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5 Quick Tips When Getting Cash For Gold in Boston

Cash for Gold MAThe gold buying/selling rush continues! The price of gold may have come down over the past few years, but selling your unwanted gold jewelry is still a great way to get fast cash. Here at Empire Loan we specialize in Cash for Gold transactions in Massachusetts and Rhode Island.

How can you make sure you get the most for your gold? Here are a five quick tips:

  • Who to sell to: Not long ago people were mailing their gold across the country to strangers or being invited to gold buying parties where Aunt Harriet’s neighbor’s son was buying gold. Kiosks popped up in malls and jewelry stores that used to sell jewelry were starting to buy it from customers. Even the gas station on the corner hung up a sign that said “We Buy Gold”. It was tough to know who to trust or if you were getting a fair price. Now that the “craze” is over, look around for a reputable, local buyer who has good standing with the Better Business Bureau and review sites like Yelp. Visit the store and talk to the proprietor. Do you feel comfortable? Do they explain the process to you? Are they transparent with you about how they appraise the jewelry or do they weigh it in their hands and throw out an offer to see what you say. In other words; Shop around for the best offer.
  • Value: The value of gold is based primarily on two factors; the karat and the weight. Gold is a soft metal so they mix it with other metals to make most jewelry. The karat is the percentage of actual pure gold in an item; 10K gold is 41.7% gold, 14K is 58.3% gold and 18K is 75% gold. Some countries have 22K and even 24K gold jewelry, but since gold is a soft metal, it is unusual. The precious metals market price of gold that financial experts talk about is actually based on pure 24K gold and fluctuates by the minute when the market is open. This means the amount you may be offered can change by the minute as well. Gold buyers use an equation where they determine what they pay based on the amount of pure gold in an item adjusted for the current market price of gold. After that it is simply how much you have and what it weighs. Most gold buyers use grams or pennyweights as a unit of measure to determine how much they will pay for an item. A reputable buyer should be willing to explain all of this to you so that you are comfortable doing business with them. If you are not comfortable with what they say, find another buyer.
  • Appraisals: A reputable gold buyer will test your jewelry with a scratch/acid test or an electronic tester. This is the only way to accurately assess what the karat of your gold is. A reputable buyer will sort your gold accordingly and base their offer on the karat of the gold. It is possible that a buyer can tell just from looking what karat it is but that is not 100%. When they examine your gold, do they make one big pile and make an offer or do they sort through it to account for the different karat. Do they actually weigh it on a certified scale or do they hold it in their hand and guess on the weight. At Empire Loan’s 8 locations, the scales are checked and certified by the state’s Department of Weights and Measures meaning it reads accurately. A reputable dealer should not be put off by you asking questions about these things, but rather answer you with confidence that they do things right.
  • Precious Stones: Gold jewelry often has precious gemstones that can factor into gold buying/selling. Colored stones often do not add value to a gold buyer because there is a limited market for the resale of colored stones. Part of this is the result of the added work that goes into determining if the colored stones are genuine. Diamonds on the other hand almost always have a cash value. While smaller and lower quality diamonds may not have much resale value, diamonds that are 1/4ct (.25pts) and higher can add value to your jewelry and ultimately to the amount a reputable dealer will pay you for your gold. A trusted buyer will try to gauge the size and quality of the diamonds in your jewelry and factor that into their offer. If a diamond is determined to be exceptional, it may prove to be worth more that the gold itself. If you have paperwork for the diamond, especially a GIA (Gemological Institute of America) report to go with it, be sure to bring that with you. A reputable buyer will use all of this to make you a fair offer.
  • The Process: Gold buyers are required by law to ask sellers for government-issued identification. This requirement helps police investigate the sale of stolen property and prevent money laundering. All reputable gold buyers comply with these rules, so if you don’t get asked to show your I.D., be warned. You should also ask how you will be paid. If you are not being paid in cash, how are you being paid.

When getting cash for gold in Boston, instead of buyer beware, it should be Seller beware.

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