BEFORE YOU SELL 101
Rules of Thumb:
When precious metals prices are high buyers, seem to pop up like mushrooms and disappear just as rapidly.
You need the leader In the buying of precious metals and backed by experience, honesty, and integrity.
Top Five Things To Know
Best to know your weight in each karat of gold.
Best to get your gold weighed in grams Not in pennyweights [dwt]. A pennyweight is 1.555 grams.
Check out the gold buyer before you sell BBB is a great place to check but remember most buyers are not even members.
Keep in mind when you see gold buyer's/jewelry buyer's advertising in the mass media that cost is in the thousands of dollars. Who is paying for that? We at Mobile Bay Coin, keep our overhead cost to a minimum.
We pay-out more for your gold.
Things to know about Gold and Other Precious Metals
Below is information you should consider when selling gold or gold jewelry to any buyer.
Gold, Platinum, and Silver are Precious Metals that are traded on world-wide commodity exchanges. The prices of precious metals change and sometimes dramatically every day. Mobile Bays Coin reviews purchase prices frequently and changes the prices we pay you periodically to reflect the current market prices. www.Kitco.com is an excellent place to see what is going on at the time you are thinking of selling.
Many pieces of fine jewelry incorporate valuable precious gems such as diamonds, rubies, emeralds or sapphires. The value of these gems is often more than the value of the gold, platinum or silver of course depending on spot price at the time of sale.
Gold is the most common and popular of the precious metals for most jewelry. Gold is weighed and valued by a system of karats, with 24 karats being pure gold, and is abbreviated after the value number as "K." Most people know that you can buy jewelry in 10K, 14K, 18K, and sometimes the full 24K (though this is rare). Gold is a very soft metal, so other metals are added into any jewelry of less than 24K, and typical alloys include zinc, silver, and copper.
When you're trying to identify how much gold you've got in a piece, you're going to follow the same guidelines as when checking silver, only this time you're looking for a 10K, 14K, or similar on the item. If you see certain letters after this value, such as EP, GEP, or P, it means that the item is gold plated and not solid.
When you're buying gold jewelry, you should know how much gold is in the piece you're buying. This is even more important if you're selling scrap jewelry to a dealer or Jeweler. Otherwise, you are almost certainly going to lose money in the transaction.
When selling gold jewelry, you can weight it yourself on a scale that gives you grams, this way you will know the weights before you even go to sell. See below about pennyweights. This is not good. Anyone advertising in pennyweights are doing this to make it look and sound like your getting more money for your gold, in fact, your getting less. So if you see this or hear this immediately run the other way.
Also, you will want to know what SPOT PRICE is right before you sell. ALL gold buyers go by this price to determine the payout to you. A great place to see this is www.kitco.com but remember this changes every 5min. or so Monday - Friday.
Silver is a beautiful metal that is strong for settings, and is relatively cheap compared to the other metals. A quick way of identifying silver is to look along the inside of a ring, or along the clasp/end of a necklace or bracelet. What you're looking for is a little number like ".925" or ".999." This is the percentage of silver versus other metals that are in your item. Sterling silver, one of the most common types, is made up of 92.5% silver and 7.5% copper.
Platinum is an incredibly strong metal, very hard to work with, but very good for jewelry that's going to be put to the test. It's often used as the setting in gold and silver jewelry to hold diamonds and other valuable stones.
You can identify this precious metal by again looking on the inside of your ring, or near the clasps of your necklace/bracelets. What we're looking for this time is a little more complicated. Since platinum can be made up of a few different metals from the platinum group, these pieces are going to be marked with a number, followed by an abbreviation for platinum such as Pt or Plat, then either followed by the abbreviation for another group metal, or a number and the abbreviation. This can continue up to three or four times depending on how many different platinum group metals are in your item.
For instance, if you have a ring that is 85% platinum and 15% iridium, then you could see any of these markings:
850 Pt 150 Ir
85 Plat Irid
850 Plat Irid
Or any combination of the above to indicate how much platinum is in the ring/bracelet/whatever. Right now, as long as the item is at least 56% platinum, it is usually considered good, and sometimes as low as 50% is acceptable.