Selling Scrap Gold
Gold recently surged to around a thousand dollars an ounce. Many people who raced out to sell their scrap gold didn’t have a clue about how the value of scrap gold is calculated by the buyer and may have ended up accepting less cash than they could have received.
The price of gold and silver fluctuates just like any other stock, product or investment. Of course it is best to wait and sell scrap gold when the prices are the highest, or when gold is in the greatest demand. The higher the price the more money that will arrive at your doorstep after sending in that gold kit! Now is an excellent time to sell your scrap gold because the payout rates have increased drastically over the past couple of years, however remember these rates can fluctuate on a daily basis.
There are numerous scrap gold buyers and it is best to be cautious before selling. Basically there are two places where you can sell your scrap gold: to dealers or to refiners. The best option is to sell to refiners thereby bypassing the wholesaler to get the highest rate for your gold. Your can look in the yellow pages to see if one is in your area. Wholesalers such as jewelers and pawn shops should be your second option.
What is Scrap Gold ?
Scrap gold can include any products that are made of gold or include gold in its manufacture.
Bracelets or chains that are inextricably tangled
Broken and unwanted gold scrap
Casting gold and grain
Gold class rings
Gold coins and bars
Gold dental crowns and bridgework
Gold dust and sweeps
Gold screen and mesh
Gold sizing stock
Gold wedding bands
Goldsmith’s bench filings and sweeps
Items with missing stones
Karat gold jewelry
Old gold watches
Polishing and buffing dust
Don’t be asleep when you sell gold. What you don’t know can definitely hurt you. Do your homework before you sell your gold. If you wait until you are in the gold buyers domain to understand the basics of the transaction it will be too late. The value of scrap gold can be mysterious and confusing but with proper preparation and knowledge you will come out ahead.