Processing Gold

As you have probably heard, the price of gold is at record highs. That is why you have seen advertisement after advertisement to sell your old gold. But does it mean you will get what your gold is really worth? In most cases, no; many companies are paying you less than 50% of the value of your gold.

What I do that is different is I deduct the melting fee and the assaying fee, which is $40, then I give you 100% of your gold value towards a purchase; or if you would like cash for your gold, I sell your gold for you for a 20% commission. That means you get 80% of your gold’s value. If you have over an ounce, then I keep your gold together and have it melted separately and assayed separately, and you will know exactly what it is worth.

Jewelry, one earring, balled-up chains, broken rings, or just any items which you don’t want or will never use, even old gold teeth.

The gold is melted down.

Pure gold is measured by karats. 24 karats is pure gold. The higher the gold content, the higher the value. If you took a cube of butter and cut it into 24 even pieces and then removed 10 of those pieces and added another metal, which makes it more durable and changes the color of the gold, that would be 14 karats. 10 parts gold and 14 parts another metal would be 10 karat gold, etc. Jewelry or any other items are not pure gold; so after melting the gold, it has to be assayed to find out the exact amount of gold to determine its worth. In this case this bar came out to be 13.14 karats of gold.

In this case the check was $854. After subtracting the $40 melting and assaying fee, the value of the gold was $814. The bar weighed 51.2 grams; so divided into the value of the check, each gram of gold was worth $15.89. If you want cash for your gold, you would receive 80%, which would be $651 dollars. That would make it $12.71 per gram to you. Be aware that when web-sites or pawn shops are quoting a price to you they sometimes use pennyweights and one pennyweight (dwt) equals a little over 1 and 1/2 grams of gold.