Pure gold is a special thing; it has fascinated people for thousands of years, and will continue to do so for thousands more. Part of the fascination is due to it’s rarity. But pure gold, while rare to your average person, is not rare to the average buyer. You should have no trouble selling your 24k gold, but you certainly shouldn’t rush it.
Staying safe when selling pure gold
Pure gold, also known as 24k (karat) demands greater value than lower purities and therefore should be traded carefully and never rushed.
Gold prices are historically stable, so if you see a good price today you don’t need to rush out and sell right away. Take your time and make sure you get the best price, and most importantly stay safe. Don’t be afraid to take your jewelry item to several gold dealers, pawnshops and jewelers.
If you are looking to sell gold coins, you should look for a dedicated gold dealer as many other types of shop do not buy them.
Do your research, only go to shops you know are trusted, check their online reviews before you go.
Ensure the right procedures
All gold selling in CT must be documented and some form of license provided by the seller. This is not exclusive to 24k gold, but all gold. If the buyer does not ask for identification or record the transaction, go someplace else.
How to test for pure gold
Don’t bite it! While old Hollywood movies might glamorize this, there’s nothing glamorous about damaging your teeth due to biting into a piece of metal!
In pawnshops, the common test for lower purities of gold is the acid test. It can sound scary to gold sellers, but don’t worry, there’s no acid test for 24k gold. A pawnshop owner may ask for proof of purchase, or send the item for XRF testing (X-ray fluorescence) which is a non-destructive, reliable method of testing real gold. It’s rare for CT pawnshops to have this type of equipment as these machines are very expensive. Meriden Pawn does not carry an XRF machine.