Going For the Gold

Serena Swenson with Gold Standard explains their walk-in business, located in West Valley City, and many of its benefits.

With all the talk about gold and silver these days, few people understand what is being said. I know I didn’t understand much when I first started in this business. Talking to people when they come in to sell something, I have found that few know what it is they have. I am a firm believer that knowledge is power. I would love to share some with you. To start with, learning what 10K means. 10K=41.7% gold content. This means it is more of another metal than it is gold, 14K=58.3% gold, which is not much more than half gold content. 18K=75% and 24K=999.9% pure gold. It doesn’t matter to me if what you are bringing in is broken or not. The gold content is what is determined first. We use an acid test to do that. On my web site, I go over ways that gold is tested. Feel free to look at www.tgsnow.com. We first use a magnet. If a magnet will pick it up, it is not real gold or silver. Then we look for any markings on the pieces to help determine which acid we will use. The next step is to scratch the piece on a stone and put the acid on it. If the scratch stays it is the Karat that has been tested for. If it goes away, it is either not that karat, it is plated or it is not real gold.

When the TV or newspapers are giving out the latest high price of gold, they are giving the price of a troy ounce. A troy ounce is heavier than a ounce that we commonly use at the grocery store. One troy ounce weighs 31.1 grams and one avoirdupois ounce weighs 28.35 grams. Use this formula for an approximation to convert grocery store type weights to troy ounces. Ten troy ounces are equivalent to about 10.96 regular ounces. Because each troy ounce is heavier, it would take almost 11 regular ounces to equal ten troy ounces. So with this in mind, when you are told that pure gold is at $1,150.00, the coin you have as one ounce stamped on it is worth $1,048.00 over a hundred dollar difference and one ounce of 10K is only worth 41.7% of that minus the cost of having it refined.

When looking to invest in gold or silver, keep in mind there are fees involved in doing so. Consider investing in coins or bullion that is clearly stamped from a known company. They are considered a commodity and are already refined. Jewelry quite often has a 600% mark up not a good investment for most people.

The Gold Standard, located in the Valley Fair Mall, serves the Salt Lake City area in a unique way. We are not a jewelry store. We are not a pawn shop or cash checking place. We do not rush our customers to decisions as often occurs in hotel-based “gold buying events.” We have a large, comfortable lobby with teller windows where the customer can discuss the proposed sale or purchase with one of our experts. You can watch the evaluation process and ask questions. Don’t mail it in and cross your fingers that you will be treated fair. Unlike many advertised gold-purchasing agencies, we pay cash when the transaction is completed. We do not issue checks, and the customer does not have to wait days and days to receive payment.

Located in the Valley Fair Mall next to JC Penney in the old Wells Fargo space

The Gold Standard

3601 S 2700 W C-144

West Valley City, UT 84119

(801) 548-9922


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