If there is one certain thing, there is no sure prediction when it comes to the gold market and how prices are going to go. For now, gold is at a high, so if you are going to sell your pieces of gold to have spending money for the holidays, don’t want until the last minute. Selling gold can be tricky because you want to get the best rate possible with a reputable company, but you also want the process to be simple, which is why pawn shops are a great consideration for where to sell gold in Charleston, SC. Just follow these steps to make the process as simple as possible.

Before you take your jewelry pieces and gold items to the pawn shop, make sure to clean them thoroughly. You want your gold to look as good as possible. Use cleansers and cleaners that are precious metal-approved to make everything shine as much as possible. Although the money you are offered doesn’t fully depend on whether your gold is clean or not, it will expedite the process and possibly get you more.

Your gold’s value depends on its weight, so know what you have before you go. Most pawn shops use either pennyweights or grams as a measuring tool for precious metals like gold. For conversion purposes, 1.55 grams equals one pennyweight, which makes it easy to compare one pawn shop’s estimate and offer over another if you have to do the math.

Another factor that will influence how much your gold is worth when you sell at a pawn shop is its purity. 10 karats are 41% gold, 14 karats are 57.5% gold, and 18 karats are 70% gold. It is a simple equation: the purer it is, the more valuable it is.

Gold is a commodity that fluctuates in the market continually. Before heading to the pawn shop, or anywhere to sell your gold, know where the market is on any given day. You can compare what a pawn shop is offering to the “going rate” by calculating where the price of gold is trading/31.3 x weight x karat. Therefore, if the price of gold trading is $1,500 per ounce and you have a 14-karat gold chain that weighs four grams, the equation would be:

$1,500/31.3 x 4 x .575

Keep in mind, however, that that is what the market is offering. When you sell it to a pawn shop, they have to make a profit, so their offer will be somewhat lower so that they can resell it and still make money.

Gene’s Pawn Shop is dedicated to offering the most competitive rates for both scrap gold and your gold watches and jewelry. We can appraise it, make you an offer, or discuss the option for pawning your gold with a cash loan. Come in today and let’s see what you have to sell so we can give you the best price possible.