03/17/2023 | 2 min read

spot the value: understanding spot price on gold & silver

Gold and silver is kind of our thing…

Seriously. We do it all day everyday.

We know that when it comes to buying and selling precious metals like gold and silver, the spot price is the name of the game. But - for someone who doesn’t deal in it all day, it can be kind of confusing. You might have questions like, “What exactly is the spot price?”, and “How Does it effect that value of my bling-bling?”.

Well… we can’t wait to shine some light on this topic.

Keep reading…

Straight to the point

To put it simply - the spot price is the current market value of a commodity, in this case, gold or silver. This value is determined by supply and demand, which means that it can fluctuate pretty rapidly based on a variety of factors, from global economic trends to political unrest and beyond.

This fluctation happens every hour, minute, and second of the day. To help you keep track, there are plenty of gold & silver spot price trackers online. Like this one.

how this helps us

So - when you bring your gold or silver to Pocket Pawn, our team of experts takes a look at the current spot price and uses that as a baseline for determining the value of your items.

If the spot price is high, you can expect to get more for your jewelry, coins, or other precious metal goods. But if the spot price is low, well, you might have to settle for a little less cash in hand.

Of course, it's worth noting that the spot price is just one factor we consider when appraising your items. We also take into account things like the condition of the piece, its rarity or collectibility, and any other unique features that might make it more valuable.

The spot price on gold & silver helps us determine the value of coins, bullion, and jewelry with ease. We simply check the spot price, do a few calculations, and we can tell you exactly what your piece is worth.

so spot price tells me the value of my item?

Well… kind of.

Like we said in the above section, we have to run some calcuations first. You can’t just take your 14K Gold Wedding Band, see that spot price on gold is $1900, and assume your piece of jewelry is worth $1900.

That’s not how it works.

This is because the spot price tells you what 1 Oz of pure gold or silver is worth. So unless your ring is a pure ounce, it’s not worth that.

The best way is to let us crunch the numbers! We can easily tell you what your item is worth, and what we’re willing to pay for it.

Keep in mind, we’re not collectors. We’re only purchasing your item to flip it for a profit. We always try our best to offer a fair amount, but if we can’t make money - we can’t buy it.

in conclusion

Ultimately, when it comes to buying and selling precious metals, the spot price is king. So, if you're thinking about parting ways with your gold or silver, keep an eye on those market trends and come see us when the time is right.

Who knows, you might just be sitting on a treasure trove!