FAQ, Frequently Asked Questions

Here the FAQ we get about the gold and silver business on a regular basis. As an Honest Gold Guy I like to keep my customers informed about our business.

An educated consumer will make the right choices, and we hope that means you’ll sell your gold and silver to Prescott Gold and Silver. Here we have gold questions, silver questions, and questions about how we do business that occur frequently.

What are your hours? I work by appointment Monday through Saturday I am closed  on Sunday.

Do you ever come to my home? Yes, I take can home appointments for shut in’s, or for appraising an estate. Call Greg for info at 928-710-2137.

What do you pay? I pay competitive prices in the top 10% of local gold buyers. We do not publish prices online for competitive reasons. Our prices are adjusted daily, as they are based on each days spot prices.

How do you figure the prices you pay? I figure my prices every day based on that day’s spot price of precious metals, and the purity of the metal. Of course like any merchant we have some fixed costs like refining fees. We pay as much as we can, and more than most.

Will you pay me the spot price for gold and silver? The spot price of silver and gold is the price that the large commodities exchange members set for large transactions of precious metals amongst themselves. Precious metals dealers use the spot price as a starting point in the calculation of our appraisal of your materials.

I paid $1000.00 for my jewelry. How much can I sell it for? Jewelry purchased at retail from a jeweler has from 100% to 400%, or more, in retail markup. This includes fabrication, design costs, and sales tax. We are buying to melt for scrap. What you’ll get is based on the price of scrap gold, silver and platinum.

Gold and Silver FAQ

What is the pure gold content of my gold?
10 karat gold is .417 pure gold12 karat gold is .500 pure gold14 karat gold is .583 pure gold18 karat gold is .750 pure gold22 karat gold is .917 pure gold24 karat gold is .999 pure gold (very little gold is .999%)

How do you test my gold? We magnet test, then electronically test your gold. These are non-destructive tests. With your permission, we do an acid test with a harsh chemical on a small scratch sample of your item.

Will I see you test my gold? Absolutely, we do business openly and honestly at all times. You will be there the whole time.

I have gold marked as 14k, does that mean it is 14 karat? It is supposed to be. In practicality we find that 14k gold can range from 11k to 15k in purity. If anything gold may test less than it is marked. Sometimes, we find fake gold, or silver marked to resemble real gold and silver.

How can I be sure what my gold or silver weighs? We use a high quality certified gold scale to weigh your gold. We weigh your gold as you watch, so there is no monkey business with weights.

Do you buy in grams, or pennyweights? We quote, weigh, and pay by grams. Those who are quoting you in pennyweights, usually do so to confuse customers.

Gold and Silver FAQ

What kind of gold silver, or or platinum do you buy? Virtually any genuine gold, silver, or platinum.

Is there a minimum or maximum amount that you will buy? There is no minimum. If you have an unusual amount of gold, or silver to sell call us.

Is there anything you don’t buy? We do not buy fake gold, plated, or gold filled jewelry. We do not buy plated, or electroplated silver. If our testing reveals a fake, or bogus item we’ll hand it back to you, and explain why. We DO NOT buy stolen or suspicious items.

How do you pay? We pay you cash on the spot in cash for transactions under $100.00. Larger transactions are paid with a local bank check.

Do you buy diamonds and gemstones? If there is a particularly nice stone we quote them on an individual basis. Smaller diamonds are worth less since the depression started.

I have a friend who wants to sell her gold. Do you pay referral fees? We do pay a referral fee to our present cutomers. Our business cards have a place to add your name and number. If a client you send us does business with us, you will earn a check.

Gold and Silver FAQ

Do you hold gold parties? No we do not.

Do you have gold and silver coins for sale? Yes we buy, and sell coins daily. If you are planning a large investment in bullion, call us and we’ll broker you a deal that WILL deliver.

What’s the parking like at your store? We have lots of free parking. There is a lot up in front of the store and an acre or so of paved parking behind the store.

I don’t see my question answered here. How do I get my FAQ answered? Call us, or use the contact form on this web site.

Prescott Gold and Silver
910 E Gurley Street
Prescott Arizona 86301
Call 928-710-2137

Open by appointment Monday through Saturday

FAQ Page Updated 06/10/2015

Leave FAQ & Return to Home Page