So, now that you have a better understanding of how gold is less pure the farther it gets from 24 karats, you should get a clearer picture of how gold is priced based on the “daily spot price.”

Let’s say today, gold is $1,300 per ounce. That price is for pure 24k gold, one ounce of precious metal. Using the above chart, you can see the gold purity of each different karat.

Please call our experts to get a better understanding of these facts before you sell to anyone. We will explain it to you so you know you’re getting the best price possible for your gold and or silver.

We hope that you have a more clear understanding of how gold is priced. There are a couple of other factors to understand. First, no one gets paid these prices, not even us! We must pay precious metal refiners a processing fee to melt and retrieve the gold we send them. These fees usually are 2% to 5%. Also, refiners will pay a percentage of the gold retrieved, mostly around 98%. This is how they make their money and pay their staff. Second, a lot of gold is under-karated. Sometimes, manufacturers will make 14k jewelry that is supposed to be exactly 58.5% gold, but sometimes a lot of rings are actually 56 or 57% gold. This is very hard to tell. Then, most importantly, we have to make a small percentage of the transaction in order for us to stay in business and pay our staff and expenses also. Hopefully, with this information, you will be able to do the research yourself and will know if the offer you are getting by shopping around is fair and competitive. Let our staff help you before you visit any CASH FOR GOLD operation. To find out what we are paying today, pick up the phone and call the certified experts at 217-875-6625.

We will loan you cash for your gold & silver. Do you want to buy gold or silver for investment? We can help with that too. Check us out. You’ll be glad you did.