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Tips on Selling or Trading Gold

One of the most popular item types bought and sold at pawn shops across the country is jewelry, and within this broad category, gold is a particularly valuable attraction. Due to its malleability and the small amounts of it that many people possess, it’s common to see gold sold or traded in at a given pawn shop.

At Premier Pawn in Salt Lake City, we’re experienced with all gold-related transactions. Whether you’re looking to sell your gold or trade it in, there are a few things we recommend you get caught up on before you head into our store.

selling trading gold

Gold Values

Many people show up with unrealistic expectations about the return they can get for their gold, and this is often because they simply don’t understand how gold is valued. The gold market fluctuates just like the market for any other commodity out there, but there are a couple factors that influence this market. The primary factor here is karats – gold has 24 separate “parts,” and how many of these parts are actually gold (these are defined as karats”) plays a big role in determining value.

For this reason, gold is labeled in terms of the number of karats it possesses. A piece of gold labeled 8K is eight parts gold and 16 parts other metals. This ratio might also be expressed as a decimal – a piece of gold with 14 karats may also be referred to as .585 gold (the decimal you get when you divide 14 into 24).

In many cases, gold will be marked with its karat weight. In others, you’ll have to bring it in to be evaluated (more on this below).

Accepted Pieces

Exactly which gold pieces are accepted at pawn shops will vary from shop to shop. That said, there are a few types that are generally accepted everywhere:

  • Yellow gold

  • White gold

  • Watches

  • Earrings

  • Necklaces

  • Rings

  • Damaged or broken gold

Most Valuable Pieces

A big determinant of your gold’s value: Whether it can or cannot be resold, which often speaks to the condition it’s in. Another big factor is whether or not your gold pieces also contain any natural stones, particularly diamonds or sapphires. In both these cases, your offers will generally be higher.

The closest pieces to true market value, meanwhile, are gold coins. These are usually very high in karat weight, for one, and they also may have additional value as collector items.

Inspection and Evaluation

If your gold doesn’t have a karat weight marking, or sometimes even if it does, you’ll have to have the piece evaluated at the pawn shop. There are a couple easy tests that help us ascertain karat weight and the true value of your piece.

For more tips on trading or selling your gold at a pawn shop, or to learn about our jewelry buying services or any of our pawn offerings, speak to the staff at Premier Pawn today.

How do Pawn Shop Loans Work?

Pawn shop loans are great way to get cash quick when you are in a tight spot.

Television and mainstream media like to portray pawn shops as dirty places that try to scam you, but did you know that these stores can actually offer you loans with a better APR than car title and pay day loans?

Not only that but these loans won’t affect your credit score either. They’re a safe option if you take the time to understand them.

pawn shop loans

Educating yourself on how these loans work will help you get the most bang for your buck, literally. Are you ready to learn more?

Understanding Process

Pawn shop loans work by putting something up for collateral. This means that the pawn shop doesn’t need to check your credit score, and allows you to get the money faster.

The first thing you need to do if you are thinking about getting a loan is find something of value you’re willing to sell. Next, you’ll take your item or items to the shop and see how much the owner is willing to pay for them.

Popular items to sell are jewelry, firearms, cameras, instruments and new technology. If you think the amount is reasonable a contract will be written up with an agreed upon length. Most contracts last a month or longer.

At the end of the time frame you’ll return to the shop and pay off the loan along some simple fees. Then you’ll get your item back. If you are unable to pay off the loan at this time you can ask for an extension. Total failure to pay off the loan and the pawn shop earns the right to sell your item.

Avoiding Pitfalls

Pawn shops used to get a bad reputation of buying items that are stolen. To help combat this misconception, many shops will only offer you a loan on an item if you can prove that you bought it. This isn’t the case with every object, but it is true for frequently stolen ones like phones.

These loans are extremely helpful for those that are unable to get a loan in a traditional manner. However, like any loan there are interest and fees attached to the contract if you do not pay.

You can choose not to cover these costs, but it will mean the lose of your item.

Come to Premier Pawn For Your Pawn Shop Loans

When you need a quick help, getting a pawn shop loan is a great option. Not only can it be done in a day but it’s also a safer alternative for your credit.

Here at Premier Pawn our loans help people get back on their feet. Come to our shop and talk with one of team members to see if getting a loan is a good option for you.

