How Gold Buyers Determine What Your Gold Is Worth

When the time comes to sell your gold jewellery, the best place to visit are local gold buyers. The truth is that they deal with gold buying daily, including silver, gold jewellery, coins, and gold watches. But one question remains what you can expect for your gold when selling it to a gold buyer?   

The truth is many factors go into an appraisal of the gold buyback value or even a silver piece of jewellery. For example, have you ever watched the Pawn Start TV Show? If not, the main star is Rick Harrison, who keeps telling people to sell things they do not need.

Rick says he does not pay retail prices for their items, nor is he a collector, but he buys gold jewellery to silver to re-sell. The gold buyers are not collectors of precious metals but gold aficionados. So you may find they hold on to the estate or some vintage jewellery longer than they should. 

But the primary goal of a dealer is to buy and sell, and as Rick, they do not pay retail prices for gold. So the bottom line is that a gold buyer will offer you a reasonable price to make you feel that you want to return for more business. 

Hence, how much they pay for gold depends on what you sell. Online you can find many websites tracking precious metal prices, including gold. The main one used by many gold buyers is the Kitco website. 

With it, you know the gold selling price for that specific moment. With it, you can see the current bid and ask price and how gold has been trending for the past month or year. Yet, that price is based on the 24k gold price. 

Still, when you bring in gold jewellery with a 14k or up. Then, the value of the gold set on the website reduces by a considerable percentage to account for the reduction of the gold purity. Hence, the best is to take your gold pieces to have reviewed. Then, you can get an estimate of the value based on the price of gold for that day. 

The best part is that if you find trustworthy gold buyers in Melbourne buy many forms of precious metals. It can be in the form of jewellery like bracelets, watches, rings, necklaces and more. In addition, you can sell your gold bullion or coins. 

Depending on the jewellery condition, from the estate to vintage, you may find the dealer holding on to them to re-sell. Still, most gold received is worn down, broken or has stones missing. Scrap gold is not re-sold and sent to be melted down. 

The same applies to gold watches that are not worth repairing; the moving parts are removed, and the gold melted down. Still, if you hear your sentimental valued pieces are worth a scrap gold value as it will not sell gold, buyers respect your feelings and will never pressure you to sell. 

Yet, that scrap gold can still bring in money worth more than the time of purchase, depending on the market price for the day. So, do not hesitate to take broken to worthy gold items to have appraised it might be worth a lot. 

By Rehan

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