Sell Your Gold

When we talk about gold weight we usually quote spot prices in “Troy Ounces”. Since an ounce of gold is quite a lot, we often need to talk in smaller units. This is where “grams” and “pennyweights” come in. Pennyweights use this symbol: dwt. Grams use this symbol: g. Now when it comes to selling your gold knowing the difference between the two is very important. The accepted unit around my area is grams. Some shady gold dealers, especially at gold buying parties, use the difference to confuse sellers. So here is the difference. A pennyweight is bigger than a gram. There are more grams in an ounce than pennyweights. If someone were to offer you $10 per gram or $10 per pennyweight, which would you take? Let’s do some quick math to illustrate. There are 31.1 grams in an ounce. There are 20 grams in an ounce. So 31.1 times $10 equals $310.10 an ounce. Now for pennyweights 20 times $10 equals $200 an ounce. Would you rather sell your gold for $310 an ounce or for $200 an ounce? Ask your buyer to quote in GRAMS when you are selling broken gold or gold jewelry. this way you can compare different sellers.