Who buys gold?
You have some gold that you would like to sell? This are good news because gold has a quantifiable value and is actually simple and fast to sell but the bad news are that it’s very difficult to find a reliable buyer. The most important advice that we can give you to make a satisfying deal, is to learn the basics before you consult appropriate gold buyers. Who buys gold? Who can you consult? Jewelry stores, gold buying shops, pawn shops, and also gold parties offer their service to buy your gold. But please be aware. It’s commonly known that the majority of gold buyers don’t perform their business trustworthy and transparent. It’s often the naivety and unknowingness of consumers that will be shamelessly exploited to make a big profit. The only thing you can do to avoid that, is to learn the basics of gold. Learn how prices are calculated, then you can avoid getting ripped off. We disclose the gold buyer’s secrets and tell you who buys gold.
What should I consider when I consult a company who buys gold?
Before you visit a place where gold will be bought, find out what you have. Keep in mind that you can calculate the value of your gold by yourself. We give you an example. We assume that you would like to sell an 18 karat gold ring that has a weight of 10 grams. The current spot price for gold is $1825.13/ ounce. (today). One troy ounce has a weight of 31.1 grams. Dividing $1825.13 by 31.1 tells us that fine gold which is pure gold (24 karat) will be traded for $58.69/ gram (today). Your gold ring has a purity of 18 karat and not 24 karat. 18 karat gold has a purity of 75.0 percent. To get the stock market price of your ring we multiply $58.69 by 0.750 to learn that 18 karat gold is worth $44.01/ gram. We multiply $44.01 by 10 to find out that your ring as a current stock market value of $440.14.
Unfortunately you won’t find a gold buyer who buys gold to that fantastic conditions. Gold buyers have to make a margin in order to stay in business. Independent consumer protection organizations recommend that a reliable gold buyer should not make a bigger profit than 10-20%. Below this amount you should not sell your gold to anybody who buys gold. In our concrete example this would be an amount of at least of $396.13 for your 18 Karat gold ring. Do you know what? reDollar has an average profit of only 10-12% on scrap gold and pure gold and in some special cases our profit is even lower. What can you learn from our example? You can learn that it’s most important to know what you have and how much it is worth before you consult a gold buyer who buys gold. The price is the most important factor in this business. It’s not the friendly manner of the assistants or the fancy shop decoration. The only thing that counts is the price that you get offered. Below you can find a list of fineness marks that should help you to calculate your purchase prices. Use our gold calculator to find out what fair gold buyers should offer you.
What protects me against a loss-making experience?
The only thing that protects you against a loss-making experience is knowledge. Knowledge is power. When you learn how to calculate the prices for gold you can protect yourself of getting ripped off. When you know what you have and how much it is worth, then you can negotiate on eye level and nobody can tell you stories. For us reliable and trustworthy gold buyers, it’s really hard to fight against the bad image the branch has. Gold buyers who pay their clients much too less for their gold are a big problem for our branch and our reputation. When we meet new clients we have to convince them of our honesty long before they begin to get interested of our services and prices. We understand ourselves as good guys in this business. We don’t want to be a gold buyer who buys gold only, we understand ourselves as spotter and adviser. With reDollar, clients have no obligation to sell. We have great service tools like our “meet our appraisers”-program that offers gold sellers the possibility to get free appraisals for their gold, jewelry, diamonds, and watches. All our services are for free, so at no point of time we burden our clients with any hidden or additional costs. If you want to know “how much is my gold worth”, then give us a call or write us an email. We will be there for your needs, whenever you want, 24 hours/day, 365 days/ year. Give us a try and let’s convince you from our reliability and accuracy, we are sure you won’t regret it! reDollar is the trusty gold buyer who buys gold.