The VERY Important Difference between Pennyweight and Grams. GREAT INFORMATION to know before selling your Gold and Silver for Cash!
If you have been thinking of selling your gold jewelry, coins, bullion or scrap for cash and are researching different prices between gold buyers, be very careful not to fall for a very common trick used by some Gold and Silver Buyers. At Texas Gold and Silver Buyers of San Antonio our main priority is educating our customers and future customers on the specifics of the Gold and Silver World. If you are just now discovering our Informative Blog, please go back through our Archive and soak up all the information you can! So now on to that common trick used by some Gold and Silver Buyers.....
In the past decade or so, Gold and Silver buyers have been popping up all over with claims and guarantees that they pay the most for Gold and Silver. Many use BOLD claims to get you in their door, and then proceed to purchase your items for pennies on the dollar of the full worth. Some of these buyers don’t even display their prices up front, and refuse to give quotes over the phone, while others may be misleading consumers by advertising prices in pennyweight or "DWT."
What is a pennyweight? A pennyweight is a unit of measure still used by some jewelry manufacturers and dental labs for weighing precious metals. The public on the other hand, will very rarely come across this unit of measure, as very few scales read pennyweights, and Gold and Silver is RARELY marketed and sold to the public weighed in pennyweights. Here is the trick: a pennyweight weighs 1.555 grams or roughly one and a half gram. Now for consumers who want to sell gold, gold prices displayed in pennyweights (DWT) may appear much higher than prices displayed in grams. Naturally the reason for this being is that a pennyweight weighs more! So in reality the price displayed when converted to grams may be far less than other businesses pay with per gram gold prices. We highly recommend when calling or visiting Gold and Silver Buyers to ask them for a gram price on what karat of gold you are looking to sell. Grams directly correlate to the "Spot Price" or "Market Price" of Gold and Silver. (But please keep in mind that the market prices of Gold and Silver are for FINE Gold and Silver: .999 or 24k) Market pricing is quoted and shown for a Troy Ounce of Gold or Silver. A Troy Ounce equals 31.1 grams.
If you would like to read up on how to correlate karated gold (10k, 14k, 18k, etc.) to the spot or market price of gold, please visit this BLOG ENTRY (Click on Hyperlink)
Obviously a gold and silver buyer that gives their prices in pennyweight is as unreliable as the gold buyer that doesn’t give prices at all. At Texas Gold and Silver Buyers we are always happy to give a phone quote on Gold, as long as you know the karat of gold you are looking to sell! We are also happy to tell you what we are paying per gram when you visit our store, before we ever take a look at your items! If a buyer tells you a flat offer or that they are paying more, chances are they are not, especially if they are relunctant to give you a PER GRAM price. In conclusion, please check around, make some phone calls and look at websites online. No one likes to be taken advantage of so do your homework first using these tips and you can still make great money selling gold and silver for cash with a reputable, honest, LICENSED Precious Metal Dealer.
Thanks for stopping by our blog. My name is Evan and I am the owner of Texas Gold and Silver Buyers in San Antonio. From time to time I will post blog entries to help educate and inform our customers and potential future customers on all aspects of Precious Metals (Gold, Silver, Platinum & Palladium!)