right over to American Coins & Gold. You can speak to a friendly staff member by calling (908) 575-9400 for the Bridgewater, NJ, location, (201) 628-4800 for Wayne, NJ, and (516) 742-0900 for Carle Place, NY. Learn more about the cash for gold business by visiting their website.