When you’re selling your gold in Houston, there are a few things you should look for. These tips will prevent you from losing money and ensure that you’re dealing with a reputable buyer.
When you decide to sell gold, check the “spot price”. That’s the price paid for an ounce of gold on the commodities market. This is the price that every dealer, large or small uses to buy scrap when customers come in to sell gold. Be familiar with this price and ensure that the dealer quotes this during the transaction.
The gold buyer should weigh your gold or silver on a scale where you can see the numbers. And the scale should be accurate. One way to test the accuracy of scales is with two different pennies. One penny should be from this decade, (the 2000s) it will weigh 2.5 grams. Earlier pennies (before 1983) were minted with more copper and weigh more (3 grams). Ask the dealer to weigh each and ensure that the scale is accurate. Three grams for old pennies, 2.5 grams for newer.
I recently had a customer in my office to sell gold in Houston Gold Merchants and he mentioned that my scale weighed his ring HEAVIER than the three other places he tried. It was only $160 dollar ring, but this guy tried several stores and then returned to mine to sell his gold jewelry because the other scales were LIGHTER.
So ensuring the accuracy of the scales is important.
Be aware that 10, 14 and 18 karat gold is of different value. The higher the number, the more your gold is worth. Asian and gold from the Middle East is usually of a higher karat weight (22K) and is worth more. Know the karat weight of your gold. All gold is marked (unless the piece is custom made) with a karat weight. Look for the indications on the inside of the ring, or at the end of the necklace bracelet or chain. It’s usually there.
Ask friends and family what THEY did when they sold their gold. Most people have attended a gold party or sold their gold at a local shop. Unscientific tests conducted by media and consumer groups have demonstrated that establishing a relationship with a local vendor makes it more likely that you’ll get a better deal. It’s not a guarantee that you’ll get a good deal when you go to sell gold, but it’s more likely.
With this information, at least you’re a little bit better prepared to sell your gold in Houston.