Selling gold is a great alternative to get the hard cold cash in your hand instantly. But, nothing in this world is risk-free, thus selling gold is not an easy nut to crack. Nowadays, selling & buying gold or gold jewelry is surrounded by various scams and foul playing that may mislead the seller of gold for cash.
So, too aware you for such scams and foul plays, Cash Gold Exchange has brought a complete guide for you to get a detailed insight into the gold weights. To get the fair value of your gold jewelry, you need to command over your knowledge of gold weights.
GOLD WEIGHTS EXPLAINED: HOW GOLD BUYERS MISLEAD THE PUBLIC
Don’t Get Caught Out with All the Industry Jargon
By Cash Gold Exchange
As long as you have gold, you have a valuable commodity! Unfortunately, many of us are often misled when it comes to selling gold since we do not really understand the terms used in measurements.
Terms such as penny weight and grams are often floated around since they are units of measurement. The thing most of us don’t know is that regardless of what unit of metric system you use, the amount of money you get paid for your gold should remain the same.
Gold buyers often capitalize on your lack of knowledge and poor mathematical skills to play tricks that give you different prices on both measurements. That’s why you need to arm yourself with knowledge before you go out on selling gold for cash.
Pennyweight (DWT) and Grams Explained
Pennyweight, abbreviated as DWT, and grams are both acceptable measuring units.
Below we delve deeper into the measurements:
- 1 gram equals 1.555 pennyweights
- 1 troy ounce equals 20 pennyweight or 31.1 grams
- Pennyweight is wrongly marketed to produce better price value
- Grams are more acceptable in the global market
Pennyweight is a unit of a gram in the same way that inches are a unit of a foot. One gram has 1.555 pennyweights. If you are therefore looking to sell in grams you will multiply the pennyweight you have by 1.555 and if you are looking to sell in pennyweight divide your pennyweight by 1.555.
Troy Ounces Trick
Gold is also weighed in troy ounces. 20 dwt will make up a troy ounce and when it comes to grams, 31.1 grams will do. The thing you should always remember is that the weight will always remain the same. 31.1 grams weighs exactly the same as 20 dwt. A good example would be inches and feet. 1 foot is made up of 12 inches so should the price really differ when you buy 12 inches? The answer is obviously no but when it comes to gold, buyers will try to dupe you into believing that the price differs and this is what confuses most sellers.
Buyers will try and make you believe that if you sell by pennyweight you get a better price which really doesn’t make sense because the weight hasn’t changed.
As you can see, it is really easy to be confused when selling your gold. And this is why you can find many people who report having bad experiences when selling, especially to the likes of pawn shops.
The good news is that you can protect yourself from bad buyers. The four items, below, will help you ascertain the likelihood of getting a good price:
If you want to acquire the fair amount of your gold or gold jewelry without being involved in any foul play or scam, we, at Ware Jewelers will help you and ensure you with the appropriate Cash For Gold amount. Visit our store located at 111 South College Street Auburn, AL 36830 or contact us on 334-826-9011.