The price of gold has reached record breaking highs in recent months, fueling the cash-for-gold craze that has many Americans rushing to sell their unwanted gold jewelry. However, most are unaware of the potential value of their gold items or how this value is determined.
There are many factors that determine the value of gold, but the 4 key determining factors are:
Current Price Per Ounce or Gram
This market price of gold is constantly fluctuating (though lately it’s been trending upward). A simple search on Google or any search engine for the “price of gold” will keep you up to the minute.
The craftsmanship of your jewelry can count towards the value of your item. The experts at Best Collateral can help you determine if it’s worth melting your item or not.
The measure of the purity of gold is determined by karat. The purer the gold, the more valuable it will be once melted down. Pure gold is 24 karats.
The weight of your gold must be calculated in grams or ounces. Best Collateral uses regulated and inspected scales to determine the weight of your gold, so you’ll know you’re getting the most cash for your item.