Should I Buy Gold Locally? - U.S. Money Reserve

The price of gold is currently at the highest it has ever been in the last decade. If you have gold whether in jewelry form or as bullion, selling could be a great way to get cash and taking advantage of the high gold price right now.

There are a number of different ways and places to get cash for gold. Not all of them are good so it is important that you do as much research as you can to get a gold buyer with a good reputation. You can sell your gold to a local gold buyer or you can choose one of the many gold buyers online. You can also get quick cash for gold at a pawnshop. However before you even start, you should try to get a sense of how much your gold is worth.

What is the value of gold?

On the 09th July 2020, the gold price of gold was $1715.53 an ounce or $55.16 per gram continuing on its record breaking streak. The price of gold always goes up when the value of the stock market tanks and recently, stocks have not been that well which is always good news for gold.

If you are one of the many people who have some gold around like gold jewelry you have no more use for or gold coins or bullion bars you may have bought as investment, then this might be great time for you to consider selling to free up some much needed cash in trying times.

The process of selling this precious metal may sound complicated and confusing if you have never done it before but a reputable gold buyer should be able to talk you through the different steps and give you the price your gold deserves.

How does the price of gold work?

The price or the amount of cash you will get on your gold depends on its quality and its weight.  Prices are normally given for an ounce of pure or 24K gold which is 99.99 percent pure. There are online gold calculators that make it easy and convenient for you to calculate the price of your gold items so that you can have some idea of what you can expect when you sell. These calculators are easy to use, all that is required is the weigh your gold and the karats of the gold you have.

24 karat gold is the purest form of gold you can get. It has an intense orange hue and is vety soft. Because of its color and its malleability, 24K gold is mostly used for investment products like bullion coins and bars. Jewelery is mostly made up of 10k, 14k or 18k gold. This does not mean you cannot sell other gold karats; the price of gold will be based on the amount of pure gold that can be extracted when the item is melted and refined.

The bottom line:

Gold is a useful asset to own because it is easy to liquidate and less complicated than stocks. You can get cash for gold quickly, however, educate yourself, get an idea of what to expect and take advantage of the current rising gold price.

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