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Guide to Selling Scrap Gold

We all know how difficult things are at the moment when it comes to money – especially money that’s free to be used in any way we wish. This is why selling your unwanted gold jewelry is becoming an option that more and more people are starting to consider. This article will talk about how to sell your gold scrap and other items and how to make sure you get the best deal available.

The first decision you need to make is whether you should sell your gold as jewelry or as metal for scrap. The difference is that if you sell metal as scrap then the value immediately drops compared to what it would be if you sold it as jewelry. For this reason, if you have a choice you should always sell the gold as jewelry, unfortunately doing so is quite difficult and with gold prices near an all time high it will be much easier to sell your unwanted items as scrap. The reason that scrap is usually sold at such a discount – upwards of 50% or more off retail prices in some cases – is because you only get the value of the piece of metal you’re selling rather than the metal plus the craftsmanship and beauty of the design. In some cases you won’t have a choice though.

Another decision you’ll have to make is whether you want to use one of the many “gold for cash” websites and companies which will provide you with real money in exchange for your gold or whether you want to try to sell your piece of jewelry at an auction or to a store. The great thing about “gold for cash” companies is that the process is so simple but the downside is that you won’t get the full value. Selling your unwanted jewelry for scrap is different than selling it for resale, you see pretty much all scrap is melted, not resold so the price you will fetch will greatly depend on the price or spot price of gold on any given day.

So who should you sell your unwanted jewelry to? My business runs mainly on referrals so if you know anyone who has had a positive experience selling their items that would be the first choice in my opinion. If you’re looking for someone on your own it’s easy enough to find a gold buyer by doing some research online, make sure you’re dealing with a reputable company, make sure you can speak to someone in person if you’re planning on shipping your items. Make sure they list or tell you their price in grams, the higher the karat the more per gram you should be receiving. Many companies will list their price in dwt or pennywweight which is deceiving as it makes their prices appear higher, you see one pennyweight/dwt is equal to 1.55 grams, stay away from companies like this.

Scrap gold prices largely determine scrap prices and vary depending on a number of different factors such as currency exchange rates and spot prices. The dealer that you’re planning on selling the gold to will also affect the price you get as they have different profit margins so you should visit several before making your final decision. To check for the exact price of gold you need to visit financial websites which provide an updated list of the cost of many commodities including what the current gold bullion spot price is.

So exactly what is gold scrap? Well, the easiest way to explain that is that it is any unwanted piece of jewelry in any condition, scrap can consist of gold, silver or platinum earrings, bracelets, rings, necklaces, chains, brooches, body jewelry, dental gold and more. Selling your unwanted jewelry can be  a great way of getting some extra money quickly and easily. With current record high of gold and the number of people in need of cash there is certainly no shortage of individuals and companies anxious to purchase your items, with some research you’ll be able to get a good price for your items.

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Determining Scrap Gold Prices

Scrap gold prices are determined by the gold price any given day. Gold prices, often referred to as spot or spot price are set daily by the London Bullion Market Association. Spot prices refer to gold bullion which are .999 fine or 99.9% purity, these are typically gold bars and wafers, fine gold coins etc from recognized refineries around the world and must be marked as such on the item.

The price you can expect to get for scrap is not the same as bullion. The scrap gold price you can expect to get from gold jewelry, dust, findings and shaving etc varies depending on who you are selling your items to. Don’t expect to get spot or bullion prices for your things, scrap is exactly that, they are items that need to be melted and assayed and further refined and recycled into usable gold. Generally speaking you should be able to get 75 to 80% of spot price for your things.

The Modern Day Gold Rush

Hard hit by the world wide recession many resourceful individuals are finding creative solutions to their money woes. With cutbacks in every field, most families have felt the pinch or know someone who is out of work or seriously downsized. Less income or the fear of less creates a ‘make-do’ attitude. Home purchases are postponed, vacations deferred, and season tickets for everything from soccer to the opera are replaced with single tickets.

For many the solution to this dilemma is as close as a forgotten shoe box full of old cuff links, coins or earrings on the top shelf of a closet, or a cluttered tangle of gold chains and necklaces in their bedroom drawer. They may unknowingly be walking past a source of extra money dozens of time every day. Items that can be converted from gold to cash may be right at hand.

Soaring gold prices are the result of today’s economic crunch. The price of gold has skyrocketed worldwide. Investors are turning from the volatility of fluctuating stocks and bonds to the stability of gold. Wary of the unpredictability of the markets, they are moving back to investment basics by simply buying gold. Gold is a commodity in demand.

While most people don’t have bars of gold bullion in their closet or shoe box, or rare gold coins in their drawers, they often own several pieces of gold that can be recycled at a profit.

A simple home test to determine if an item contains gold is to hold a magnet near it. Gold will neither attract nor repel a magnet. Since some other metals, such a copper are also not magnetic, gold items must be further evaluated by acid testing.

Gold purity can be tested and the spot gold price can be obtained from a wide variety of sources both off and online. Remember, when you’re selling scrap gold you can’t expect to get the equivalent spot price, if you do some research and investigation you should be able to get 70-80%  of the actual gold value, buyers need to make a profit as well.  Gold items can be inspected and weighed in your presence if you are near a buyer, or mailed in by secure post for appraisal. Assessments can also be made in your home or other location of our choice. Payment is immediate from reputable buyers.

Due to current poor economic conditions and the number of people turning their unwanted gold jewelry into cash prices are high and sellers are frequently surprised at the worth of an old, forgotten bracelet, necklace, watch or pair of earrings. Gold is measured in Karat weight. Higher karat, such as 18K means the object has less alloys mixed with the gold, hence is more pure than something of lesser karat.

Gold is weighed on a jewellers scale by Pennyweight (DWT) or grams. I Pennyweight or DWT equals 1.55 grams. Recent gold prices included $19.55 per gram (30.30 DWT) for 18K gold. Since gold is a heavy metal, selling unwanted pieces of jewelry or coins at scrap gold prices can be very lucrative.

Getting The Most When Selling Gold Jewelry

Getting the most value for your unwanted jewelry and the like has been made easier and more confusing at the same time with the advent of the internet. There has been a huge increase in online gold buyer in the recent years.

To get the best price for your scrap you can simply do a search online for gold buyers in your area, a reputable buyer will list their prices on their websites. Simply comparing online prices you will be able to see who is paying the best rate for your items. To make sure you’re getting fair market value and you’re dealing with a reputable buyer you should also verify their company, make sure if you’re shipping your items you speak to a representative before hand, if they don’t list a contact number on their website I would find another buyer.

Another important point you should know before selling your items is their weight and karat, to determine the weight of your items here are a few ideas, if you’re shipping your items have them weighed at the post office in grams ahead of time, postal scales are quite accurate and will give you a good idea of their weight.

Look for the hallmark of each piece, different karats fetch different prices, the higher the karat the higher price per gram you should be paid.

Now that you know the karat of your items, the weight in grams of your items and the price per gram you expect to paid for your items you will now be able to determine how much you can expect to be paid for your unwanted gold jewelry.

Best of luck selling your scrap gold.

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