Roslyn Heights, NY (WiredPRNews.com) Many people who sell gold in Roslyn Heights and online wonder how the price of the precious metal is determined. Well the process is actually rather complex and does not have as much to do with the prices you see in the newspapers and online news sources as you might think.
The first factor that affects the price that you will receive for jewelry, scrap gold, coins and other items is the commodity price. This is the price that gold and other precious metals like silver and platinum are trading for on commodities exchanges in New York and Chicago. It is the price that investors pay for a pure or 24 karat troy ounce of gold.
This is the base price but it is not the only factor in determining the price. Buyers use this as the basis for what they will eventually purchase. The next factor is the prices that buyers such as jewelry makers are paying for the metals they purchase from jewelers and sellers. This is the price that the merchant who purchases your items will receive for it.
Your price will be less than this because the buyer has to make a profit. Buyers with good connections in the jewelry industry will be able to pay a higher price.
Selling Gold at the Store
When you actually go to a store to sell gold two more factors will come into play. The first is the weight of the items because gold is usually measured by the troy ounce. The weight will help determine the value.
The other factor is the purity of the metal which is usually measured in karats. By itself, gold is simply too soft for most purposes such as jewelry making so other metals are added to harden it. Not surprisingly this reduces the purity and the value of the items. The fewer karats the lower the gold content and the lower the price you will receive for the items.
When you sell jewelry and other items, the buyer will test them to determine the purity and then weigh them. He or she should do this right in front of you and should use equipment that this certified and calibrated by the state of New York. Once this is done he or she will make you an offer.
If the item contains a gemstone, especially a diamond he or she will give a higher price. If you have to ship items in to sell, you should use a reputable New York gold buyer such as Gold Cash because they will give you the best price.
The Gold Standard of Roslyn Heights
386 Willis Avenue
Roslyn Heights, NY 11577
Phone: (516) 234-6007
Email: [email protected]