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Selling Your Gold Jewelry, The Truth You Need To Know!

Updated on May 11, 2014

Check out our website for education materials.

The Real Truth About The Value Of Your Gold - Must Read Before You Sell Your Gold

In today's weak economy, gold is the ultimate insurance policy. The price of gold is on the way up, if you must sell your gold items there are a few things to consider in this often dishonest profession. Facts are most pawn shops or jewelry stores will pay you anywhere from 30-50% of the true value of your gold and silver items. They have a physical bricks and mortar store front and need the difference to turn a profit so they can keep the doors open. Many people who sell their gold, silver, or platinum items to stores like these are leaving a lot of much needed money on the table.

In today's economy, many families struggle to make ends meet, at M and M Gold Exchange we pay you the most for your precious metal items. If you have to sell your items we pay you 85% of the spot price of gold, and since we operate on much smaller margins with out the demanding overhead, we can literally put hundreds or thousands of more dollars in your pocket. For those who do repeat business we pay as high as 90%. Our comprehensive website, apple, and android apps give you the tools to educate yourself so you can make the best possible decision, and put more money in your pocket. You can visit our website above where you can research all the services and education material we have to offer. We operate our business with honesty and integrity, and education always allows you to make the best informed decision. Follow the link above to our website to educate yourself, and find out how to get the most for your gold! You can also find us on Facebook, and we are available by phone at 651.795.8057 7 days a week 10am-10pm, please call or text if you have any questions about the information on this page.

The Truth About Your Gold Value

Educate yourself on your items.

There are many different types of gold, some of the most common include:

White Gold, Yellow Gold, Rose Gold, Green Gold, and Black Hills Gold. Black Hills Gold is a special blend of all of the different types of gold.

Prior to beginning the testing process you will want to inspect your items for makers marks or number markings. Please note, it is possible and not rare to have mis-marked or even fake gold items. The testing process is the only way to determine the authenticity and true karat of your gold items. These are the most common markings found:

333 (8k), 375(9k), 417(10k), 500(12k), 583 or 585(14k), 750(18k), 875(21k), 916(22k), 9999(24k)

Additional markings on items can include initials, or even symbols. This is up to each specific jeweler, online references are available to identify makers marks. Some items may not have markings of any kind. Re-sizing, daily wear, home-made and custom jewelry are some of the most common reasons why markings may not be found on your items.

To easily calculate the value of your items, check out our easy to use calculator or apps that can be found on our website at the link above.

Gold Testing - The Math

Once you have done your home work and found the buyer paying you the highest percentage we can figure the dollar amount you are going to get paid relative to the weight of your items. Weight is another variable in the equation, some buyers will use a weight called pennyweight, or dimensional weight (dwt), they are the same and converted to grams with a conversion factor of 1.55g to a pennyweight.

The purity of your items is another variable in the equation. Often expressed in karats, each karat represents a mathematical percentage of gold content. Common karats are: 9k(375), 10k(417), 14k(585), 18k(750), 22k(916), and 24k(9999). Simply add a decimal point 2 places to the right to get the percentage purity. ie: 375 equals 37.5%, 417 equals 41.7%, 585 equals 58.5% and so on.

Here is the equation to figure out the price per gram of your items:

spot price / 31.1 grams(troy ounce) x purity (.417) 10k, (.585) 14k, (.750) 18k x (percentage a seller is paying) .80 (80%) .60 (60%)

That will give you the price per gram. Multiple the price per gram with how many grams your items weigh and you will have an approximate total for your items.

How To Test Gold

Common karat weights and conversions

9k .375
18k .750
10k .417
21k .875
12k .500
22k .916
14k .585
24k .999

How to use iPhone, Android, and Tablet Apps

Conclusion For Selling Gold

At the end of the day, if you are selling gold, silver, platinum, or palladium, it is in your best interest to do your homework, our website offers you a wealth of knowledge that can be cross-referenced for accuracy and will give you a base knowledge to value your gold or silver items. We hope that by providing you with the ins and outs of the gold for cash industry, that in the future we can earn your business. Knowing the value of your items before you bring them in to the buyer of your choice will help you determine if you are getting paid exactly what you should be, it is in your best interest.

Political And Economic Considerations For Investing In Gold

If you are considering gold or silver as an investment, please consider the following political and economic facts as a basis for checking out our recommended gold and silver investments. They can illustrate the necessity for investing in physical assets.

Since the housing bubble collapse, the Federal Reserve has injected large amounts of liquidity known as quantitative easing into the banking system to rescue too big to fail banks. In three separate installments, the Federal Reserve alone has increased its balance sheet by two trillion dollars. The United States government through programs such as TARP and Cash for Clunkers, have increased our national debt by staggering amounts. The downside of this is we have to borrow the money to pay for the programs, and where do you think the United States gets its borrowed money? That's right, the Federal Reserve.

