Selling or recycling scrap gold can be a very wise investment only if you know how to the best value for your gold. You can get quick cash for selling scrap gold at a pawn shop, to a dealer, or gold refinery.
Some gold dealers and refineries have been known to pay people 50-70% of their golds actual price; 50-70% is a very fair price. Know exactly how much your gold is worth before selling.
The value of your gold depends on many different factors, including the purity of your gold (measured in karats), the weigh-in of your gold, and even the location of where you are selling your gold.
Before selling your gold, know the difference between your scrap gold and your high-quality gold. Scrap gold could be jewelry pieces, gold filings, and single earrings. Separate your gold scraps into groups of 10k, 14k, 18k, and 24k; people who sell 10k, 14k, 18k, and 24k gold usually get the best value for their scrap gold.
Sometimes you may not get a lot of money for some of your scrap gold because of its gold content or if it is just a gold plated item; gold plated items do not actually contain gold inside of them.
Certified gold bars, gold coins, or antique gold jewelry are considered high-quality gold. You are guaranteed to get a better deal if you sell your high-quality gold bars and coins to a dealer of those items. Sell your antique gold jewelry to antique jewelry boutiques or dealers for the best value.
Be advised, when selling to a dealer or refiner you will only be given 20 to 50% of your golds actual value in order to pay for handling, refining, and resale fees. If you aren’t happy with the percentage you are being offered from a gold buyer or refinery, then try visiting different pawn shops or gold dealers because different places offer different percentages.
Visit many pawn shops to get the best value for your gold if you aren’t satisfied with sending it to a gold refiner. There is also a possibility that some gold dealers might scam you out of your gold by offering littler or no money for your high-value gold.
Check with the Better Business Bureau and the Federal Trade Commission to find out a gold dealers reputation.
If you want to make big bucks from your scrap gold, recycle your gold when you have a good quantity and watch for when the supply of gold is low and the demand is high because this will increase the value of your gold.
Don’t forget to read our guide on selling scrap gold, investing in scrap gold, or avoiding pawn shop scams and pre-1933 gold coins.
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