Shops Buy Gold — How Do Pawn

: Since gold is non-magnetic, a strong magnet is used to quickly rule out many fakes.

Pawn shops do not pay the full market price because they must cover overhead, storage, and the risk of gold prices dropping. how do pawn shops buy gold

: To confirm the stamp is accurate, shops use: : Since gold is non-magnetic, a strong magnet

: Brokers look for hallmarks (stamps like 10K, 14K, or 18K) that indicate the gold's purity. : Since gold is non-magnetic

: The broker checks the current spot price of gold—the international trading price—and calculates the value of your specific gold content (e.g., a 14K ring is only 58.3% gold). How Payouts Are Calculated