In addition to the problem in the United States, Central Banks around the world have commenced with their own forms of stimulus. Japan, England, and the Euro-zone itself have created trillions of dollars out of thin air to stem collapse. Deficit spending is the simple fact to understand. There is a point of borrowing that once crossed, will lead a nation to financial collapse, you can't reduce debt by taking on new debt. From the time of the Romans until now, financial failure has always followed with currency debasement, ALWAYS! 16.9 Trillion in debt, 1.2 trillion deficit this year, and every year to follow. Central Banks are buying gold as fast as they can get their hands on it and telling you it's a barbarous relic, you too need to get into gold or silver before that point is crossed. If you must sell your physical gold, I encourage you to visit our website mentioned throughout this page to educate yourself.

Recent legislation coupled with the real statistics of the United States and world economies guarantees that financial headwinds are coming. The Dodd-Frank act will prohibit big banks from being bailed out by the government or Federal Reserve when the next downturn arises. The Federal Reserves decision to taper 10 billion of its 85 billion monthly purchases could be the catalyst for a downward move. Recent announcement of tapering by the Federal Reserve of its asset purchases is another sign that a bubble may be close to popping. Lets see what the new year has to offer anything could happen.

The year 2014 is off to an interesting start. The following are key events to start the year:

* German demand for returning gold to its country from Federal Reserve, NY.

* 2014 Christmas retail internet sales down 14.9%

* January BLS jobs report 74,000.

* Delay in repatriating Germany's gold.

* More layoffs, and store closings to start 2014

* Housing statistics plunging in Q1, 2014.

* Stock market performance Q1, 2014.

* Equity performance Q1, 2014.

* Market reaction to Janet Yellen's first FOMC report.

* China dumping US Treasuries at record pace Q1, 2014.

* Ukraine financial implosion, Q1, 2014.

* Increasing Ukraine tension with Russia throughout the year.

* Increase in Belgium purchase of US Treasury Bonds from $70 billion to $350 billion in past 3 months since announcement of Fed Taper.

Lets explore the different types of gold investment, each has pros and cons. Ultimately physical holding of gold or silver is recommended, but there are less desirable paper options as well.

Precious Metals Investment, What's right for me?

There are many different kind of investments that can be made in gold. Determining what is right for you is the first thing you will need to analyze. The investment vehicles commonly used in the gold industry are:

  • Junior/Senior miners.
  • Physical Holdings

There are pros and cons to each investment vehicle, make sure to take into consideration your personal goals for investing in gold. The most obvious being the continued debasement of the US dollar, and if it is not in your hands, you do not own it!

ETF/IRA Investment options

The ETF/IRA investment is probably the most popular and easiest to invest in. Both plans offer investment funds that invest in gold, silver, platinum, and palladium. The only thing to make sure with these types of options is that whatever fund you chose, make absolutely sure that the fund is backed with physical precious metals. Evidence from the collapse of MF global, suggests gold investments in these vehicles are never guaranteed, and can be technically swindled away. These types of funds can be funded through an existing 401(k) in most cases. A physical gold IRA can be opened with any investment firm or local banks.

Some of the most popular ETF funds include:

  • iShares Silver Trust Fund
  • iShares Comex Gold Trust Fund
  • street Tracks Gold Shares ETF

Junion/Senior Miners

Junior and senior miners are in the exploration and physical mining of precious metals notably gold. There are other precious metals that are mined along with gold including silver. The main difference with the junior and senior investments are that the juniors are typically smaller companies that are not as large of an operation as the seniors. Junior companies are also usually cheaper in share price, have a little more risk, but a higher potential of returns. Senior mining companies are more established and tend to pay dividends, some times in physical silver or gold.

Some of the more popular mining companies include:

  • Silver Wheaton
  • Newmont Mining Corporation
  • Kinross Gold

Physical Gold

Buying physical gold is the soundest investment, but does take a degree of knowledge so that one does not overpay for their gold investment. There are several types of different gold pieces one can buy such as:

  • American Eagles, these coins come in different sizes determined in troy ounces. One ounce, half ounce, quarter ounce, and one tenth ounce are the typical denominations these come in. Buying from a reputable website such as, or a local dealer or coin store is the best way to buy these coins. Shopping around for the best price is key.
  • Global Coin, there are gold coins that are made by different countries as well and often have similar denominations. The most reputable include: Krugerrands, French Francs, Austrian Philharmonic, and the Chinese Panda.
  • Gold Refined Bars, this option are bars that are made by reputable refiners around the world. Some of the most reputable companies are Johnson Matthey, and Engelhard. Bars also carry less of a premium over that of American Eagles
  • Jewelry, basic jewelry such as rings, necklaces, earrings, and bracelets are another type of investment. These items are not subject to government confiscation. Just be able to determine the purity of the jewelry relative to the spot price. There are gold calculators that can be found on-line to determine if you are getting a good price. Jewelry is a great place to invest in physical gold, because in almost all cases, you can get solid gold Jewelry for under the spot price of gold if you know what to look for.


