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Business 302 views Jan 12, 2020
Pawning gold is interesting!

Gold is a precious possession. Gold stands proud among all elements within the periodic table. Gold is one of the most beautiful metals that can be found and it is very rare! Due to its rarity, it is highly valuable. Gold is highly corrosion resistant and it stays the same in terms of appearance and structure for ages. Where to pawn gold coins can be a challenging question since the market is shark-infested with criminals and callous cons. Here are a few things you would want to be aware of before pawning gold.

First and foremost, know the current market value of gold. The current price of gold is $1,333 per ounce. Knowing this will guide you to find the right pawn shop. https://www.melbournepawnshops.com.au/pawn-loans-gold-coin is the best place to pawn gold in Melbourne. Their rate closely matches the market rate of gold and will let you pawn gold at the best price.

Group your gold items according to their karats. For example, you should not mix 25 karat gold with 22 karat gold. The price of gold will vary with its purity. 100% pure gold is 24 karats gold. 18k gold is 18/24 = 75% pure. In this way, you can get an idea of how pure your gold is and what should be its price.

 

Now the question is how to know which piece of gold is how many karats?

 

Mostly gold jewelry will have the karat marked on them. Another method is to use a gold test kit.

Make sure the pawnshop is using a proper scale for weighing the gold. Although the purity of gold is measured in karats, pawnshops weigh gold in where troy ounces, where 1 troy ounce is equivalent to 31.1035 grams approximately.  Another unit used in weighing gold in pennyweights. 1 pennyweight is equivalent to 1.555 grams. This is essential to recognize because on occasions a gold buyer will try to get devious and weigh your gold in pennyweights, but skip it off as grams and short the sale rate.

 

Since you have learned most of the hacks to pawn gold without any loss, you are ready to sell!