Online Metal Trading Guide A guide about trading precious metals online plus tips & tricks

How To Sell Scrap Gold

The value of gold has been rising in the recent years. This is why many people became interested in selling gold or investing in it. We can find thousands of online companies who are more then willing to buy scrap gold, because this is a very profitable business in times of economic crisis.

More and more people discovered that they can sell scrap gold to the online companies making nice profits. It is a very profitable business for sides, people in need of money and the online companies and investors.

Because the value of the gold was rising constantly, now it’s the time to sell your unwanted scrap gold, but before doing that you should know few things about where and how to sell it in order to avoid gold scams who are always looking to rip you off. The most important, is to understand what can be qualified as scrap gold.

What is scrap gold

Basically scrap gold is unwanted or leftover gold that can be reused by melting it down and forging new gold items. Gold is recycled all the time so scrap gold can be a profitable area of gold selling.

There are many gold items that can be qualified as scrap gold:

  1. Broken gold jewelry: chains, bracelets, necklaces, earrings, gold jewelry pieces with missing stones or fillings
  2. Old gold watches
  3. Damaged gold coins or bullions
  4. Gold dental fillings and crowns
  5. Metal alloys containing gold
  6. Gold flake
  7. Gold wire
  8. Gold sheet
  9. Some electronic circuit boards
  10. Gold plated chips and CPU’s
  11. Gold sponge
  12. Polishing and buffering dust
  13. Melted gold leftovers
  14. Gold also can be found in computer mother boards or old cell phones, electronic boards or integrated circuits.
  15. Usually the old and broken gold jewelry it’s sold as scrap gold because it is not economical to be repaired.

How to sell scrap gold

There are few important things that you have to know about your scrap gold before you sell it, the most important is to know how much it values. The value of gold is determined by 3 factors: karat, weight and spot price.
In order to find out the weight of your scrap gold you need elementary math skills and a jeweler scale but the standard kitchen scale can also work. If you use a standard kitchen scale you have to convert the grams to ounce or pennyweights by using an online converter.

After you found out the weight of the scrap gold you have to check the current spot price that can be easily found online. Keep in mind that the price is for pure gold, and scrap gold is never 24 karat gold. The price you will get is based on the karat number..  You can test the gold at a local jewelry store to find out the karat number. Then you can search for an online gold value calculator and introduce the weight and karat number finding out this way the current market value of your scrap gold. If you want to sell broken jewelry usually you can find the karat value stamped on the item.

After you know how much your scrap gold values, all you need to do is find a place where you can sell it. You have two options: gold refiners or gold dealers. The gold dealers are the middleman who will buy your gold to sell it to refiners. That’s why maybe a gold dealer will probably offer you a little less then a refiner.

Many online gold companies are refiners so you could sell directly to them. In order to avoid gold scams it is recommended to read reviews about the online gold companies before you decide to sell to one. The reputable online cash for gold companies offer you an online gold value calculator pre paid envelopes, price guarantee and insurance.

Tips about selling scrap gold

When you sell broken gold jewelry remove anything of value such as stones or white gold. If you want to sell the crap gold without removing the mentioned pieces make sure you get a percentage for them too. If you have more scrap gold pieces with different karats don’t put them all together. Depending on karat value you will get different price.

When you make a transaction with the buyer make a copy of all the forms you filled and make a photocopy of the envelope with the gold item you are about to send.