How much is gold worth per gram at a pawn shop?
reDollar.com Works Like a Bank
reDollar.com runs a laboratory where all evaluations are done carefully and precisely. We don’t perform “counter-top evaluations” like your neighborhood pawn shop or gold-buying operation. We are thorough in our price determinations and do not rush the process or cheat our customers. reDollar.com operates like a bank on the highest possible level.
How much is gold worth per gram at a pawn shop? The Fact Check
Although gold is a precious metal, very valuable and always in high demand, pawn shops usually won’t offer you a great deal on it. The average business philosophy is to lowball the customer to get their gold cheap. We believe we know why many pawn shops rely on this approach.
Pawn shops have higher risks
The first reason pawn shops offer significant lower prices is that they have a higher risk than an online gold buyer like reDollar. They buy gold from the public for cash on hand, which leaves pawn shops with a higher risk of buying gold from fraudulent activities. Another risk for pawn shops is to buy falsified or gold-plated items that are ultimately worth much less than expected when purchased. The average pawn shop uses either an acid test to test your gold’s authenticity or a so-called “electronic gold tester”. There are two potential problems with these methods. First, you need a lot of experience to interpret the testing results correctly, and second, if you do the testing wrong, the outcome can be totally inaccurate. reDollar.com uses high-tech equipment like an ultrasonic machine and a XRF tester worth tens of thousands of dollars. Such an investment is a big financial burden for a pawn shop, which is why most pawn shops don’t own the kind of equipment we have in our lab.
Pawn shops don’t buy large amounts of gold
Another reason pawn shops pay less is that a pawn shop’s customer base is limited to its neighborhood or the city where it operates, while reDollar.com is able to reach people from New York to Alaska, making it possible to handle thousands of gold transactions. If you buy a large amount of gold, you are in the position to put a lot of pressure on the refinery where you resell the gold. While we are able to resell the gold we buy for the very best deal, pawn shops get paid less, which is another reason why they can’t pay as much money for your gold as reDollar.com can.
reDollar.com compared with local pawn shops
Wondering if we can really beat the competition? Compare our prices with local pawn shops, and you’re sure to end up selling your gold directly to reDollar.
|reDollar||Average Pawn Shop|
|10K Gold||$676.44 per oz||$300.64 to $450.96 per oz|
|14K Gold||$951.24 per oz||$422.77 to $634.16 per oz|
|18K Gold||$1219.54 per oz||$542.02 to $813.03 per oz|
|24K Gold||$1714.68 per oz||$542.02 to $813.03 per oz|
Questions about pawn shops?
Many people still have questions left, and many folks don’t even know exactly what pawn shops do or what the difference between pawning and selling is. Let us help you with your questions. Advice is always free- even when you don’t sell to our company.
We are proud to have our Head of Laboratory, Alan Jensen, on board. He belongs to a group of highly skilled experts with many years of experience handling precious metals. He is even able to do a fire assay and is very good at explaining things in layman’s terms. We encourage you to get in touch with him if you have questions about how pawn shop pricing works.