If you google “Gold Buyers in Houston,” you’re likely to come up with quite a few selections, but if you’re new to the process of selling gold, you might want to make sure you read this blog to ensure you’re getting a good deal.
First of all, if you’re going to sell gold in Houston or anywhere else – the best plan is to know what you have. Most gold purchased in the US is 10K, 14K or 18K, which refers to its purity and tells you how much gold is in each piece.
For example, 10K gold is 41.7% gold, so most of the rest of the metal is NOT gold. It’s silver or copper or tin. If you have 14K, the most common type of gold in this country, then the gold content accounts for 58.5% of the gold…with the rest being copper, silver and tin. If you have 18K, it’s actual gold content is 75%.
So this is how it plays out:
10K = 41.7%
14K = 58.5%
18K = 75%
So the first step is know what you have. The second step is know what it’s worth. Using the above information, you can probably figure that 18K gold is worth a lot more than 14K, which is worth more that 10K…this it true. Currently, with gold prices at approximately $1740.00 per ounce of PURE gold, the prices for a gram of 10K, 14K and 18K are 20, 30 and 40 bucks respectively…these are approximate, of course. They are estimates that change with the price of gold…but you can google the price of gold and figure this out with the following equations:
Price of gold per ounce divided by 31.1 X .417 = 10K price
Price of gold per ounce divided by 31.1 X .585 = 14K price
Price of gold per ounce divided by 31.1 X .750 = 18K price
So pricing shapes up like this (approximately)
10K = 41.7% = $21
14K = 58.5% =$30
18K = 75% = $39
This will help ensure that you get a reasonable deal for your gold. But remember, you still have to pay the dealer for his services, and probably, you can expect to pay about 5-8 dollars per gram.
Lastly, if your buyer says “What do you want to get for this,” he’s trying to get you to name a price. You should leave. That’s a dishonest attempt to do business. Also, if the dealer tries to use the term “pennyweight” when discussing your gold prices, ask him to convert that to grams. If he refuses, you should leave. Because most vendors don’t use pennyweight with their clients unless they’re trying to confuse them. You can leave or convert it to grams yourself. Just divide the pennyweight price he gives you by 1.555
Now at the very least, you’re armed with the information you can use to make a good decision. Hopefully you’ll choose to do business with Houston Gold Merchants. We’ll treat you the same way we’d like to be treated. We’ll be honest with you and give you this kind of information when you’re in our office, just like we did on this page.
If you’d like to use our gold estimator, you can get it from this link. Good luck!!
And don’t forget – Houston Gold Merchants sells gold, too…