Unless you are a precious metals dealer or investor the average person is not aware that the price of gold changes on an hourly basis. It is estimated that nearly every person in the United States at some point in their life has or will own gold jewelry. Many important events in a persons life will result in the giving or receiving of gold jewelry.
Such events include:
- Wedding Rings
- Anniversary Gifts
- Baby dedications
- Sweet 16
- Valentines Day
- Bar and Bat Mitzvah
As a result it is important for you as the consumer to be aware of the current gold price. If you own gold jewelry wouldn’t you want to know the current value of your investment?
It is important to note that the asking price of gold is for 1 troy ounce of 24k pure gold. Due to the soft nature of pure gold most jewelry comes in the form of 10k, 14k, and 18k.
I have written articles explaining the difference between 10k, 14k, and 18k. Each karat has a percentage of gold mixed with other metal alloys to make the jewlery strong enough to wear.
Here Is A Quick Breakdown Of The Difference In Gold Karat:
10k or “417” has approximately 40% gold and 60% metal.
14k or “585” has approximately 60% gold and 40% metal.
18k or “750” has approximately 75% gold and 25% metal.
Therefore the higher the karat the more value your jewelry has. Typically you can find 22k and 24k gold in numismatic and bullion coins. Keep in mind if you have a necklace that weighs one troy ounce the value of the necklace is not the same as the current asking price of gold. As stated earlier the asking price of gold is for one ounce of pure gold 24k not 14k which is only about 60% gold.
Having an understanding of how the gold market operates will help you make informed decision when buying gold jewelry. Im sure you have heard the expression “its worth its weight in gold!” this statement is correct. Gold operates on a weight and karat basis. The higher the karat and heavier the piece the more value it has.
You may be asking yourself if this is true then why don’t pawnshops loan me what my jewelry is worth? Pawn shops are unique in the fact that they offer four month loans. Keep in mind the price of gold changes rapidly several times a day. Therefore if you pawn your gold jewelry in four months the price of gold will not be the same from when you first pawned your jewelry. The price of gold may be higher or lower in four months.
Theres always a risk involved when loaning money on gold. This is why most pawn shops will not loan you the current value of your jewelry. However this does not mean pawnshops prices are not competitive. Our pawnbrokers do their very best to loan customers the most they can on their gold jewelry.
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