4 Things You Need to Know About Pawning Gold for Fast Cash

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When looking to get immediate satisfaction with the least strings attached, pawning gold and jewelry for fast cash is almost always a sure way to come out unscathed. However, there are things to consider before embarking on this venture.

1. One important point is Knowing the Current Value of Gold. Why? Gold is an asset, like a stock option that is publicly traded and has a market value. They both are always fluctuating. Seek this information from a credible source.

2. Confirm your buyers credibility. For example, a legitimate buyer will be licensed by their home state to buy and sell gold and will readily show you licensing. Also keep in mind that qualified buyers will ask you to show a form of government I.D. to prevent the sale of stolen goods.

3. Know and understand the karat of Your Gold. The karat is what measures the purity of you gold. Pure gold is 24 karats and is so soft that it can be bitten into believe it or not. Regardless, most pieces of gold, whether from jewelry or bouillon, have the karat marked on the gold portion or bar. On rings, it can be found inside of the band.

4. Finally observe and check the weighing scale. Why? Well, gold is commonly weighed in traditional grams or “pennyweights.”The average pennyweight comes out to about 1.555 grams. Keep in mind that when dealing with ounces, gold isn’t weighed by normal 28 gram ounces, rather it is measured in what is called 31.1 grams Troy.

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