There are lots of places that you can go to sell gold or get a loan for your gold in Northern Michigan. To get the maximum return, come see the CERTIFIED Gold, Silver and Platinum Experts at Ace Buyers.
Our goal is to educate you about the price of gold so that you understand what your precious valuables are really worth.
Understanding Your Gold Jewelry’s Value
Below we have outlined some of the basic things you should know about gold selling and the different karats:
- 10k gold = 41.7% gold
- 14k gold = 58.5% gold
- 18k gold = 75.0% gold
- 21k gold = 87.5% gold
- 24k gold = 99.9% gold
All of the above karats are assuming the gold alloy is plumb (meaning the gold is the exact karat it is supposed to be).
Did you know that market price of gold is based on 24 karat gold? What this means is that if the spot price of gold today were $1,000 per ounce, the only karat worth that is 24 because it is basically 100% pure gold. To figure out what the other karats are worth, you just take today’s market price times the different karat gold percentages above.
For example. (Assuming gold is $1,000 per ounce today)
- 10k gold = $417/ounce ($1,000 multiplied by 0.417) $13.36/gram ($417 divided by 31.2) $20.85/dwt ($417 divided by 20)
- 14k gold = $585/ounce ($1,000 multiplied by 0.585) $18.75/gram ($585 divided by 31.2) $29.25/dwt ($585 divided by 20)
- 18k gold = $750/ounce ($1,000 multiplied by 0.75) $24.04/gram ($750 divided by 31.2) $37.50/dwt ($750 divided by 20)
- 21k gold = $875/ounce ($1,000 multiplied by 0.875) $28.04/gram ($875 divided by 31.2) $43.75/dwt ($875 divided by 20)
- 24k gold = $1,000/ounce ($1,000 multiplied by 0.999) $32.05/gram ($1,000 divided by 31.2) $50/dwt ($1,000 divided by 20)
How We Determine Your Top Dollar Offer
Now that you understand what your gold is really worth, there are a few factors to consider when selling your gold. First of all, no one gets paid these prices, not even us! There are fees everybody in the industry pays to refiners to sell gold and they range from 2-5%. Second, more often than not gold is under karatted. This means that a piece that is 14 karat gold, which is supposed to be 58.5% gold, actually may be 56%. Basically, this means that someone mixed the item with a little less gold than they should have. Lastly, is our fee. We need to make something on every transaction otherwise we would not be in business. With this basic understanding of how to sell gold, you will immediately realize a good offer from a bad one. Before you jump at the next “Cash for Gold” ad, give us a call. Just because a place is fancy or is full of expensive jewelry for sale, does not mean they pay very well for precious metals. If you found this section helpful, please leave feedback in our testimonials section.
Contact Us Today
To find out what we are paying today, pick up the phone and call the certified experts at 231-929-3344.
You can sell or get cash against any precious metal goods at Ace Buyers. We even buy damaged or broken pieces! If you want to exchange your gold for cash or you’re interested in buying gold, silver, or platinum as an investment, come on in and visit.
For more information regarding selling premium jewelry please check out this entry in our blog HERE
We also buy and advance on high quality luxury watches! Learn More HERE
We’re located at: Ace Buyers 1396 South Airport Rd. W. Traverse City, MI 49686 United States.