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Monday, September 24th, 2012

Tips About Selling Scrap Gold

When it comes to selling scrap gold, do not allow yourself to be fooled about the gold price per ounce. Seasoned gold collectors and sellers know all about these things, but a novice may be easily duped by a fast talking dealer. In fact, it is very common for this to happen. In order to protect yourself from having the wool pulled over your eyes, keep reading for some good tips on selling scrap gold for the average citizen. Many people think that selling their gold will bring them fortune and this is why they do it. However, this is not the truth; at the best you can pull in a pretty penny, but not get rich unless you have a whole lot of gold to sell! First you have to know know the price per ounce which can easily be found out at many places online for free. Simply weigh your gold, convert the number from grams to ounces and input it in an online gold price per ounce calculator tool.

Tip 1:

If you are looking to sell gold dental work, keep in mind that the new work done with gold is generally in the form of 16 karat gold. It is the older work that is worth something since it was generally done in 24 karat gold. In order to tell if the gold (on dental or in any other form) is real, you can test it at home. Acid tests can tell you the karats of gold you have. For instance, if when the test is done the line is red, you have 24 karat gold. If the line is dark brown then you have 14 karat gold. The amount of karats will give you a better idea of the gold price per ounce that you have coming to you.

Tip 2:

Once again this deals with those who deal in scrap. You can find these types of people and businesses everywhere. They are mostly in pawn shops though and you are likely to see a sign that advertises “we sell gold!” on the shop front. I am in no way saying that all of these types of dealers are scandalous, just that you must watch yourself. Personally I do not recommend selling even your scrap to these types of gold dealers. I say this because of the price they typically offer you. While you may not realize it if you are not familiar with how to calculate gold price per ounce, pawn shop gold dealers will typically only give you between thirty and sixty percent of what your scrap gold is actually worth. If they happen to be called on this fact, they will tell you that the remainder of the gold price per ounce has to go to stocking and reselling fees. For this reason, if you must go to a dealer like this, do not take the first offer. Go to several dealers to get the best price.

Tip 3:

If you are selling jewelry for its gold price per ounce value, NEVER sell any gems along with the gold. Take them out first. The reason for this is that all you are getting paid for is the gold when you go to a gold dealer. The gem is something the dealer gets for free if you let them. To sell gems, go to a professional gem dealer, NOT a gold dealer.