If you want to sell gold in Houston, it’s not difficult. You can just follow these fairly simples steps: First, google the “price of gold” and determine what an ounce of gold is worth. Currently gold is priced around $1300 USD.
Now that’s the price of gold for one pure ounce. You probably don’t have one pure ounce unless you’re selling a coin. You probably have 14K or 18K or if you have middle eastern gold, you might have some 22K – so you’ll need to figure out what purity of gold you have.
If it’s 14K gold, that means the purity is around 58.5%, so you’ll need to take the gold spot price ($1300) and multiply it by .585 in order to figure out what an ounce of 14K is worth. At current gold prices of 1300 x .585 you get 760.5. So that means an ounce of 14K gold necklaces or rings or whatever is worth about $760.5.
But most people have less than an ounce. More likely you’ll need to convert it to grams. So to do that we have to know that there are 31.1 grams in a troy ounce. Troy ounces are used in weighing metals, (I have no idea why) so don’t use 28 grams like you might if you were making cookies.
So we divide 760.5 by 31.1 to get the price of 14K gold per ounce. And at $1300, the gram price for 14K will be $24.45/gram.
So that’s 100% of the value…but you’ve got to pay the people who buy it, the people who process it and if there’s more than one middle man, you’ll pay him too…usually you can expect to get about 60% of the value when everyone has gotten paid for their efforts.
Remember, the vendor (guys like me) set up shop and pay bills to stay open so that you can walk in on your lunch hour and drop off your gold for cash. So you pay them about four or five dollars for their costs. Then you pay the guy who melts it about a dollar for dropping it in the furnace. When it’s all done, you’ll be getting about 500-550/ounce or 18-19/gram for your 14K gold.
At Houston Gold Merchants, we do all of this math in front of you so that you don’t have to wonder whether you got a good deal or not. You can be sure that when you sell your gold, you got a fair price and you’re not going to get taken advantage of. I know there are some good guys and some bad guys out there in the gold business. We just try to treat people nicely so that they’ll come back and work with us again. We have great reviews on google and Yelp because we always do the right thing. We treat people fairly and we show you the numbers.
Give us a try and you’ll see why we’re rated highly by the public. WE don’t tell you we’re the best, we let our customers tell you that.