Selling Scrap Gold for Fun and Profit

Selling Scrap Gold

If you have some old gold jewelry and other pieces of gold that you never wear or use, think about rounding it up and selling it – use the money you make to buy something you’ve always wanted, go on a vacation you long for – or sock it away for a rainy day.

Today, selling scrap gold is a fun way to make a little money and get rid of some of the clutter you don’t need.

You may have more scrap gold lying around than you think. Most people think that gold is only found in jewelry, but you may also sell scrap gold found in old coins, dental crowns, bridgework, gold nuggets, screen and mesh, gold shot, solder, polishing and buffing dust – just to name a few. And, don’t forget the scrap gold found in pins, connectors and gold-plated integrated circuits.

There are several ways that you can sell gold that you’ve collected. Buyers of scrap gold offer a prepaid envelope for you to mail the gold, information about selling your gold and forms for you to fill out describing the items.

Be sure and make a copy of the completed forms before you send them off so you’ll have a record. The buyer usually insures the envelope, but you can be sure of this by visiting the website of the buyer. Before you send in the gold, remove anything of value (like stones) so that the gold can be weighed alone.

If you choose to sell your gold locally, you’ll have the advantage of face to face contact with the dealer and be able to talk to them about how they make an assessment of what your scrap gold is worth. The quality of the gold doesn’t have to be high, but the purer it is, the more profit you’ll realize from it.

If you want to sell gold coins, keep in mind that you  may not receive face value, but you will receive the value of gold contained in the coin (less a small fee from the buyer for accepting the gold).

You’ll probably receive about 10 to 20 percent less than your gold is worth on today’s market because the buyer has to process the gold and also make a profit from reselling it. Online calculation tools are available to measure grams of gold.

Simply enter the weight and karat (purity) of the gold. If some of the gold is mixed with platinum or palladium, it’s best to calculate them separately and sell those ingredients separate from the gold.

Today there are many reputable buyers for scrap gold, and they’re all eager to work with you if you want to sell your gold. You might also opt to have a “gold party,” where you can have fun with your friends – and it doesn’t cost anything.

These gold parties are becoming extremely popular because of the upsweep in the price of gold. You, your neighbors and friends can walk away from the party with some cash in your pockets and some good memories besides.

Before you send the invitations, make sure you understand how the system works. There are companies that provide services, including an accurate scale to determine gold content and a book of instructions telling you how to do it.

Selling scrap gold can be an adventure – and an easy way to turn your assets into cash!

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.