Things to Know About a Gold Buyer in Edmond, Oklahoma

You’ve probably seen businesses in the Oklahoma City area that advertise that you can sell your gold for cash on the spot. While there are many reputable businesses that purchase gold such as broken or unwanted jewelry, there are some things that you’ll need to be careful with when you’re looking for a gold buyer in Edmond, Oklahoma. You’ll also need to be as informed as possible to ensure that you’re getting the best value for the gold you’re selling for immediate cash.

The first thing you want to do is know the price of gold. This price will vary from day-to-day but having an idea as to how much the price of gold is on the precious metal market that day will help you to know the type of prices you’re being offered to see if they’re in line with the current market price for an ounce of gold.

It’s also important to know what type of scales a Gold Buyer in Edmond is using. For example, there are roughly 28 grams in an ounce. However, gold is measured in Troy ounces which are equivalent to 31.1 grams. When gold buyer sells the gold that they purchased from you, they will sell it per gram. However, some gold buyers use a scale known as pennyweights. Many gold buyers replace grams with pennyweights. The problem is, a pennyweight is equal to 1.5 grams. If the gold buyer says you have 31.1 grams of gold, equal to an ounce but they have replaced standard grams with pennyweights, you may actually be selling close to 1 1/2 ounces of gold but you’re only receiving the price for one ounce. This is a way for gold buyers to pay less for more gold. That’s why you need to refuse to do business with any gold buyer that will measure your gold in pennyweights rather than standard US grams.

There are many reputable companies in the Oklahoma City area as well as nationwide that will offer you competitive prices for your gold. There may be fees involved and you’re not likely to get the full current price for an ounce of gold when selling used or unwanted jewelry. But by being informed, you’ll have a better idea of whether the deal you’re getting is good or the gold buyer is trying to take advantage of you thinking you are an uninformed consumer.