Everyman Guide: Value of Scrap Gold

Burgin hunter is going to fix gold price or not?

 “Even a fool knows the glow of gold” – Japanese proverb.

Gold is for life. As a metal, it is ductile with higher corrosion and tarnishing resistance than copper and silver. It is less active than most metals. So, it lasts longer than other metals. Plus, it’s shiny, beautiful and everyone wants it!

The high economic significance gold held since the dawn of mankind, by men as they valued it and the women who adored it. It became a symbol of wealth, power, prestige, optimism, security and perfection.

Moreover, gold turned into a synonym of luxury and top quality. It was the first and the longest standard for trading in history, and till now, it is a universal currency on its own.

In the current modern and post-modern era, gold is used in many technological applications in different fields in medicine, industries and electronics. Theories and researches of other potential uses of gold in the future are studied.

So, through the history of mankind, gold didn’t lose its value. On the contrary, its value rose culturally and economically.

What Can be Considered Scrap Gold?

“My PRECIOUS!” – The golden ‘Ring of Power’ as been called by Gollum in Lord of the Rings.

Each one of us had an experience with gold; some owned gold in its numerous forms and others knew people benefited from gold technologically or economically. So, why not I take advantage of it too?

Starting from the most common form we know or had experience with, gold jewelry. Almost everyone had a piece of jewelry that is made entirely or partially from gold. At least we may know someone who had something that has gold in it. Sometimes, we find that damaged piece of gold that we can’t wear anymore, that gold coin that wore out or that old gold tooth my grandma had. When we try to sell it, we find it lost much of what has been paid for it. That is what is called scrap gold.

Some had scrap gold, put it away in some box in a drawer and forgot about it. If they remembered about it, they try to sell it away for whatever cash they can get which is probably 40 to 70 percent of its full value.

Others buy that damaged gold as scrap low and resell it, to professionals for recycling, with higher price and become small investors who get better cash and offers than you by doing some homework and spend a bit more time looking for better deals.

Sell Scrap Gold

“Every man thinks his copper is gold” – German Proverb.

So, how can I sell my scrap gold the right way? First, you need to find out the REAL value of your scrap gold. Keep in mind that we are talking about the value of scrap GOLD only; plated gold, diamonds and other metals in your scrap gold have no or little value to scrap gold buyers.

It is crucial to know your gold’s karats, weight and market price. The first step of selling something is to know the market and your potential buyers.

You can sell it online via auctions or cash for gold services and postal gold sites, or to local scrap gold buyers such as pawn shops and jewelry stores. The best offers are usually from gold refiners who buy with 90 to 98 percent of its value. But they tend to have a minimum weight of 3 to 5 ounces of scrap gold to buy. Almost every reputable refiner has websites where you can easily communicate with them worldwide.

Knowing the weight of your gold along with your gold karat and price is first and most important basic step to sell or buy gold. There are different weight units used by gold buyers; the most common is gram. There are other units such as ounce, troy ounce or pennyweight. Study your gold’s karat price for different weights and know the differences between them. You can sell your gold for a better price if you know where to sell it and how to sell it.

Remember to know the gold’s market price of your karat and its weight for the third time. Gold prices change hourly. You can check the gold price from your cell phone or any other form of internet connection. Ask local shop to know the range. Just keep in mind the market prices. No one likes to be ripped-off.

Written by :Mohamed Hossam- 24-1-2013