The 4 Highest-Priced Items in a Pawnshop

Knowing what the highest-priced items in a pawnshop are can give you an idea what to sell to make the most money.

If you’re in need of a quick cash payout, selling one of the highest-priced items in a pawnshop is a good place to start.

The 4 Highest-Priced Items in a Pawnshop

1. Gold and Precious Metals

Pawnshop owners are often wary of buying expensive items such as electronics, which may quickly become obsolete.

Items you will see frequently are gold and precious metals, especially jewelry. These items tend to appreciate in value, so they are favorites of pawnshop owners.

Gold is a good product to purchase when you’re trying to solidify your financial plan. Not only will it appreciate in value for the pawnshop owners but it will also do the same for you. It’s a great way to diversify your assets, and if rainy days follow, it’s easy to sell as well.

2. Power Tools

A quick walk through your local home improvement store will reveal that power tools do not come cheap. Most homeowners can’t afford the straight-off-the-shelf price tag, especially if they’re trying to save money by doing the work themselves.

Pawnshops love to buy power tools and offer them at discounted prices. This is an item that moves quickly, which helps the pawnshop acquire other items to sell.

If you’ve finished a home improvement project and want to make extra cash, consider selling your power tools to a pawnshop.

3. Guns

The best-sellers in many pawnshops are firearms. It’s a perfect deal for those who have old hunting rifles they no longer use.

Guns are bought and sold at a variety of prices. The highest priced ones are almost always rifles. However, an antique handgun can reach some great prices as well. However, these guns tend to be more expensive because of their historic nature, not their performance ability.

4. Diamonds and Gems

Like precious metals, diamonds and gems hold their value well. This allows people to get great deals on stones that may otherwise be unaffordable for them.

These stones will sell even better if they come with a unique or intricate setting around them.

Antique jewelry is one of a kind and rare. This allows them to sell at a higher price. If you are just looking for the stones to add into a new setting it will be more cost effective to buy just the stones or to only buy them in a simple setting.

See the Highest-Priced Items in a Pawnshop Near You

Instead of searching for extra work this week, look through your closets to see if you have any items to take to a pawnshop.

If you have any of the highest-priced items in a pawnshop, there’s a good chance you can get a great price for your old stuff!

What is the best deal you’ve ever found in your local pawnshop? Let us know next time you come visit Premier Pawn!

Use Pawnshops for Personal Loans

You may not think of pawnshops when you need to borrow money, but they’re great places to go when you need a quick, confidential loan. Plus, you can get the loan without a credit check. Credit checks can ding your credit score, so the fewer you have, the better off you are.

Use Pawnshops for Personal Loans

How it Works

When you need cash but you don’t want to sell your items, bring them to your local pawnshop for assessment. The pawnshop owner will lend you as much money as the item appraises for. The loan terms spell out the amount of time you have to pay back the loan.

If you pay it in the required time frame, including interest, you get your item back.

How it’s Different

A secured loan is always easier to get because you’re providing collateral for the money. If you don’t pay the loan back, the pawnshop owner doesn’t have to send the account to collections — they just keep your item and sell it to recoup their loss.

All you need to provide is your name and contact information. It’s much different than if you walk into a bank to get a personal loan. There, you need to provide your Social Security number, your driver’s license number, your address, etc. And even after you apply, they may not approve you based on your credit score or debt-to-income ratio.

With pawnshops, as long as the owner knows they can sell your item for a profit, you are good to go!

What Can You Use it For?

Another feature that makes getting a confidential loan from pawnshops different is that you don’t have to explain why you need the money. At a bank, they’ll want to know if you’re buying a car or paying off a debt — you will likely have to explain yourself. This is not the case with loans from pawnshops!

Pay it Off — Get Your Item Back

Say goodbye to your item for now, but get it back later after it’s paid off. At Premier Pawn, we offer confidential personal loans that make life easier! Bring your valuables to us today and let’s talk details.

