How To Sell Scrap Gold For Maximum Profit

Sell Scrap Gold

In this economy it is a prudent and pragmatic idea to make the most of what you have. When dealing with selling your scrap gold, smart homework will help you get the most money for it. To be able to make the most profit out of selling scrap gold, consider the following steps.

Steps in Selling Scrap Gold

Step 1. Have your gold appraised before you make the sale. The first step in making  any sale is to first know the proper selling price for your merchandise.

The first thing you need to do when considering selling scrap gold is to calculate the price of the gold itself. This can easily be done by first determining the gold percentage in your scrap gold, weighing it, and using these to calculate its market value.

24 karat gold is 100% gold, use this to calculate the percentage of the gold that you have by dividing its karat by 24. So, 18K gold is 18 ÷ 24 or 75% gold. 14K is 14 ÷ 24 or 58.33% gold. 10K gold is 10 ÷ 24 or 41.67% gold. (Most gold jewelry is stamped with its carat someone on the piece.)

Gold coins are typically at least 99% pure gold, so you just figure them at the spot gold price.

After you’ve determined the carat of you gold pieces, you should weigh it and convert its weight into ounces. (Most scales will weigh in grams or pennyweight.)

You can then multiply the weight of your gold by the percentage of gold that is in it. Once you have the corresponding ounces for your real gold you can calculate the worth of your merchandise by comparing it with the current price of gold.

Step 2. Knowing the market value of your gold will help you when you go to a dealer to sell gold. Just remember that you’re not going to get the full market value for your scrap gold because the dealer needs to make a profit for his time and investment, so naturally he will be paying you a percentage of the gold market value at the time of the transaction.

When you’re selling your gold for scrap, always remember to remove any extra valuables, such as gems, attached to the gold before selling. This makes it easier to weigh and also ensures that you do not lose money due to undervalued appraisal.

Always keep in mind that the gold scrap price is based solely on the value of the gold, and does not consider craftsmanship, history, aesthetic, and personal value attached to the merchandise. If other gems are attached to the gold, you can sell these separately to make more money.

Step 3. Consider your options and find reputable dealers. When selling unwanted gold, usually the best path to take would be to sell gold locally. Look up jewelers, coin shops, or brokers who are willing to buy your gold so that these can be melted to make pricier items or who would be planning to sell these to refineries.

Selling scrap gold locally is a good idea because it maximizes possible profit and lessens risk. When local buyers are not available, other options like gold buying companies and websites are also viable as long as they are legitimate and check out alright with the Better Business Bureau.

These companies usually send you a kit containing an insured envelope and merchandise form; if these are lacking then better to deal somewhere else. Remember sell to the best buyer, but do not be too hasty.

Step 4. Other things to consider when selling your unwanted gold are to keep in mind that when checking out quoted prices that these can change pretty quickly since standard gold prices are set twice a day.

It is a better idea therefore to get the quoted price in writing. Always remember that when trying to make a profit from selling scrap gold, nothing beats an informed seller.

How Can I Sell My Scrap Gold?

How Can I Sell My Scrap Gold?

A few days ago a very good friend called me. Her son had been digging in their backyard and found what appeared to be a very valuable diamond ring. Because there was no way of knowing how long the ring had been there, my friend called me to ask more about the ring. Several of the diamonds were missing, so to her it really wasn’t worth keeping. Since times are hard, and just about every one could use some extra cash, I wasn’t surprised when the next words from her were, “How can I sell my scrap gold?”

Generally a jewelry store would be the first place to go to see about selling your scrap gold, since they can pay a very decent price for a ring such as my friend’s. However, some jewelry stores aren’t willing to purchase items that need major restoration and some don’t want jewelry with any damage.

Many people may suggest going to a pawnshop. However, this may not be the best place to take your jewelry since they often offer very little money for it. Pawnshops are used to dealing with people down on their luck, and often take advantage of that situation by not offering a good price for people’s valuables.

Sometimes you can find brokers that want to buy your gold if you know where to look. Often these guys will place an ad in the newspaper offering to buy your old jewelry, coins and other precious metals, but they can also be found at trade shows.

If you’re not in a hurry to sell your gold, auctions may be a great opportunity. However, local auctions are primarily for those wanting to sell a lot of stuff. You may find an auction house that will list your individual items, but these places usually want items in decent condition.

Online auction sites like eBay and others are a good choice since they can offer your jewelry to a wider audience. You should be aware however, if your item doesn’t get any bids, you may still be responsible for listing fees, which usually are not very much.

Often the best resources are your friends and family. There’s no shame in asking family and friends, “How can I sell my scrap gold?”  They may very well know of a few places that you didn’t think of.