May 26, 2022
Do you have gold? Have you ever wondered if a pawnshop would buy it and how much they would pay for it? Pawnshops will buy gold in any form; whether it is a bar, ring, or necklace, you bring it in, and they will take it. They will even take your broken scraps!
You've got to have an open mind when walking into a pawnshop and be prepared. You should do your research before, know what general price you are looking for, and don't be afraid to negotiate. Don't be scared to walk away if you don't like the price.
When it comes to selling gold of any sort, you might expect that every place would pay the same, right? Pawnshops and gold buyers are remarkably similar in how they deal with the precious metal. However, the differences may be slight, but they can make a big difference in price and experience.
Most pawnbrokers tend to pay around 40-70% of the actual value for most items that come into the pawnshops. That is because they have to make a profit on the items in order to survive and continue serving the community. However, unlike gold buyers, pawnbrokers have the flexibility to negotiate with knowledgeable and respectful customers.
Gold buyers tend to do a lot more advertising to buy your gold. They might do television ads, bus ads, you name it. They do all of this advertising, but they generally are a little pickier on what gold they buy. They tend to stay away from any old and broken scraps of gold.
Yes, pawnshops will buy any gold you bring in. They will accept any karat gold you have, no matter how heavy or light it might weigh. The thing that they won't take is gold-plated items just as much as anyone else. Gold-plated items are only 0.05% real gold, which is next to nothing. It's not worth taking anything gold-plated.
Every piece of gold will be tested, and they will let you know if it is gold-plated or not. They test it by scratching it a little bit with a file, then pouring a drop of acid over it. Depending on the reaction, you will know if it is real, fake, or gold-plated.
Gold is different for every piece; it all depends on weight and what karat it is. The karat can range from in some areas a 9kt-24kt, but in the US, it is 10kt-24kt. 10kt is generally the lowest karat to be considered gold in the US, while 24kt means pure gold! Gold is selling for anywhere from $25-$60 a gram nowadays based on the karat.
As mentioned above, pawnshops have to make money, so they typically pay between 40-70% of the actual value. So, for example: If you bring in a 24kt gold bar that sells for $60 a gram, they might pay you $35 a gram, then they might sell it for $45-$50 a gram because they have to compete with other businesses. Bringing in a lot of gold could potentially raise what they offer you because there is more to work with.
At Xtreme Pawn, we are extensively trained in evaluating precious metals like gold, silver, and diamonds. We have all the proper resources to provide prices that compete with other gold buyers. We are committed to providing outstanding service with every transaction. You can call in and get a quote today or visit us in person, which is generally recommended so we can weigh the gold accurately. We are one of the most trusted pawnshops in the valley!