Selling Scrap Gold

Your scrap gold can be anything from gold bullion, bent or broken jewelry to goldsmith’s bench filings and sweeps. Not everyone knows that scrap gold also makes up for hot selling property and one can garner huge amounts of profit just by selling gold flakes or obsolete jewelry pieces to a reputed dealer. The factors that decide the market price of junk gold are its purity, gold content, weight and physical condition of the sample. An 18 K necklace can get you an average treat as compared to a 24 K earring. Again if you are selling a 1 ounce gold coin of much historic value and a 400 oz ‘Good Delivery Bar’ it is expected that the bar would fetch you higher profit percentage because of three reasons; one is of course the weight of the bar and the gold content in it, second is the immense demand of a good delivery bar as compared to the coin which may or may not be on an investor’s first list and the third is the fact that these London bars are manufactured by government approved mints and thus carry an official certificate.

 

One might think why to sell her golden wedding band or his gold coins that he/she has preserved for all his life. Well, if the sentimental value is not what bothers you it is better to find a trustworthy gold refiner asap and strike a worthy deal for your scrap since the delay will only add to its maintenance cost and after some time it will wear out so much so that you may not even get what it is worth. As long as your thing promises that the gold in it can be recovered there are many ideal candidates waiting in the line. Though the trick here is to grab the best offer for your piece, you may not always be paid right when it comes to selling scrap gold.

Never under estimate your proposition by thinking nobody would purchase your scrap but what is important for you to know is that all those who proclaim to be the best paying buyers are not always true to their name. Hence the sole responsibility of making a worthy pact lies with you. Jewelers and pawn shop owners do take scrap gold but don’t keep it. Most of the time they sell it further to refiners in the hope of recovering what they paid and to obtain a profit margin which they deducted from the settlement they made with you. At other occasions they may melt your scrap and use the gold for lowly purposes. So, make sure that the stuff you are offering has just gold and no other precious metal composition. Jewelry pieces with embedded stones can be sold after separating the stones. Look for another person who specifically deals in precious stones.

How to sell scrap gold?

1. First separate your scrap under below heads:
• Jewelry
• Gold bullion
• Gold wires
• Gold sheet
• Nuggets
• Gold flakes
• Gold stocks
• Bench filings
• Old watches
• Dental accessories
• Computer mother board
• Mobile chips
• Gold plated ICs
• Gold plated fingers, pins, connectors
2. Now see what is it that you have more in quantity, jewelry or other stuff. This helps in categorizing more gold containing things and less percent gold articles. You can then find out what is the gold percentage in each. For jewelry you need a magnifying glass to view the inscriptions of karat content. For bullion you need to refer the certificate of its issue. For nuggets you need an electronic balance. For all other forms you need a dealer who will first find out what is the gold content present and then you can decide where to sell. For electronic chips you need to go to some electronics shop.
3. It is advisable to sell gold bullion separately because of their numismatic value other than its face value.
4. To calculate the value of gold in any scrap first discover the spot gold price.
5. Determine the gram weight of all these items and the percent gold in them.
6. Divide the spot price (in USD per troy ounce) by 31 to find out the gold price per gram.
7. Now, for each group, divide the karats by 24. Multiply this by the above dollars per gram.
8. This will give you the price of your gold per gram.
9. Multiply this figure by weight in grams. This will give you the complete value.
10. After you know what is your scrap worth you have three ways in which you can sell your gold. To gold dealers, individual buyers or online.
11. Consult a bullion dealer for gold bullion, a jeweler for ornaments, electronic shop for mobile and computer parts and refiners for other scrap.
12. This will help you in scrutinizing the market.
13. Create an account with gold sites like eBay, CashforGoldUSA.com etc.
14. Next best step is to follow blogs of gold sites that trade in gold. Members have often commented on their experience with the company.
15. Once you realize which is best, selling in the market or selling online you just have to put up your piece for auction.
16. Make sure that the pictures you put up reflect your assets in the best frame.
17. Avoid creating labels for better offers and quick deal. This will only add to your expense.
18. Let the offers pour in. After all the scrutiny; you are all set to decide on the perfect deal.
19. Maintain detailed contact information of the buyer. Keep copies of all the forms you have filled and the certificates and insurance papers.
20. You can offer for free pick up of commodities from your house. This will reduce the cost.
21. Now wait for the real money to fill your account.

Selling gold is easier than buying but in a manner is trickier too. The best deal will be the one that pays you right and adds to somebody’s collection if so. Happy selling!

Related posts:

1. Scrap Gold Price
2. Selling Gold on eBay