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4 useful tips when pawning gold

4 useful tips when pawning gold

Pawning business can sometimes be a wild jungle where heartless charlatans have their teeth sharpened and ready to devour your precious item. Therefore, doing your homework and knowing what you are getting yourself into is your best bet. Here is our survival guide that include 4 tips you should always revise before bringing your gold into a pawnshop.

1. Check the present value of gold

Gold is an investment, similar to a bond, which is exchanged on an open market among the public. Its value is varying continually. Fortunately for you, such data can be acquired and monitored from a few simple mouse clicks. The present cost of gold is at $41,28 per gram. All you need as of now is a scale and a calculator.

2. Purity

We all know 24 karats is gold in its purest form. The gold jewellery piece you own is most probably blended with other metals. Most bits of gold, regardless of whether it's a piece you wear or chowder have the karat properly indicated. For rings, the marking is usually within the band itself. In the event that you can't notice any karat markings, you can inspect the purity of your gold by purchasing a gold testing kit.

3. How much does it weigh?

Gold is normally measured in grams or pennyweights.

A pennyweight approximately equals to 1.6 grams. With regards to ounces, gold is not measured typically in ounces (28 grams). Instead, it is weighted in something known as Troy (31.1 grams).

This is crucial info data to recognize since occasionally a gold purchaser will attempt to be malicious and weight your gold in pennyweights, hence attempting to brush it off as grams and cut the sale cost. Since pennyweights are more bulky than classical grams, the inescapable consequence would be cash loss on your end. My advice is have it weighed at home using a professional scale and convert to both Troy and pennyweights. During the valuation process in store, make sure you can see the numbers displayed on the scale and make sure it matches what you’ve got back home.

4. Scrapped against wholesale

Before you pawn your gold items, it's imperative to find out if the jewellery you're trading for cash is more valuable having its gold parts scrapped, liquefied or sold in its entirety.

It is imperative to recognize that the scrap value of your gold will indefinitely be lower in worth when compared to its melted form. If you can digest such reality, therefore jump in headfirst. Alternatively, you may grasp more profit if you decide to sell it as it stands.

Lastly, remember that the ball is in your court as long as the gold is in your hands. If you go over these 4 tips in this article, you are good to go. Nevertheless, more importantly, make sure you choose the right pawnbroker. The most essential step in completing your sale is choosing the right pawnbroker and that is the same reason why here at Fast Credit UK, we proudly serve the London community with some of the lowest interest rates in the industry.