Get Outfitted at a Pawnshop for Your Next Hunt

A pawnshop is an ideal place to stock up on your inventory before you plan your next hunting trip. If you’re an experienced hunter, you know making lists of what you’ll need is the biggest difference between enjoying your hunt or regretting that you don’t have this or that the whole time. Get Outfitted at a Pawnshop for Your Next Hunt

What you will need for your next hunt depends on where you’re going, for how long and what you’re hunting, but you can bet that your pawnshop has the essentials you need, and at a better price than the big-box store. You can get name-brand equipment without paying the highest price. Better yet, you can trade in your used — but still good — equipment for new items!

Upgrade Your Gun

Start with the most important piece of hunting equipment you’ll need: a dependable, accurate hunting rifle. A pawnshop is the perfect place to find a great deal on a used rifle, as guns are one of the top valuable possessions pawned. And since guns are always in demand, you can bring in your older piece and we’ll price it for you on the spot.

In addition, stock up on ammunition, purchase new holsters and find the ideal optic or scope for your next hunt.

More Hunting Equipment

Hunting knives are another valued item you can get for less at a pawnshop. Whether your main goal is gutting, skinning, deboning or butchering, find the knives to complete your collection at Premier Pawn.

Camp or Fish Along the Way

Camping equipment is necessary for the longer hunting trips. Find large tents, solo shelters, portable camping grills, bedding and thermal, weather-resistant clothing. What about a pack to carry it all? That’s another essential you may find here.

Your local pawnshop is also a great place to get fishing tackle. Get a new rod and add fishing to your trip agenda!

Pawn Your Valued Hunting Supplies

As you’re making your checklist and assessing what you do and don’t have, it’s helpful to set aside the items you no longer need, whether due to additional purchases or a change in strategy and hunt location. Bring this equipment in when you visit our shop! You might be surprised at how much you can gain from pawning hunting equipment, which can be used as credit toward the new items you have on your wish list.

The Best Part

Besides the cost savings, shopping at a pawnshop is a hunt in itself. Honestly, that’s the part many of our customers love the best. Our inventory changes by the day, so it’s worthwhile to make regular trips to the store to see what we’re carrying and if it could be of use to you on your next hunting trip. At Premier Pawn, we make your hobbies affordable and fun!

5 Items You Didn’t Know You Could Pawn 

If you turn to your local pawnshop when you need cash, you’ll get paid for all the usual suspects: electronics, jewelry and watches. But when you need even more cash, check your shed, garage, closet and attic for five items your pawnshop may want.

5 Items You Didn’t Know You Could Pawn 

1. Classic Vinyl Records

There’s a resurgence happening across America: Vinyl is coming back! Your old vinyl record collection is more valuable than you may think, but your local pawnshop knows it. They’ve probably been asked many times if they have come across a classic Beatles or Fleetwood Mac record. While you won’t get a premium for an individual vinyl record (unless it’s a rare edition), an entire quality collection could likely fetch a decent price.

2. Classic Video Game Systems

Just like records, classic gaming systems from the ’80s and early ’90s are coming back into the spotlight. With remakes of these classic games, grown-up gamers can’t help but wish they could play them in their original format, which establishes a demand for your dusty old Nintendo. Check with your local pawnshop to see if they’re in the market (or any of their frequent visitors are interested) in a classic gaming system!

3. Power Tools

Often overlooked, power tools are popular pawn-able items. There is always a carpenter looking to replace a broken or outdated tool or upgrade to a better model at a pawnshop. If you have equipment that’s in good shape and still has all its parts, you can expect a respectable cash offer from a pawnshop.

4. Leather Jacket

If your motorcycle-riding days are over, don’t get rid of your leather jacket. Bring it to your pawnshop! High-quality, premium leather is valuable, and as long as your piece doesn’t have significant wear and isn’t a ridiculous style, it will probably resell easily. The same goes for fur or any other high-end material.

5. Nerdy Collections

Stamps or trading cards might seem like nonsense that you’re ready to toss the next time you’re cleaning out your attic, but look closely — could your collection be worth something? Plenty of pawnshops not only sell these in store, but online too, and a collector somewhere may be looking for what you have stored away.

Of course, while you could try to sell your collection yourself online, it likely would take time and be difficult to prove its authenticity without the established reputation of a pawnshop to fall back on. Get cash faster when you take your old nerd gear to your local pawnshop.

You can expect a fair, transparent deal at Premier Pawn. We serve Utah with pride, and we’ve been a reliable source of buying and selling secondhand goods for years.