Silver, also referred to as "poor mans gold", has had many uses over the centuries. Since the start of the great recession, silver has emerged as a dual purpose metal, which is destined for big gains in the near future. Serving as an investment vehicle as well as its many industrial applications, silver has increased in price at a greater rate than that of gold over the past 10 years. With the introduction of many new medical uses, silver has the potential for extremely large returns over both the short and long term.

In the earth, silver has a historic ratio to gold of approximately 13-15 to 1. Typically silver trades at 13 to 1 compared to gold in the open market. However, since the start of the great recession, silver has taken a back seat to gold and is trading at approximately 45-50 to 1. With all of the stimulus projected on the world economy, it is only a matter of time before silver reverts back to the historical 13-15 to 1 ratio, leading to big returns in the near future.

The biggest industrial use of silver is in solar panels, cellular phones and almost any electronic device. Recycling silver goes relatively untapped due to the price, however a price increase to above 75 dollars will make it more economically feasible.

Physical Silver

Buying physical silver is similar to gold. There are many different bullion coins minted by countries around the world. Make sure to stick with the most popular countries like; United States, Canada, Australia, and China. Had for the least premium, 90% silver U.S. minted pre-1964 coins are very popular for physical investment. Now, more than ever, it is critical to buy from a reputable dealer.

Physically holding silver can be achieved through many different vehicles such as:

* One ounce government minted silver rounds like: American Eagles and Canadian Silver Maple Leaf's.

* Refinery one ounce silver rounds and bars. These items tend to have less of a premium associated with them.

We sell home refined bars at spot price for home refined sterling silver .925 bars.

Call 651.795.8057 for more information.

As with the purchase of any physical silver items please use the testing techniques mentioned in this blog to avoid fakes. Fake American Silver Eagles have been circulating in the mainstream precious metals circles recently, have been detected by using x-ray. Make sure to buy from a reputable dealer.

Silver Testing

1. The first test should be the magnet test. If you run a magnet across the silver and it is attracted by passing the magnet over it, you have plated silver which means its mixed with ferrous or non silver metals which have no monetary value. If you have multiple silver items be sure to check each item with a magnet, rule of thumb, if it sticks or attracts to the magnet it is not silver. Clasps for necklaces and bracelets are sometimes magnetic as they will have a spring and other hardware for the function of the clasp. Be sure to check the body of the silver item. Make sure you use a very strong magnet. The stronger the magnet that you use, the better the results will be to help identify if your silver is real or not. The magnet test will not tell you that your items are real silver but they will tell you if they are fake and if you should proceed to the acid test.

2. Acid test your silver to make sure its pure. If its fake the acid will turn a turquoise color, if its solid it will leave behind a white frosty coating after rinsing off the dark red color acid pictured below. This method is best used only on checking silver coins. Otherwise for your jewelry and flatware it's a good idea to get a scratch stone and scrape some silver onto the stone from each item. Make sure to scratch the item firmly to get though the outer layer of the item. Place silver acid on the spots on your stone and let sit for a few minutes. Tilt the stone so the acid runs off on to a paper towel, if the spots from each item leave a dark red spot the item is real silver. The darker the red color the greater the purity of silver. Check out the You Tube video at the end of our page for visual step by step instructions.

3. The next thing you want to do is weigh your silver and keep this for a reference for when you decide on a spot price to sell your silver. If you come up with a weight totally different from what a scrap metal buyer weighs your silver at, there should never be more than half of a gram difference. If there is more than one gram, get a second opinion.

4. Now its time to sell your silver or precious metals. Most scrap metal buyers will give you somewhere from 45-65% of the spot price of silver. There is a simple solution to find the best deal anywhere for your silver. Find out what percentage of the spot price of silver a buyer is willing to pay and go with the highest source. If a buyer can not tell you his buying percentage for silver or any precious metal almost immediately, he is being dishonest, look elsewhere.

Let Us Know!!

Do you own precious metals of any kind?

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© 2012 Nando Ltd


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    • profile image


      3 years ago

      What you are looking for, whether its black hills gold rings, Earrings, bracelet or watches. We offer a

      huge collection of Black hills gold jewelry by Coleman gold and sterling silver.

    • profile image


      3 years ago

      i gave my 916 gold for my friend to wear and it was difficult to take it out so we cut and took in ukraine and now i want to sell my can i sell it ?

    • profile image


      4 years ago

      This website is unreal I feel like its my grandfather telling me his best kept secrets


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