Selling Scrap Gold: Don't Get Ripped Off
by: Andrew Frost on Sat, 11 Apr 2009 at: 5:26 AM Go to: Previous Article Next Article
The supply of scrap gold or recycled gold varies with economic conditions. In tough times the supply of scrap gold increases. Scrap gold prices vary from day to day, depending on the spot price of gold.
There are many local dealers, that buy scrap gold. Pawn shops and some jewelry stores offer this service. You can sell through the mail or even over the internet.
You will not get the full price of existent gold if selling scrap gold. Usually you will get 10 to 20 percent less from a dealer. The dealer must process the scrap gold, so he incurs costs. Beware of some firms that offer cash for gold. These every so often offer to buy gold well under existent gold prices. It pays to shop if selling gold.
Scrap gold can be chains, bracelets, earrings, rings or even dental fillings. Gold teeth, bridges and crowns can also be sold. And also anything with gold in it can be sold!
The highest price you will get for scrap gold if it is 24 karat gold. 24 karat gold is 99.999 % fine. (pure gold is impossible due to slight impurities within the process). 18 karat gold is actually only 3/4 gold. So that if you are getting a quote for gold, the amount of gold within the object will determine price.
The final price of your gold can be affected if it is mixed with other metals. Silver, platinum and palladium are every so often included in gold fillings. If you are lucky enough to have platinum in your mix, you can receive a higher price!
To get a quote, visit a reputable local dealer. If none are available, you can request a special envelope to mail in your gold. This envelope is registered mail and will require a signature if you return it. You will be then contacted with a quote for your gold. If acceptable, a check will be in the mail. If not the gold will be returned.
Check out the company before selling your gold. See if there are any complaints against them. Some firms vastly underprice the gold. Start with the BBB for more information. A few minutes checking on the web will stop you from being taken advantage of!
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For more great information, click on the following links to know How to sell Gold Jewelry and How to sell Gold Coins
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