Scrap Gold

scrap gold

What is scrap gold

First of all, scrap gold is the gold that can get you money, a lot if you have a remarkable quantity of it. Scrap gold can be used to name a lot of products: gold jewelry (rings, necklaces and earrings, chains, charms and pendants, watches or watch cases), dental fillings, teeth, nuggets, or bars. The only thing they have in common is that they are made out of gold. People have become more aware of the fact that they could sell their scrap gold since the price of gold has been increasing continually.

By taking the things mentioned above at a scrap gold dealer's counter you will receive money in return. You should not forget that you should calculate the gold price per gram because your gold could be undervalued. If you have things made out of cold or that include gold in its manufacture you could make a tidy profit from it.

How scrap gold is valued

Selling scrap gold especially comes in handy if you have broken jewelries which can be easily sold as scrap because it would not be economical to repair them. You will not get the face value. The value is the gold value minus a margin representing the dealer’s acceptance of your scrap gold. That is why you have to do a little research beforehand. You have to find the dealer with the smallest margin.

The margin, which diminishes the retail price of the gold, is also called handling fee. The handling fee can vary from dealer to dealer, depending most on the type of gold, the quantity you are intending to sell, and the dealer’s terms.

If you want to sell coins as scrap gold, you should take into consideration that most of the coins are made of gold alloyed with other metals like copper or silver. The exception to that is the Canadian Maple Leaf which is made entirely out of gold.

After getting the money for your scrap gold, you could invest them in gold because gold continues to increase and has intrinsic value and so you will be able to increase your income. You have the option of investing into gold bullion coins or bars.

How to sell your scrap gold

For example, if you sell a ring as scrap gold, you should have the stone removed, especially if it is a precious stone for which you could receive extra money. Also if your gold is alloyed with silver or platinum, which are also precious metals, you should communicate that to the dealer because they value extra.

Find the best dealer, whether on the Internet or in your town, categorize your gold into 10K, 14K, 18K, or 22K, make a roughly estimate of the gold price per gram, gather all the unwanted gold from your house and sell it.

Gold is a recycled metal so if you have out of fashion, broken, or unwanted jewelries, don’t regard them as something unworthy when they could bring you a worthwhile return. Regard them as scrap gold that values money.