Selling scrap gold

About Scrap Gold

Scrap gold can include any products that are made of gold or include gold in its manufacture.

• bent/Broken Jewelry;
• old gold watches;
• placer gold;
• polishing and buffing dust;
• bracelets or chains that are inextricably tangled;
• broken and unwanted gold scrap;
• karat gold jewelry;
• melted gold;
• gold bracelets;
• gold bullion;
• gold chain;
• casting gold and grain;
• cluster rings;
• gold alloys;
• gold dental crowns and bridgework;
• gold dust and sweeps;
• gold earrings;
• gold findings;
• gold flake;
• gold class rings;
• gold coins;
• gold coins and bars;
• gold ingots;
• gold nuggets;
• gold pins and brooches;
• gold screen and mesh;
• gold sheet;
• gold sheet;
• gold shot;
• gold sizing stock;
• gold solder;
• gold sponge;
• gold wedding bands;
• gold wire;
• gold-filled scrap;
• goldsmith’s bench filings and sweeps;
• items with missing stones.

The condition is immaterial when selling scrap gold. 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.

You can sell scrap gold which can also be found in computer mother boards, old cell phones, scrap electronic boards.

Selling scrap gold

There are plenty of buyers for scrap gold. And they will jump over each other to get your gold.

The better ones will offer a special gold kit. This basically consists of a prepaid envelope and some kits may also consist of forms for describing the items you are sending in and various other details.

You simply fill in the forms and enclose the item with the form in the special bag and post it. It is advisable to make a copy of all the details you have entered on the form (a photo copy is a good idea) before you send it.

Usually the envelope is covered by insurance up to a certain amount by the company issuing the special kit. You can check out the details of this on the website. If you consider the gold you are sending is worth more than the insurance offered you might need to come to some other arrangement with the scrap metal merchant.

How much will you get when selling scrap gold?

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 either by phone or email or letter, depending on your mode of communication, and you can then decide if you want to sell it or not. If decide to sell you simply advise them and they will send you a check. If not they will return the gold.

Before you send the item off it is a good idea, if possible, to get an idea of what the gold is worth.

How much gold is there in the item? what is the price of gold on the day? At the top of this web site are charts giving the current price of gold. That is pure gold of course 24 karat. Gold is generally priced at USD per troy ounce. If you have old and battered gold coins, weigh them. Apart from some minute alloy such as copper or silver, they will be mostly gold and if they are Canadian Maple Leaf Gold Coins, will be gold only.

The item you are selling may be of a lesser karat, such as a 18 or 22 karat ring for example, and so would be worth proportionately less as there is less gold in the ring.

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. I may pay to spend some time extracting the gold yourself if possible and can be done safely.

In any transactions with gold, it is prudent to make a complete copy of everything you do. Copy all forms you send off. Photograph the piece you are sending if possible. Make notes on phone calls made with names and dates. Keep all emails.

Ensure you understand the complete process with the dealer from start to finish.

Scrap gold dealers will likely buy the gold from you at about 10 to 20 percent less than what it’s actually worth since they must process it and still turn a profit from reselling it.

1000 grams or more might be bought for 10% – 20% under but those are going to be carefully negotiated deals. They usually occur between buyers and people who buy from buyers. Individuals usually have less than 50 grams. Almost never more than 100 grams.

If you suspect there are any other precious metals mixed with the gold (such as platinum and palladium in gold fillings), it would be wise to calculate their value as well and sell accordingly.

Most people use grams for these calculation but some gold buyers use pennyweight (DWT) instead of grams. There are 20 pennyweights in a troy ounce. You can substitute 20 for 31.1 to calculate pennyweight in our formula. You can also multiply a pennyweight by 1.555 to get an equivalent gram weight or divide a gram weight by the same 1.555 to get pennyweight.

Use an online tool which will do this calculation for you, just enter the weight and purity (karat) of the gold.

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