Do you have gold? Knowing to buy or sell is always a challenge when it comes to gold. Lets say you inherit gold from a loved one or you have been sitting on it for awhile. When is a good time to sell, who should you sell it to? There are some of the common questions we get asked here at the Pawn Shop.
Traditionally the value of gold is measured in ounces. Starting back in time lets say 1925 gold was worth $415 per ounce. Take it to current day April 24, 2016 and gold is $1,247. See the chart below.
However this isn’t how its always been. In March of 2001 it reached a low of $349 per ounce and prior to that June of 1970 it hit a record low of $223 per ounce. In contrast it hit highs of near $2,000/ounce in 1980. More recently in August of 2011 in reach $1,911 per ounce.
So yes pricing is difficult to gauge. We recommend looking for upward trends in the market and sell high and buy low. We are currently in a up-swing so selling gold is good right now.
So how does buying gold work?
At Cedar Post Pawn we try to give our customers the best price per ounce for gold. We certainly look at several factors such if its a stand alone piece or if it attached to something. We have a lot of people bring in jewelry with Gold so we want to make sure there is a market for that piece. Sometimes we will also just melt it down as a gold piece. As far as price the bottom line is we look at the fair value and will try to give you as close as we can to the amount depending on the demand as well.
We love specialty gold pieces that have extra value and that we can sell. We can pay top dollar if its associated with jewelry and other items that can be easily sold. The bottom line is if you have questions bring it in and we will give you an appraisal on the value of your gold.
