Sell Gold Chicago for Dummies

6 steps to determine What’s my Gold Worth and not get screwed.

Do you want to Sell Gold in Chicago, but have no idea what’s my gold worth?

First let me disclose that I am a gold buyer in Chicago. My name is Mike Jacobson, owner of Cook County Buyers. I want to help you understand what your gold is worth so some sleazy gold buyer doesn’t take advantage of you.

I prefer that you contact me to sell your gold, but wherever you end up, this guide will make sure you don’t get screwed, read on.

Here is a simple explanation of gold jewelry value so you can be an informed seller.

Just follow these 6 steps below:

1. First get the current “spot price” of gold by checking any reputable gold price site such as https://goldprice.org/ or http://www.kitco.com/charts/livegold.html . Let’s use a price of $1300 per ounce for this example.
2. Next look closely at your gold rings on the inside, or bracelets and pendants near the clasp for a hallmark of gold content. Gold jewelry is usually a mixture of gold and other metals such as copper to make it stronger. The most common gold in the USA is 14k and 10k. Below I have listed hallmarks you might see and what percentage gold they are:
   • 8k or 333 = 33% gold multiply spot price by .33
   • 9k or 375 = 37.5% gold multiply spot price by .375
   • 10k or 417 = 41.7% gold multiply spot price by .417
   • 14k or 585 or 583 = 58.3% gold multiply spot price by .583
   • 18k or 750 = 75% gold multiply spot price by .750
   • 22k or 916 = 91.6% gold multiply spot price by .916
   • 24k or 999 = 99.9% gold multiply spot price by .999
3. Now, multiple whichever percent of gold you have by the spot price of gold (see step 1)
   • For example, if your gold is 14k here is the formula:
     $1300 x .583= $757.90
     Now you know that 1 ounce of 14k gold is worth $757.90.
4. Gold buyers will either pay per gram, or per pennyweight (dwt). There are 31.1 grams per ounce of gold, or 20 Dwt, so divide the price per ounce to see the value:
   • Price per gram is $757.90/31.1= $24.36 per gram of 14k gold
   • Price per Dwt is $757.90/20= $37.89 per Dwt of 14k goldIt would be awesome if gold buyers could pay the full value of your gold items! However, all of the gold buyers would be out of business after their first day if they did that! Dealers need to cover refining costs to melt your gold down, and also need to make some profit to cover overhead and stay in business.
     

     Van Cleef & Arpels 18k gold onyx diamond ring

5. The closer you can get to $24.36 per gram of 14k the better. Cook County Buyers always pay at least 75% of your gold. So in this example, I would pay the following for your gold:
   • 10k gold $13.07/gram or $20.32/dwt
   • 14k gold $18.27/gram or $28.42/dwt
   • 18k gold $23.51/gram or $36.56/dwt
   • 22k gold $28.71/gram or $44.65/dwt
   • 24k gold $31.31/gram or $48.70/dwtWe pay higher rates for larger quantities of gold.
     If you have 100 grams of gold or more, the rate will be 80%. So in this example with gold at $1300 per ounce, you would receive $19.50/gram or $30.32/dwt. For 14k gold.If you are selling over 300 grams of gold, the rate can be up to 85%!
     In this example that would be $20.71/gram or $32.21/dwt for 14k gold.
6. Weigh your items and do some quick math. You can buy a gram scale on Amazon or Ebay for about $10. Or visit a local jeweler or pawnshop and ask them to weigh your gold for you. Write down how many grams or dwt of each you have. For instance, you may have 25 grams of 10k, 35 grams of 14k, and 15 grams of 18k gold. Here would be your calculation:
   • 25x$13.07 + 35x$18.27 + 15x$23.51 = $1,318.85

That’s it! Now you know what your gold jewelry is worth. Feel free to print this guide out and keep it with you for reference.  I am glad you read this entire guide, and I am confident that you will sell gold in Chicago without getting taken advantage of, and that’s a good feeling!

You can text Mike, owner of Cook County Buyers, with some pictures of your gold, and he can give you a rough guess of how much gold you might have too! Or give Mike a call with any questions that you may have.

When you meet with Mike he will weigh and test everything in front of you, and pay you exactly 75% of the value. No games, straight forward honest gold buying at its best!

You can read the numerous 5 star reviews for Cook County Buyers on Yelp, facebook, and Google. We are also a BBB accredited business with an A+ rating and zero complaints after 7 years in business. Give Mike a chance and you will not regret it!