Selling scrap gold is an interesting area of gold most people have not been aware of until recently. Since the value of gold has risen more and more people are becoming aware that they can sell scrap gold and make a tidy profit from it.
But how do they do it?
What is Scrap Gold
Scrap gold can include any products that are made of gold or include gold in its manufacture.
F.Hinds accept most gold jewellery or scrap gold - Please contact us using the registration form on the left menu for confirmation of your item/s acceptance.
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 jewellery
Old gold watches
Polishing and buffing dust
The condition is immaterial. Old gold that cannot be restored to its former glory is ideal and the gold can be recovered.
Usually it would not be economical to repair such articles but they can easily be sold as scrap. One would not necessarily get the face value of the item, such as a coin for example, but one would get the gold value less a small margin from the dealer accepting your scrap gold.
Scrap gold can also be found in computer mother boards, old cell phones, scrap electronic boards. High grade scrap such as gold plated integrated circuits, gold plated connectors, gold plated fingers, pins, connectors etc.
How to Sell Scrap Gold
There are plenty of buyers for scrap gold. And they will jump over each other to get your gold!
It is very important to get the best price possible. The best way to do this is to take your gold to a reputable jewellers or gold dealer. There are 'through the post' methods which carry a small amount of risk but generally are pretty good.
How Much Will You Get?
Generally speaking you will get the value of the gold the moment it is assessed by the dealer less a handling fee. It is important to note that the price a dealer may pay will not reflect the retail price of that item. It reflects merely the value of the gold by weight and quantity only. What that fee is, is difficult to say as it can vary with the type of gold and the quantity you are offering and the terms under which the dealer operates.
The dealer, when they have made an assessment, will advise you exactly how much you will get for your gold.
Tips and Hints for Selling Scrap Gold
It is a good idea to remove anything of value from the gold you are sending in. With rings, for example, prise any stones out of the item or remove the gold from the rest of the piece so one can weight the gold separately. Keep in mind that other alloys such as silver, platinum and the stones may have a value also. If you can separate them, all the better. If not ensure it is clear that there is other precious metal there and get a price for that also.
The purer the gold with less of other extraneous matter, the better. It may pay to spend some time extracting the gold yourself if possible and can be done safely.
What to do with the Money?
So you have sold your scrap gold and have received a check. As gold continues to increase in value against the dollar you might like to look at investing that money in some gold coins or bars.
That way you are likely to keep your funds. But of course that depends upon your circumstances and the reasons why you are selling scrap gold.