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How do I sell my scrap gold to a gold shop?

Posted on: 12-27-2011 Posted in: News

Why hold on to scrap gold that’s broken or unloved?

Gold jewelry, rings and other gold articles are often lying in a dusty drawer somewhere because they might seem worthless. These pieces may be unfashionable, damaged or outdated and might seem worth nothing. But that is not true, they can be quite valuable!

Now, if you leave your scrap gold as it is, it would not multiply and there is a good chance that there will be a devaluation of the price of the gold. It is very easy to sell scrap gold and in exchange you can have a myriad of things at your disposal with the money you make from the deal. There are several reasons to sell away the old gold. Instead of letting it just be, why not sell it and make some money?

Do you have scrap gold?

Most of the time there is a lot of gold scrap lying around in the home and people fail to see that. Gold scrap doesn’t have to be from something precious like jewelry or the like. It can be from waste electronics, gold mesh and even solder. It is not uncommon to find a person who lives by selling gold scrap!

Value your scrap gold

Before you get down to sell scrap gold that you own you must first make sure that you get the right valuation for the scrap gold. This is not an easy process because the quality of the gold varies from source to source. While it is good quality in high quality electronics, it is pretty low in karats in solder. It might be a rather difficult task to do this on your own and if you want to do this on your own, you should get a gold testing device and separate all the scrap based on the karats in each type. You will also need a gold testing kit to properly estimate the price for each of the karats that you own.

Where to sell scrap gold?

Once you have made sure that you get the right valuation for your gold, you need to start looking for a place to sell scrap gold. Though there are many cash to gold websites on the internet and you also have many stores across the United States that will take your antiques, old gold coins etc., the gold king of deals can only be found at the dealer who offers you the best price. Though the price of your antiques and other jewelry might initially be very high at the time of purchase, when sell scrap gold, only the price of the gold used to make the ornament would be used to value the scrap gold and the amount of detail which has been incorporated into it would be irrelevant.

The gold sold to the dealer is refined for further processing and hence it would be more profitable to sell scrap gold to a dealer who has his or her own refinery. This way, the amount you get paid for your scrap increases by a large amount. Refiners prefer purchasing large quantities of scrap. For this reason, if you can sell up to an ounce of gold, you can expect 90% of the value and if you have more than 5 ounces, you can get back a whopping 95%! Hence it would be more prudent to sell scrap gold when it accumulates to larger quantities than sell scrap gold in smaller installments.

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