The price of used gold is one of the most important aspects to consider before selling your metal. Knowing it you can choose whether or not it is the right time to sell, but above all, if the shopkeeper you contacted is recognizing you a fair price for your precious items.
A gold buyer should carry out the evaluation of the metal always based on the quotation of the gold used in real-time, but this does not always happen, indeed it is not infrequent that one sees billboards with advertised exaggerated prices which aim to attract as many people as possible to the shop, and then pay a much lower value.
So let’s try to clarify things a bit.
Difference between used gold price and evaluation.
A mistake not to be made is to think that the price of gold also corresponds to the price that can be obtained by selling it at the gold shop.
A clear distinction must be made between quotation and valuation: the first means the stock market value, we can consider it the NEW value of the metal, and the second is the final price that the merchant pays, taking into account its retention.
One thing that must be very clear to you is that no gold buyer will ever be able to offer you a value equal to the stock market value, if he did there would be no gain for him
He must necessarily apply a commission (premium or withholding, call it what you want) which can be more or less high at his choice. You must be good at choosing the one that applies the lowest deduction, in other words, the one that pays the most, perhaps thanks to the help of this blog.
Gold stock price and gold fixing
The quotation of gold on the stock market refers to 24kt pure gold (also known as 999 gold) while usually, the carat weight of our jewels is 18kt gold (750 gold), i.e. worth 25% less than the value listed on the stock exchange. This detail is very important when you see advertisements with the words ” gold price used today per gram : XXX”. Almost certainly the price shown refers to pure gold and not to 18kt.
Then very often we hear about fixing. You should know that gold and precious metal transactions in general take place in special markets within the stock exchanges. Their price is determined by the meeting of supply and demand and varies continuously. To simplify the work of traders of precious metals, however, the London Stock Exchange sets a generally accepted reference price, precisely called gold fixing.
Twice a day 5 the major “bullion banks” (banks dealing with precious metals) meet to FIX the price of gold in dollars per troy ounce (which equals about 31.10 g). Once established, the value is communicated to the LBMA (London Bullion Market Association) which will use it as a reference price in the financial markets.
It is essential to know the fixing for those who work in the financial markets or for those who deal with derivative contracts (futures, options, and more) but it is NOT for those who want to sell used gold.[/alert-warning ]
Usually, the gold buyers, at least the most authoritative ones, base their offers on gold prices in real-time and not on the fixing.
Where to see the used gold price in real-time?
Many sites allow you to see live prices of precious metals.
We show gold and silver prices in real time both on the site and directly on-site via a monitor made available to customers. This is because we want the customer to be fully informed about the value of their valuables and to be able to decide serenely whether to sell them.
How to take advantage of the gold price to sell at the best price.
We come to the point that should interest you most, or how to take advantage of the gold price to get the best possible price.
First of all, when you are looking for a gold shop, do an internet search and draw up a list of shops. If you have a lot of gold to sell, I advise you not to search only locally but to do it on a large scale. I have customers who travel more than 300km to sell gold from me, and they do it for one reason only: compared to where they live, by selling it to me they earn much, much more.