Selling Your Starter Home

« Back to Home

Understanding How Gold Is Appraised

Posted on

Gold, silver, and other precious metals are a valuable commodity. If you look around your home, you problem have several gold items, whether its jewelry or coins. Whether you're hoping to sell the gold items that you own or need to know their worth so you can have them properly insured, a gold appraisal is your best option. It is in your best interest to seek the services of a reputable and experienced gold and silver appraiser in order to ensure that the appraisal is done correctly. Continue reading to learn more about how your gold will be appraised:

Weight

The weight of your gold will play a major role in how much it is worth. When you take your gold to be appraised, your gold will be weighed first on a very sensitive scale. It is important to note that for appraisal purposes gold is weighed in either Troy ounces or grams. If you have a food scale at home, you can try weighing your gold yourself in grams so you have an idea of the total weight before you arrive at the appraisal.

Purity of the Gold

After you know the weight of your gold, you will need an expert to determine the purity of your gold. Compared to other types of metal, gold is actually quite soft. Thus, pure gold is often mixed with other types of less valuable metals in order to make it stronger and more durable. The purity of gold is measured by karats. The higher the karat rating of the gold, the purer it is. If you have a variety of gold pieces of a similar size that you want to be appraised, you can expect gold with a higher karat rating to be worth more than gold with a lower karat rating.

Determining Worth

The price of gold continually fluctuates depending on market conditions. Prior to having your gold appraised, it is a good idea to look up the current price of gold to determine whether or not you're getting a fair appraisal. Your appraiser will use the weight of your gold and its purity to determine its worth according to the current price of gold.

During your gold appraisal, it is important to pay attention to how the appraiser sorts your gold. If you have a variety of gold with different karat ratings, make sure they are separated prior to being weighed. If all of your gold of different karat ratings is weighed together, the value you are given will be based on the lower karat rating and will actually be lower than it should be. To learn more, contact a company like Antique  Trader


Share