There are many places you can go to turn your unworn, unwanted and broken gold into cash or use to get a loan in Panama City Florida. Most won't take the time to explain the factors that determine how much money tou can get, or they just don't want you to know
We want you to understand how different factors affect the value of the gold and the amount you receive. We at E-Z Cash Pawnshop are happy to share this information in order to make you a wiser seller when it is time to dispose of your gold trinkets. Come see the Gold, Silver and Platinum EXPERTS at EZ Cash Pawnshop in Panama City.
.Let's begin with some basic information, then put it all together.
Gold is measured by weight and there are two specific ways to express the weight. These are grams (gm) and pennyweights (dwt). In the precious metals world there are 31.1 grams to 1 ounce and 20 pennyweight to 1 ounce. 31.1grams = 20 pennyweights. Note that precious metals are based on a 31.1 gram or 20 dwt "troy" ounces versus items like sugar, flour and other substances are based on a 28 gram "avior" ounce. We will only be concerned with the precious metal grams for this discussion.
One gram = .643 pennyweight
one pennyweight = 1.555 grams
Next are the gold content percentages representing most gold jewelry sold in the United States. Other countries offer gold at karats that are not shown here, i.e. United Kingdom has 8 karat and 9 karat and sometimes 12 karat.
10k gold = 41.7% gold
14k gold = 58.5% gold
18k gold = 75.0% gold
21k gold = 87.5% gold
24k gold = 99.9% gold
All of the above karats are assuming the gold is "plumb" (meaning the gold is the exact karat it is supposed to be).
The market price of gold is based on 24 karat gold. If the market price or "spot price" of gold today were $1,000 per ounce, only one full ounce of 24 karat gold is "worth" $1000 because 24 karat gold is basically 100% pure gold. To figure out what the other karats are worth, you just take today’s spot price times the different karat gold percentages shown above.
Using the above three factors, these are the calculations in both grams and pennyweight for an example of "pure" value if the spot price was $1000.00
10k gold = $417/ounce ($1,000 multiplied by 0.417) is $13.36/gram ($417 divided by 31.2), or $20.85/dwt ($417 divided by 20)
14k gold = $585/ounce ($1,000 multiplied by 0.585) is $18.75/gram ($585 divided by 31.2) or $29.25/dwt ($585 divided by 20)
18k gold = $750/ounce ($1,000 multiplied by 0.75) is $24.04/gram ($750 divided by 31.2) or $37.50/dwt ($750 divided by 20)
21k gold = $875/ounce ($1,000 multiplied by 0.875) is $28.04/gram ($875 divided by 31.2) or $43.75/dwt ($875 divided by 20)
24k gold = $1,000/ounce ($1,000 multiplied by 0.999) is $32.05/gram ($1,000 divided by 31.2) or $50/dwt ($1,000 divided by 20)
Now that you understand what your gold is fully "worth" as a commodity, there are a few factors to consider when selling your gold.
First, no one gets paid these prices, not even us!There are fees everybody in the industry pays to refiners to process gold and they range from 2-5%.
Second, more often than not gold is under karated. This means that a piece that is stamped 14 karat gold, which is supposed to be 58.5% gold, actually may be 56%. Basically, this means that someone cast the item with a little less gold than they should have.
Lastly, is our fee. We need to make something on every transaction otherwise we would not be in business.
With this basic understanding of how to sell gold, you will immediately realize a good offer from a bad one.
Before you jump at the next “Cash for Gold” ad Come get our offer. Just because a business is fancy or is full of expensive jewelry for sale, does not mean they pay very well for YOUR precious metals.
Our Pitch... If you found this information helpful, please leave us a comment on our Contact Us page so we can develop a testimonials section. To find out what we are paying today, come see our experienced experts for a current assessment of your precious metals. We loan on gold and pay cash for gold. We can help you exchange your gold for cash. We’re located at; EZ Cash of Panama City. 807 E 15th Street, Panama City, FL 32405 850-784-2500