All Entries Tagged With: "Scrap Gold"
How to Sell Gold Locally
With the economy going down hill fast, it’s hard to make a decent living and still manage to keep our heads above water. Everything has skyrocketed and many businesses are taking advantage of the financial disaster in more ways than one.
One of the best ways many of us are finding a little financial relief is by buying and selling precious metals. Right now it’s a very popular business and more and more people are learning how to sell gold locally.
Of course there is the question of why just offer your scrap gold to a local buyer only. Why not expand to other areas and make an even bigger profit? The answer is simple. Selling to a local buyer means more of a profit and less of a risk.
However, before you just jump right out there and offer your gold to anyone, there are a few things you should keep in mind.
For instance, not every gold dealer will want everything you have. Some only deal in specific items. So while you may walk into a coin shop with gold coins, you may or may not be able to sell your gold jewelry or possibly gold bars there. There is also a difference in how pure your gold is. 10k, 18k and 24k each have different values.
Another thing to keep in mind is if you’re selling coins be sure the date on the coin is not worth more than its precious metal content. You may be surprised to learn that the coin is far more valuable for its date of minting.
If you’re just checking for quotes, you should be aware that the quoted price could change in a matter of hours. So if you asked for a quote early in the day and then decide to come back later in the afternoon to sell your gold for that price, you may very well be in for a rude awakening. The standard price of a precious metal is actually set twice a day.
If you’re planning to sell scrap you should remove any other valuables such as jewels before selling. Not only does this make things easier when weighing the items, it’s also extra money in your pocket since you may profit from the jewels as well.
When in doubt on where the best dealers are hidden locally, check your local yellow pages. And don’t forget that places like auction houses and brokerages are a valuable resource when you want to sell gold as well.
How to Sell Scrap Gold
Chances are if you’re reading this article, you’re looking for a way to make some extra money and if you’re like most, you may be wondering if you can sell gold for scrap. Well, it’s possible if you know how.
Generally when you’re scrapping a precious metal like this one, you want to do your homework. While you can make a bit of a profit from this type of selling, some pieces are worth far more than that.
Items that are usually scrapped include bent or broken jewelry, simple wedding bands or other rings such as class rings that aren’t very valuable on their own, defective or damaged coins, dental crowns and bridgework, single earrings, nuggets, wire, watches and electronics.
These items are generally those that are not easily repairable.
Before you decide on a buyer, you should separate your items first. The easiest way to do this is by seperating them into piles of 10k, 14k, 18k and so forth. The next thing you’ll want to do is remove anything that may be of value to another buyer such as precious jewels or stones. This will also help give you a better idea of the weight of the pieces you do want to profit from.
If possible, weigh your scrap gold so that you will have an idea of how much precious metal you have. You should try to use a digital scale when possible, that way you’ll know the exact amount you have.
Weighing your items will also assure that your buyer isn’t trying to pull a fast one when it comes to exactly how much you have.
Your next step should be to call around to area buyers who specialize in buying gold and ask them how much they would be willing to pay for your items.
If there are no local buyers in your area, try offering it to your local jewelry stores. Just keep in mind that they may only want jewelry that can be restored.
If there are no willing buyers in your area, you may want to consider placing a classified ad in you local paper to let potential buyers know what you are selling. Just be sure you have a good idea of the exact worth of the items before you accept just any offer.
Another option would be to use an online gold buyer who offers a special kit which generally includes a prepaid envelope and sometimes documents that will allow you to write out a description of every item you are sending them.
You should use caution when dealing with an online buyer, however. Most online buyers aren’t worth selling to if you don’t have a lot of scraps.
And finally, you should always remember that when you sell scrap gold, the price the buyer offers will more than likely change from one day to the next.
So be sure you get the price you were quoted in writing before you close the deal. And if all else fails, you could always try selling your scrap at auction either online or offline.
