Gold Scrap Tips

Buying and selling

Buying and selling scrap gold can be very rewarding. At the same time, you can lose a lot of money if you don’t know how. There is more than just buying and selling gold. We will talk about some things you need to know about buying and selling gold scrap.

Spot prices

The price of gold is constantly changing. The market is going up and down like the stock market and the price of gas. You will need to pay close attention to gold prices. The market is changing so fast that it is likely to change if you read this article. If you don’t know what the price of gold is, how do you know what to pay for it? You can lose a lot of money by paying too much. If you are dealing with a gold scrap, you will be paid based on the spot price. In other words, if an ounce of gold is worth $ 1,100 and you paid $ 1,200 for it, you just accepted the loss. You need to use the spot price as a negotiating tool.

Carat

You will need to know what a carat is – a piece of gold. Most jewelry is stamped 10kt, 14kt or 18kt. Basically it will tell you how much gold is in the jewelry. Upon learning how much gold is in jewelry, it will tell you what value is based on the spot price. This is very important to know when negotiating the purchase of jewelry.

Testing

Knowing how to experience scrap gold can save a lot of money. There is nothing worse than buying jewelry and then finding out that it is fake. An expensive mistake that could have been easily avoided. You can test the gold with an electronic device, or you can scrub and acid to check if it is real or not. I prefer to use a scratch and acid test. It has existed for years and seems the most accurate. Be careful with gold-plated jewelry. A magnet can help with spotted jewelry.

Where to sell

You can sell scrap gold to places like jewelry stores or pawnshops. However, these places usually don’t pay very much compared to the spot price. Another place where you can sell scrap gold is the refinery. Usually they pay the highest. But you will need to research which ones pay the highest percentage of the spot price.