Are They Honest Gold Buyers?
Is this a smart move? What should you consider? Is it true if you need quick cash and you have old gold jewelry sitting in your jewelry box, you can sell it to a pawn shop quickly? Why don’t pawn shops have to do background checks, credit checks, and ask for all kinds of information to get a scrap gold loan?
These are all legitimate and important questions to ask before you decide to sell your gold to a pawn shop.
Do Some Research About Gold and Other Precious Metal You May Own
The first thing you want to research is how much your Gold or other precious metals are worth and why the current price is just a tiny measure you can do so you get a good deal. The next step is to compare prices that different stores like jewelry stores, online gold buyers, and several pawn shops pay for Gold.
A few no-brainers check Google Reviews the Better Business Bureau and see what certifications the shops you want to sell Gold to have; for instance, do they have a goldsmith or expert who knows how to appraise Gold? Are the jewelry buyers certified?
The price of Gold varies daily, which is also valid for other metals like silver and platinum. Each precious metal has a price that may be a lower price on one day and a higher price on another.
Why? Because the market sets the price, and the market price is up or down because of supply and demand. Just a few minutes of your time spent on understanding gold spot prices and how to sell your Gold for a fair price is worth “its weight in gold.”
The demand and gold market prices are directly related. Annually there is not much Gold being mined because this gold supply is limited and fluctuates.
A rise in the demand for Gold, say when the economy seems unstable and the limited amount of available Gold to buy, will increase the price. People who have a history of gold-selling experience may be a resource to help you understand the prices.
When our nation’s economy is stable, the prices of Gold are more durable, and there is less range in how the Gold fluctuates.
Suppose the nation is going through economic turmoil and inflation is high. In that case, the economy is also struggling to stabilize, and thus the how much Gold is worth changes daily and rapidly. When you want to sell your Gold, the price of the Gold will be what it is for pure Gold based on the market value at the moment in time.
When people buy Gold and store it up as an investment and a hedge against inflation, the demand is higher for Gold, and there is less available Gold, so the price of Gold is high.
Gold Spot Price - Current Market Value
Gold is bought per spot price, and the gold prices fluctuate with the market.
Spot price or the market price of Gold is based on pure Gold, .9999% pure, or the gold fineness.
The karat system is a way to measure the fineness of Gold or its purity. 24k Gold is the most refined, with .9999% purity. 18K Gold is 75% pure, 14K is 53.8% pure, and 10k is 41.7% pure. Since the current price of Gold is based on the most refined gold content, 24k, less pure Gold will bring less money.
Gold Price Chart
Price charts can be used and followed to understand how a dealer uses the current gold price to make you an offer. JM Bullion displays the daily gold spot price of Gold.
When doing your research and leg work, make sure you understand how to weigh Gold in grams. Then weigh the gold jewelry in grams with a jewelry scale. For instance, if you have a nice piece of 18k gold jewelry missing its stones and you would like to sell it, understand the 18k is 75% pure.
You can take these two numbers and multiply them and determine an approximate dollar amount you would get based on the current gold price. Knowing this amount will help you negotiate with the gold buying party to get the most money you can for your unused scrap gold jewelry.
These steps are essential to take as you research because you want to get the best deal for your Gold.
Researching gold prices and how it is determined is just a tiny measure you can take to ensure you get the best price for your Gold.
The same research is needed if other precious metals like silver or platinum. As this is being written, the spot price for silver per gram is $0.79 or $24.64 per ounce, and this current price will fluctuate just like Gold. Online resources help you understand your precious metal value on the day you want to sell it.
It is vital to understand the scrap gold price at a pawnshop or other shop as you do your homework. The scrap prices refer to what large companies, including pawn shops, get paid when they send in the scrap or unused gold jewelry for cash. The scrap gold is metaled down under high temperatures, and the impurities are removed. There is a premium for doing this service.
Selling Gold to A Pawn Shop Has Its Advantages
Pawnshops that are reputable have experience selling Gold and offering unwanted Gold, gold jewelry, precious metal, and other luxury items.
No reputable pawn shop wants local news investigative pieces that are shady or dishonest.
Pawnbrokers are considered gold buyers and understand how to sell Gold, Gold’s fineness, precious metal, the process of pawning jewelry, how to buy Gold, the scrap gold price when junk gold jewelry is brought in, and how to get you the best price for your unwanted Gold.
Pawnbrokers will always identify the purity of the Gold you bring in to help them calculate a fair price. They use a jewelry scale to weigh the Gold and discuss the process they are going through to help you understand the current market value of your Gold.
You can ask questions if you don’t understand how the total value was achieved based on your previous research, and the pawnbroker will be happy to provide you with answers. You need to trust the pawnshop if you sell gold jewelry to them.