3 Pawning Mistakes to Avoid

Making a critical pawning mistake could mean you don’t get as much as you deserve for your item. It could also mean your deal with your local pawnshop doesn’t go through at all.

3 Pawning Mistakes to Avoid

The good news? All the pawning mistakes on the list below are avoidable. When you know what not to do, you’re on the right track for a successful negotiation with the pawnshop. Below are the top three don’ts when it comes to pawning.

Mistake #1: Not Cleaning Your Item

Bringing a sparkling clean item to your pawnshop will dramatically raise their perception of its value. A pawn dealer is looking for items with the highest resale value, and the better the item looks, the more it will fetch. If your item doesn’t look good, the owner might offer you less money for it, or they might pass altogether.

If you can bring owner’s manuals, power cords and any other accessories that complete the package as well, or its original packaging if you have it, that’s another plus!

Mistake #2: Not Getting Valuables Appraised

Too many customers assuming the pawnshop owner knows what your valuable is worth. If you’re pawning a high-quality piece of jewelry, do some investigative work beforehand to get a good idea of its value. This will give you a realistic starting point for negotiations with your pawn dealer.

Mistake #3: Not Factoring in Supply and Demand

Just because an item has intrinsic value does not mean it has value for your pawnshop. It all depends on how quickly they can resell the item, if they can sell it at all. For example, if you’re pawning a quality guitar that should fetch a respectable price at a pawnshop, you might expect a top-dollar offer.

But if the pawnshop has a large inventory of guitars that aren’t selling, they will be reluctant to offer much. In fact, they might not want to buy your item at all.

If you’re looking to get money quickly through pawning an item, it could be a good idea to look around the shop and see what they don’t already have in stock. Always remember the role that supply and demand play.

Get a Quote from Premier Pawn

Avoiding the top three pawning mistakes means you’ll be on the right path to getting exactly what you hope to for your valuables when you ask for a pawnshop quote. What could you receive from selling your item to Premier Pawn? Let’s start the conversation — call or come into our shop today.

Use Your Pawn Loan for a Down Payment

Have you ever considered using a pawn loan when you need an infusion of cash?

Use Your Pawn Loan For a Down Payment

If you haven’t ever leveraged the power of a pawn loan before, when you’re scraping together cash for a down payment, it’s a good time to get to know this option. You can get the money you need and still get your valuables back.

The Ins and Outs of a Pawn Loan

When you’re applying for a loan, lenders look at your credit score and your credit report. They might ask you questions about any late payments on your account. In other words, your finances are analyzed closely and there’s a chance they might deny your application if they think lending you money is too risky.

When you get a pawnshop loan, it’s based on the value of the item, not your credit. This is called a collateral-backed loan. If you have less-than-favorable credit, you don’t have to worry about getting turned away.

If you have an item that a pawnshop could resell quickly, you will likely get a cash sum worth a certain percentage of its value, after the pawnshop adds on fees and a profit. This type of loan is simple. If you decide you can’t or don’t want to pay it back, the pawnshop will then sell your item for profit.

Why it Works

You probably aren’t going to get a great rate or even qualify for a loan if you’ve taken a huge credit-card cash advance or applied for a personal loan to use as a down payment.

With a pawnshop loan, since you’re using collateral instead of credit, the money you get can be used toward whatever goal you have in mind, and a mortgage lender won’t ever know the difference! This is why a pawn loan is helpful even if you don’t have bad credit. If you simply want cash without anything going on your credit report, this is the right option for you.

A Pawn Loan vs. Selling Outright

It’s smart to consider the potential drawbacks of a pawn loan beforehand as well as the benefits. Here’s the biggest one: You might not get as much from a pawn loan as you would from selling your item outright. A private seller would most likely plan to use the item themselves, while a pawnshop owner needs to be able to sell it and make a profit.

While you’ll probably get a higher offer from a private seller versus a pawn lender, you can’t buy the item back from the individual, but you can get your item back from your pawnbroker, as long as you abide by your contract.

When You Need Cash Fast

Come to Premier Pawn when you need a pawn loan, and get the money you need for your next car or house down payment. We give fair quotes and get you cash fast.

