If you are ready to let go of your scrap gold, now is the perfect time. No one really knows what the post-pandemic market will look like for precious metals and gold. And since prices are good now, it is best not to chance it by waiting. But if you are just looking for a little extra cash to get you past some recent hardships, you might be wondering if it is better to pawn or sell your scrap gold in Charleston, SC. Consider these factors before you decide.
The First Step: Understand Market Fair Price
Gold is similar to stocks because it is an asset that is publicly traded, so it has a specific “market value.” If you Google “sell scrap gold Charleston, SC,” you will see a list of places where you can sell and/or pawn your gold for cash. Most of the places that you see are reputable and will offer you a fair market price. But, also like stocks, the price of gold fluctuates according to market conditions. That means it may be worth more tomorrow than it is today, or vice versa.
How to Know What Fair Market Price is…
The good news is that you can check the prices of gold on the market, the same as you check any other stock. Gold is a commodity that is traded on the open market 24 hours a day, seven days a week, unlike other commodities. So finding a baseline is not hard to do. When it comes to value, it is all about understanding how jewelry stores and pawn shops price scrap gold and determine its market value.
How Pawn Shops Determine Their Price
Pawn shops use the current market value to assess how much your scrap gold is worth. Make sure to investigate before you visit so you know a ballpark figure. Work from the base price, but understand that a pawn shop will have to buy it for slightly less because they have to turn it around and sell it for a profit to stay in business.
Know the Karat Value of Your Gold
Another thing that will influence the market price of your scrap gold will be its karat. Pure gold is 24 karats. It is the softest karat there is and will be easily bitten into. If you are dealing with jewelry, there are probably other metals involved. The question then becomes, just how much is real gold and how much is something else? Rings are usually marked around the band, so look for a signature. You can also buy a gold test for verification.
Is It Better To Sell Gold or To Pawn It?
Pawn shops are guided by what the market is doing on any particular day, which can work in your favor. If you know the price of gold and the value is particularly high, then it might be best to sell and take the cash to make sure that the market doesn’t bottom out and leave you with nothing. However, if you need the cash and the market price is fairly low, then you might want to consider pawning it and waiting until the market bounces back. If you pawn it, pay close attention to the market price, then you can go back in and sell it at the high.
Scrap gold is useless to the average person – unless of course you have a safe full. If you have scrap jewelry sitting around, gold prices are at an all-time high. Consider the option to pawn or sell your scrap gold in Charleston at Gene’s Pawn. We offer the most competitive rates in the gold industry. And we have a proven track record of fairness in the community. Come in today to see what your scrap gold is worth.