There are hundreds of Toronto Cash-For-Gold locations competing to buy your spare gold, silver and jewellery. Gold.TO helps consumers get the maximum payouts for their precious items. Find all the information you need on buying, selling, investing, appraising and caring for your gold. Gold.TO helps you get the highest returns every time while avoiding scams, cons, frauds and lowball offers. Using a trusted merchant will ensure that you are getting a fair price for your gold. Blog.to even went around Toronto and discovered a sea of shadiness in a confusing industry.
To protect yourself from being cheated, you should educate yourself on how gold is valued, and what you should expect to get for your used Jewellery. We even did a 4-part blog series to help you determine the potential value of your gold.
Sell Gold in Toronto
If you have decided to sell your gold then you will be happy to know that gold hit an all time high earlier this year, so you are getting a premium payout! The downside of selling your gold is that its very easy to get taken advantage of. That is why Gold.to is here – to simplify the process and ensure that you get a fair and accurate payout. Companies like Muzeum Gold and Silver Toronto and Toronto Gold actually advertise the prices that they pay online – so that’s a great start when it comes to transparency.
How To Determine Gold Value
There are two major factors that determine the value of your gold – Purirty and weight. Read below to learn.
The purity of your gold plays a huge factor in determining the potential value. Gold jewellery is based on the 24 karat system. Every piece of jewellery will have some sort of a stamping, marking, or be made up of a certain amount of gold. If it is unmarked, industry experts can still determine the purity with acid testing or XRF technology.
The most commonly seen purities are:
- 8k Gold Jewellery – 8k/24k – 33.3% Pure Gold Marked 8k/333
- 9k Gold Jewellery – 9k/24k – 37.5% Pure Gold Marked 9k/375
- 10k Gold Jewellery – 10k/24k – 41.7% Pure Gold Marked 10k/416
- 14k Gold Jewellery – 14k/24k – 58.3% Pure Gold Marked 14k/585
- 18k Gold Jewellery – 18k/24k – 75.0% Pure Gold Marked 18k/750
- 20k Gold Jewellery – 20k/24k – 83.3% Pure Gold Marked 20k/833
- 21k Gold Jewellery – 21k/24k – 87.5% Pure Gold Marked 21k/875
- 22k Gold Jewellery – 22k/24k – 91.7% Pure Gold Marked 22k/916
The higher the purity of your items, the more you will get paid per gram of weight. For example, view Muzeum’s What We Pay Page to see the difference in payout’s per gram per different karat.
There is also a higher payout for items like gold coins and gold bullion due to the minimal amount of melt loss when these items are refined – or resold back into the market.
After determing the purity, the weight of your items is the next important factor in calculating the payout. If you have jewellery at home and are able to see the karat marking on the piece (14k or 585 for example), and have a scale at home – you can get a rough idea of what the actual payout would be. Now keep in mind, if there are stones in the piece that are not gold – a weight deduction would have to be made for that.