Ever since the price of gold has been hitting historic records over the last few years customers and people in general have been confronted with an array of advertisements on TV or in the street with signs and flashy ads of cash for gold businesses claiming to pay the highest price for their gold. What the majority of those ads are not saying is the prices they pay for the gold rather just how quick and fast the transaction can be.
While there are many highly known businesses there are some fly by night companies with the sole intention of paying the least amount they can. If you have gold coins and want to sell gold coins NYC, like gold ingots, sovereigns, eagles, maple leafs or unusual gold coins like the US Buffalo or the Chinese Panda you can expect to be paid a price slightly below the spot price. Expect the gold buyer to make a profit; the percentage of the profit is up to them. But no one is forcing you to sell on the spot.
You should always know the price of gold on the day you sell, if you have the current spot price of gold in your head, you are halfway there. Next is to know the karat and the weight of your gold for instance 14k is usually worth half of the current gold price, so lets say you have an ounce of 14k it is roughly slightly below half of the current spot price. You can also expect to be paid a little under that in a fair market.
Know The Gold Buyer
That means you should check online, read reviews, and are they reputable? What kind of scale they use? Do they weigh in troy ounces or regular ounces? Ask these questions and you will get the best price for gold guaranteed. There are a few great gold buyers in NYC and you should feel free to make an appointment with anyone that we mention.
Know Your Gold
That means you should know what kind of gold you have. Whether it is 10k, 12k, 14k, 16k, 18k, 22k or 24k can make a big impact on price. The gold buyer will make a test and check if the gold is real and what purity it is. Just because it is stamped doesn’t mean it is what it says, it can be a little less or more depending. It doesn’t matter what kind of gold you have unless it is designer or an estate piece every gold buyer is going to pay for the weight of it. Be sure to make sure you separate designer jewelry such as Cartier, Tiffany and other estate pieces because those go for more than just the weight of the gold.