Have you stumbled upon a forgotten stash of broken gold jewelry, dental fillings, or mismatched earrings that are just gathering dust? Well, guess what. That seemingly useless pile of gold scrap could actually fetch you some extra cash! Now, you might be wondering, “How on earth do I sell this gold scrap?” Don’t worry, in this guide, we’ll explore the ins and outs of easily turning your gold scrap into shiny profit.
Gather and Sort Your Gold Scrap
First, it’s time to start your treasure hunt—check the bottom of your jewelry box, that hidden drawer, or even your grandma’s attic for any gold scraps you can find. Broken chains, single earrings, as well as dental gold fillings can all be turned into valuable commodities. Once you have your gold scrap collection, it’s smart to identify and sort the metal by purity. Look for any markings that indicate karat, or whether it may be gold-filled. The markings can be hard to see, so use a magnifying glass! If there are no markings, you likely have found costume jewelry, which may be shiny, but doesn’t contain any recoverable precious metal. If you don’t understand the markings, consult a professional for help. (We are happy to help anytime!)
Research Current Gold Prices
Before diving headfirst into the selling process, take a moment to research the current price of gold. Like all commodities, the market price of gold fluctuates from day to day (as stock prices do). Knowing the current market price is an essential component to understanding the value of your treasure. There are many online resources that post the current market prices (Check out The Wall Street Journal, Kitco, or GarfieldRefining.com) Just keep in mind that the market price of gold is measured in pure troy ounces!
Ultimately, all scrap gold gets recycled. This recycling process takes place at a refinery, where the metals are melted down, purified (refined), and turned back into pure gold so they can be repurposed in to new products, like jewelry or bullion bars. The obvious advantage to selling your gold directly to a refinery, is that you are cutting out the middlemen. This route typically yields substantially higher payouts. The number one reason people don’t deal with a refinery is they don’t know they can! Selling to the place on the corner can be convenient, but you pay a premium. If you have gold scrap on hand, and are looking for the highest payouts, your best option is to sell directly to a refinery.
Local Jewelry Stores and Pawnshops
Another way to sell gold scrap is by visiting a local jewelry store or pawnshop. Local shops offer the advantage of face-to-face interactions and the potential for building relationships. These establishments often buy gold scrap; some of them even have professionals who can assess its purity and value. However, because they are not refiners, payments usually aren’t as high since the exact makeup of the material can only be assessed in the refining process. Be prepared to negotiate, as prices can vary from one place to another.
Online Scrap Gold Buyers
In the digital age, selling gold scrap online has become increasingly popular. Numerous online platforms and services specialize in buying scrap gold and make selling from your couch easy. Just click a few buttons, request a shipping kit, send in your material, and await payment. Many people find this convenience irresistible! Our advice is to just be cautious because not all online buyers are the same. Most buying websites are just scrap aggregators acting as middlemen. So do your research to find the refiners with websites. This enables you to get the convenience of an online buyer, but with the pricing of a real refinery. Be sure to look for confirmation that the company you are dealing with is actually refining the material.
You Are Ready to Sell Your Gold
Congratulations! You’re now equipped with the knowledge needed to turn your gold scrap into a small fortune. Whether you choose to sell your gold scrap at a refinery, local jewelry stores, pawnshops, or online platforms, the key is to approach the process with the knowledge required to make a smart choice.
So gather your gold scrap, sort it diligently, research the market prices, and explore the various options available to you. If you have any questions on your journey, we are happy to help. Remember, one person’s trash is another person’s treasure, and you might just uncover some unexpected wealth in those forgotten.
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Established in 1892, we have more than a century of experience in refining precious metals. We serve various industries, including dental offices, private individuals, jewelers, pawnbrokers, and more! Call us today at 888-677-9254 to find out why Garfield is a premier precious metals refinery.