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Scrap Gold Price - Buying and Selling
The supply of recycled gold, or scrap gold, is an important part of the dynamics of the gold market and depends largely on economic circumstances and on the behavior of the gold price. It has been noted that the gold scrap supply typically rises in times of economic distress or following a price rise.
What is the Scrap Gold Price?
The scrap gold price varies from day to day. As the price of gold climbs, the value of scrap gold climb also.
To sell your scrap gold you need a scrap gold price and someone to buy it.
The first thing to find out is, what is the current price for spot gold?. This can be found in the charts at the top of the page.
Second you need to find a dealer who buys scrap gold. There are many of these around and most of them will pay you about 10 to 20 percent less than the current market value of gold. There is a penalty for selling your gold at scrap price. The dealer has to process the gold you sell him and wants to make some money on the deal as well.
Keep in mind that alloyed gold (less than 24 karat) will fetch proportionately less. In other words you will not be able to sell a 9 karat gold necklace for the same price as a 24 karat gold necklace. The closer to pure gold you are selling the better price you will get of course. Apart from the fact that for a lower carat item there is less gold, there is also an extraction process to pay for.
However, to off set that there is often other precious metals which may be extracted. Silver, platinum, rhodium. If you suspect that other precious metals are present with the gold then you would be looking to get a price on those also. For example, with gold fillings often you will find platinum and palladium. Get a price for these are platinum, for example, has a higher price per ounce than gold.
How to Sell Gold Scrap
It is quite possible to get a very good scrap gold price for all your old and unwanted gold. Gold is virtually indestructible so unless it has been lost, all the gold ever mined still exists. With the right equipment, it is very easy to recover gold from even the most complex mixes. from most of the uses it has had since it is capable of being melted down, re-refined and recycled.
The type of scrap gold one can sell includes the various karat densities as found in jewellery, such as rings, chains, bracelets and earrings for example, from 8, through to 22 and 24 karat gold. Also the 16K dental fillings, gold teeth, bridges, crowns, etc. Other gold such as gold nuggets, pure gold coins and bars are also welcome at gold scrap dealers. In fact just about anything that has gold in it will be accepted.
Remember also, the scrap gold price will change from day to day and when you decide to sell, you should make an agreement with the dealer to accept a specific price otherwise some dealers will only pay upon receipt of the gold and if it has dropped you would lose out.
Of course, on the other hand, it may rise. In any event, you can easily find a scrap gold price for your old unwanted gold and recoup some value from it.
If you have a dealer willing to buy close to home it is simply a matter of taking the gold and getting a price for it. If there is no one suitable you will have to send the gold away for a quote. There are many reputable dealers who will do this and mostly they will, when requested, send you a special envelope to put the gold in. this envelope should be registered and require a signature when you return it and , of course, should be insured.
After the gold scrap dealer has assessed the gold you sent, you will get a phone call or email to contact their representative who will then discuss the price they will pay for your gold. If you are satisfied with it, they will simply send you a check. If you are not they will return the gold.
How to Buy Gold Scrap
Of course it is possible you may want to buy gold scrap.
In this case you would probably be interested in pure gold, unless you have the facilities to extract gold.
However most jewelry, for example, comes with the gold mixed with other metals, such as silver, copper, even platinum and palladium and rhodium (in the case of white gold). The gold purity is expressed as follows:
24 karat is 999.99 fine
24 carat is pure gold with nothing added. This is the purest gold available. Also has a fineness of 1000 but this is expressed as 999 being 999 parts per 1000. This is because it is very difficult to get real pure gold with absolutely no impurities and possible is for legal reasons also. This applies to gold coins a lot. Canadian maples, for example are listed as 99.999% purse gold.
There are other hallmark standards available as well as the above but these are the most common. It tells you how much gold there is in a gold piece. 14 carat, for example, is 585 parts gold to 415 parts other metal. This is important if you buy gold scrap, or any gold for that matter.
18 carat gold is more popular for gold jewelery with a 75 percent gold and 25 percent other metals ratio, usually silver or copper or a mixture of both.
The 14 carat standard is used more extensively in industry and for such things as pen nibs, circuit boards etc. It is also used in such jewelery as bracelets where more durability is required due to more use.
There is also a 10 carat, containing 41.7 percent gold and known therefore as 417. This is really just a cheaper version of the 14 carat and used for cheaper jewelery.
When it comes to the gold scrap price, whether you buy or sell gold scrap, it is important to know how much gold there is in the piece.
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