After appraising your Gold, pawn shops can make you an offer for an instant cash payment or set up a collateral loan using your gold jewelry as security. Collateral loans are short-term loans that use the value of your items to secure the loan. There is no credit check, financial information, or employment information needed because the collateral covers the amount of the loan should you default.
Scrap Gold Price at Pawn Shop or Price of Solid Gold Jewelry
Although each pawnshop differs in how they do business, pawnshops typically pay between 25%-90% of the actual market value of 24k Gold. Before selling, it is essential to know your Gold’s worth at a pawn shop.
Pawnshops are a business, and they have to cover the cost of doing business. Even when you sell online to a gold buyer, you will be charged a premium. So make sure you understand what the premium is before you agree to an offer.
We Buy Gold and National Chain Pawn Shop
The “We Buy Gold” shops pay significantly more for your Gold. They are in the business to buy Gold; they understand Gold, gold jewelry, and how the gold purity, weight per gram, and current market value work together to support their business. They also have a long history of understanding how the gold market ebbs and flows, so they know when to buy and sell Gold.
An honest, reputable pawn shop has a physical store and established history, decades of experience selling Gold and buying Gold, and is licensed. They often have a “We Buy Gold” opt-in program and usually pay more for Gold.
Most pawn shops have incentive programs and coupons to draw you into their store, which is good because you can walk away with more cash in hand.
National chain pawn shops have more financial backing and may offer the best price of Gold. Gold items brought into these stores go through the same appraisal process and how the total value is obtained.
They may be a good option if you have a large amount of Gold to sell because they have the money to payout or offer a pawn loan.
How much pawn shops pay for Gold in your area will differ, but the appraisal process is the same. Sometimes pawn shops are looking for unique gold jewelry pieces to add to their retail store.
Customers who buy gold jewelry may visit their store to see their extensive inventory and find a piece of gold jewelry to wear or give as a gift.
Customers buy jewelry as an investment for the future and come to pawn shops to buy expensive jewelry at a low price so that they can sell it later at an even higher price should they need to. If you invest in Gold, it is crucial to understand what the pawnshop is Gold of sale for and how they buy it.
A pawn shop pays for Gold, gold jewelry, precious metals, and other luxury items at the pawn shop’s discretion. Pawnshops have a business model they follow, and their pawnbrokers know what Gold is worth and what jewelry pieces will sell on their retail floor.
The pawnbrokers can offer a good deal because they follow the pawn shop’s business model.
Idaho Pawn and Gold
Idaho Pawn and Gold has two pawnshops located in Meridian and Nampa, Idaho. Owned by Samuel Reading, his pawn shops are not like all. He is 100% vested in treating all of his customers like family, and it is guaranteed you won’t have to make about five phone calls to get the answer to your question; you’ll have to make just one.
The dedicated and trained team can answer your questions via text, email, and phone. Of course, they like seeing you in the store is something we look forward to as well.
When Sam opened the stores, he wanted to own a business, but he wanted a company he could use to support its community members. He made sure his stores make reasonable offers for gently used luxury items, but each pawnshop offer is something you as a customer know is a great deal.
Sam wanted to have Idaho Pawn, and Gold not only stands out amongst a few pawn shops but amongst all pawnshops, whether they are buying and selling Gold or just buying other luxury items.
With his and his teams’ understanding of how much Gold per gram sells for each day, he makes sure that Idaho Pawn and Gold will always pay higher than other pawnshops when you compare the current price of Gold to what the offer is.
He had been in a pawn shop here and there along the way in life and noticed when the pawnshop he visited offered much less than the current market price was for the item the customer was selling.
He knew he wanted to make sure he owned stores that were unique to their location, and the store was both an honest and reputable pawn shop that closes deals every time, which is a win-win for both him and his customers.
Idaho Pawn and Gold offers a full range of services, including pawn loans, buying services, and a large in-store and online retail store. Sam makes sure that there are opt-in programs and incentives to help his customers out. He thrives on standing above all pawnshops, not just a few pawn shops.
Idaho Pawn and Gold buys, sells, and loans Gold, silver, jewelry, name-brand tools, musical instruments, heavy equipment, and luxury handbags.
There is nothing too big for Idaho Pawn and Gold to consider if it is in good working order and has value.
Sam likes Gold, and he understands the value and how gold worth has changed during the most recent economic changes. He has a team of experts who understand the current market value of Gold, how to test Gold for purity, how to use the jewelry scale to weigh Gold, what the scrap gold price is, how to melt scrap metals, like Gold and silver and what their scrap prices refer to, and how to leverage his payout so his pawnshops stay open and the pawnshops close a deal each time, every time.
Idaho Pawn and Gold were voted the Best Pawn Shop in Idaho in 2021, and it's expected to achieve this recognition again in 2022.
Sam and his team want to offer high-end collateral loans for anyone needing quick cash if you have a large amount of gold or gold jewelry you want to pawn so they don’t have to lose their items.