What is the best price for gold in Denver? How is gold refined and what is the best return for selling gold? Many jewelry stores and and pawn shops are seriously misrepresenting how they buy gold from the public. I believe that everyone deserves to get the fairest and most honest return for the gold and unwanted jewelry that they want to sell. I have been seriously disappointed by how unfair and, frankly, dishonest that many of these companies have been.
First of all,it is understandable that retailers should make a profit to stay in business. However, when that profit is gained by deception or grossly under valuing the actual jewelry being received, it is time to speak out. Some businesses have offered “$100 over a spot price!” It sounds great until one realizes that it is $100 over what the companies formally were paying for gold. Their “spot price” was about 50% of the actual market value of the gold. Other businesses have weighted the customer’s gold with one unit of measure, say pennyweights, and then given the value back in grams. The first unit of measure is a third less than the second numerically so the customer has already lost a third of the value of their gold before they have even sold it. There are definitely too many additional deceptive practices to continue to describe here. However, all of these play on the trust and goodwill of the customer.
Next, one needs to understand how gold is refined in order to better understand what the best price for gold can be. The two current methods assaying the actual gold content in a piece of jewelry is with an x ray, spectographic analysis or the traditional fire assay. The x ray works by melting the gold into a bar and analyzing it with an x ray. It can be accurate only if the sample is mixed thoroughly because the x ray can only penetrate into the bar one or two millimeters. The fire assay, on the other hand, is the most accurate because it melts the sample down to the actual gold content in the piece. Consequently, the best price for your gold will come if you have it completely refined.This process can usually take a couple of days, but is well worth the wait.
Finally, what is the best price for gold? It is important to know what percentage of value you should expect to receive from a dealer when you sell your gold. Additionally, it is vitally important to trust the business or store with whom you are dealing. Most reputable jewelry stores in Denver and nationally pay about 60% of the gold value to the customer before sending it in for refining. Object Design Studio pays 65% gold value for cash on spot and up to 80% of the gold value if it assessed and then sent in for refining.