Pawnshops: 5 Steps to Getting the Most for Your Goods 

A pawnshop can help you get the money you need by selling your valuable items for you. But for both the owner and the customer to be happy, the pawnshop needs an item they can resell easily and quickly for a profit, and the customer needs to feel like they received a fair price for the item.

5 steps to getting the most for your goods

Here are our top five suggestions for customers who want to get the most from a pawnshop, regardless of whether you visit Premier Pawn or any other establishment:

Consider Getting a Loan vs. Selling Outright

If you’ve convinced yourself the only way to get the cash you need is to sell your item, you might be wrong. Pawnshops also typically offer loans on items as well.

This is an especially good choice if you only need a short-term loan and you’ll be able to pay it off in one to four months, or however long the time frame may be. Then you get your item back! You can get another loan on it, or if your cash flow troubles are over, you can just take your valuable home.

Know What it’s Worth Beforehand

If you’re going to negotiate a fair price for your item, you must know what it’s worth before you go to the pawnshop. Know what you paid for it, about how much it will sell for now and how much you want to close the deal. Keep in mind that pawnshops need to make a profit in order to make the deal work for them too.

Only Sell Quality Items

An outdated electronic that doesn’t work properly won’t fetch a decent price. If you’re serious about getting cash, you have to make sure the items you’re selling are high quality.

Clean the Item and Include All Extra Parts

Give the item an in-depth cleaning before you bring it in, and try to gather all its components. If you’re selling a smartphone, include the charger and headphones, and the original box when possible. This will help you get a higher price.

Research Your Local Pawnshop

Finally, make sure you find a reliable local shop to do business with. At Premier Pawn, we are fully dedicated to forging good customer relationships. We want to be your trusted pawnshop for life.

Come in today with your item and let’s talk price! Visit Premier Pawn and see how we are different.

How Do Pawnshops Avoid Buying Stolen Items?   

Pawnshops have had a bad reputation as outlets where criminals can get fast cash for stolen items. Is this accurate though? We will tell you truthfully — the answer is a resounding no!

How Do Pawnshops Avoid Buying Stolen Items?   

A few decades ago, pawnshops had no way of knowing if someone had stolen an item before they sold it to the shop. But today, with advances in technology, tracking and shared information systems between pawnshops and police departments, it’s actually the opposite — a seasoned criminal knows not to set foot in a pawnshop with a stolen item. They may as well show up at the police department and turn themselves in!

While there are always a couple of bad apples in every bunch, the vast majority of all pawnshops work tirelessly to stop crime by sharing all data with local police and following strict procedures on identifying people who sell to them and observing resell timelines.

Don’t believe outdated stereotypes — pawnshops are dedicated to stopping crime in its tracks.

Pawnshops and Police Work Together

Police departments and local pawnshops maintain constant two-way communication. Pawnshops track the serial numbers for every item they take in, and they record the names and contact information of sellers as well. Police track the info of owners of stolen items in their community, and the two entities continually share information.

The police can cross-examine each list for matches, and the pawnshop owners know what stolen items police are looking for each day, and they team up to apprehend suspects.

What’s Required to Sell?

In many states, you must present photo identification if you would like to sell an item at a pawnshop. If this potential seller is flagged as a suspect in a crime, pawnshop owners can call police right away.

Pawnshops Benefit from Repeat Business

Pawnshops don’t want “one-and-done” relationships with customers. They want repeat business, and they want the new business that comes from word-of-mouth. They want to lend money and be your go-to resource for reselling your valuables. They don’t just want to make a quick buck off a stolen laptop. They are standup businessmen and typically family-owned shops — small businesses trying to be sustainable for the long term.

What to Do if You’ve Been Burglarized

As your local pawnshop, our team here at Premier Pawn has some advice on what to do if you’ve recently been robbed or burglarized.

First, call the police and file a report. Do your best to supply proof of ownership and serial numbers. Leave your contact information so the police can quickly call you if they locate any of your items. If you have an idea of who stole your item, you can offer a picture of this individual to police or directly to local pawnshop owners.

Check online resell marketplaces like Facebook, Craigslist and eBay. These are all common sites criminals frequent in an attempt to resell stolen items.

Don’t assume anything about pawnshops until you visit us here at Premier Pawn — we want to open your eyes to the savings and benefits you can enjoy by using our services!