Sell Gold Scrap For Fast Cash

Sell Gold Scrap

If you’re planning to sell gold scrap, or any other type of precious metal for that matter, I can very well guarantee it’s not just as simple as walking up to a business and telling them your items are for sale.

And there is definitely a whole lot more to selling gold as I quickly learned from a friend of my father’s who scraps metals for a living.

First of all, you need to know what type of precious metal you have. It’s all too easy to be fooled by a material thanks to today’s technology and a manufacturer’s need to make as much money as possible, especially with the economy‘s current state.

One of the easiest ways to tell if  you own the real gold or not is by the simple “k” mark that is engraved somewhere on the item.

The “k” marking which stands for “karat” tells a buyer that the piece is indeed real. In addition to the “k” symbol you should also see a number that will indicate how solid of a piece it is, as in 10k, 14k and 18k. The higher the number, the more gold is in the item and the more it will be worth.

However, just because your items are real gold, doesn’t mean you should cash in on selling your gold just yet. And if you do, you may be disappointed to learn that the face value of your items could be worth far more than its metal content.

So before you take the plunge and sell your gold item, ask the coin shop owner if your gold coins are worth more for it’s age or ask the antique dealer if that necklace is old and has a higher retail value.

The next step you should take before you sell gold is to strip anything that isn’t made from the precious metal (like diamonds or other gemstones) since most businesses won’t give you anymore for the other materials. What they will do however is remove those extra pieces anyway and profit from them, so why not cash in on them yourself?

And as far as scrapping gold items, don’t limit yourself just to jewelry or coins. Many items that people never dream can be scrapped are actually accepted by businesses as long as the piece is made from gold.

Items that may be scrapped include dental crowns and bridgework, individual earrings, gold nuggets, wire, watches and even some electronics.

And if you find that you have a lot of scrap gold that you want to sell, you may want to consider weighing them with a digital scale if possible.

Weighing your items lets you know how much you have and will assure that your buyer won’t pull a fast one on you when it comes to exactly how much you have offer.

Once you have an idea of how much gold you have to sell, you’ll want to call around to local buyers in the area who specialize in buying and selling scrap gold and ask them how much they would be willing to pay for your items.

If there are no local buyers in your area, you may want to consider an online business that buy and sell gold scrap through the mail.

Just be sure to use caution when dealing with these types of businesses by making sure that you take photographs and make photocopies of everything you receive from them to make sure there are no misunderstandings.

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!