Where to Sell Scrap Gold

Where to Sell Scrap Gold

Not sure where to sell scrap gold besides a pawnbroker? Don’t worry, there are several businesses who are willing to take those old pieces of gold jewelry and odds n’ ends off your hands that will give you a better price than your local pawnshop. Here are a few places to keep in mind.

A jewelry store can be an excellent source for broken gold jewelry pieces as long as they’re not in need of major restoration. However, not every jeweler works in the same way, so it never hurts to ask what they will and won’t take when it comes to old gold jewelry.

If you wouldn’t mind playing hostess or know of someone else who wouldn’t mind, a gold selling party could be the perfect opportunity for you to sell gold and even make some extra income doing it.

Keep in mind however that there may be out of pocket expenses involved if you decide to host one unless you can get a local business  such as a coin dealer or jewelry store to sponsor you. You also need to keep in mind that you may have people you don’t even know will be in your home.

Of course if hosting a gold party just isn’t your cup of tea, you can always sell your gold at one instead. Just be sure you remove any gemstones or other materials that are not made of the precious metal, since you won’t get any extra money from the gold buyer for them. Otherwise, the buyer will just remove it himself and cash it in for profit which is a big loss to you.

Another place you can sell scrap gold is through a refiner. Refiners are wonderful because you cut out the middleman all together, which means more profit for you! However, if you’re going to consider using a refiner you must have a lot of gold to sell or they won’t even consider buying from you.

One of the easiest ways to work around this problem if you don’t have a ton to get rid of is buy talking to friends and family about gathering their own items to add to the deal. Then once the check is cut, you can give everyone their fair share of the cash.

Online businesses and even television commercials who deal in buying and selling unwanted gold can be an excellent way to sell your scrap gold if you don’t like the idea of dealing with gold buyers face to face and don’t mind sending your items through the mail. Just be sure to make copies of everything, that way you’re covered if there’s ever a problem.

One thing you should always keep in mind even when you’re trying to decide where to sell scrap gold to and that is whether or not that item you’re trying to get rid of is a family heirloom or of sentimental value.

Businesses that purchace scrap gold don’t keep the items lying around. Instead they take those items to a refiner who melts them down for resale. So once your item is gone, it’s gone for good!

How to Sell a Gold Item

Sell Gold Item

In order to sell a gold item, it takes more than just a trip to your local pawn shop to get a great return on your investment. You have to know what you’re selling and whether it’s even worth it to a buyer to invest in.

Sometimes you can find some great guides that show you how to sell gold and there are even online websites such as Squidoo which offer subjects on just about anything you’d want to learn about. You can find guides on hosting a gold selling party and more. And the best part about Squidoo is that it’s free!

Even with a guide however, you’ll still need to know what’s worth selling and what’s not. I had a friend who learned the hard way how un-valuable her jewelry really was when she took it to a pawnshop.

One of the easiest ways that you can tell if your precious metal is indeed real is by looking for the “k” mark engraved somewhere on the item. If you see it, then you’ll know it’s real. If you don’t, then it’s more than likely a gold-plated piece.

Another way to tell if the item is authentic or not is by scratching the surface area with a sharp item. If the surface of the piece in question cracks or flakes, it’s not the real thing. You can also tell just buy wearing the item if possible. If it turns your skin green, it’s probably not real gold.

Another marking that will make all the difference in the world when it comes to the amount you’ll get from your items is a number printed beside the “k” marking that will either be an 8K, 10K, 14K, or 18K. The higher the number the more your piece will be worth.

Of course if you’re still not sure if your valuable item is really all that valuable you could take it to a professional and have it evaluated for a fee. However, if it turns out it isn’t worth much you may find yourself in a worse bind than you started with if you were looking to sell the item for some quick cash.

Once you know what you have to offer buyers and you know it’s worth selling, you’ll want to do your research on the business you’re planning to sell your gold to.

Not every business is going to be willing to buy what you have even if it is real and not everyone will give you the best possible deal for your items. Pawnshops are the best example of this and often the first place people go.

Also, keep in mind that if you do find a business who’s willing to buy what you have to offer and you decide to shop around, don’t be surprised if the quoted price is different when you come back.

Prices for the precious metal are always on the move, whether it’s a drop or a rise and investors are always keeping a close eye on that price. So your deal might not be such a great deal if you wait around to sell your gold item.