If you have been thinking of selling your gold for cash and are researching different prices between gold buyers, be very careful not to fall for a trick. Modern day gold buyers have been popping up all over with claims that they pay the most for gold. While some of these buyers don’t even display their prices up front, others may be misleading consumers by advertising prices in pennyweight or DWT.
What is a pennyweight? A pennyweight is a unit of measure still used by some jewelry manufacturers and dental labs for weighing precious metals. The public on the other hand, will very rarely come across this unit of measure as very few scales read pennyweights. Here is the trick; a pennyweight weighs 1.514 grams or roughly one and a half gram. Now for customers of cash for gold who want to sell gold, gold prices displayed in pennyweights (DWT) may appear much higher than prices displayed in grams. Naturally the reason for this being that a pennyweight weighs more! So in reality the price displayed when converted to grams may be far less than other businesses gram gold prices.
Obviously a gold buyer that gives his prices in pennyweight is as unreliable as the gold buyer that doesn’t give prices at all. So go with your gut than when the buyer tells you a flat offer or that he is paying more, chances are he is not. We were able to find buyers out there at LA Cash for Gold who advertises their prices by grams, pennyweights, and ounces so check around and look at websites online. No one likes to be taken advantage of so do your homework first using these tips and you can still make great money selling gold for cash!