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Best Ways to Sell Scrap Gold for Profit

Cash4gold, Gold Buying, U.S. Post Office

Selling scrap gold is a way to get cash for unused and unwanted gold items. Damaged, outdated and unattractive jewelry can sit in your jewelry box for years never to be worn again. Gold prices have surged to more than $1,200 per ounce. As a result, selling scrap gold can be a valuable investment. In order to effectively sell scrap gold, you need to gather and sort your gold items. Once the scrap gold has been sorted, you need to contact several resources to compare their cash offers. Most gold buyers plan to melt the gold and separate it from the other minerals in the jewelry.

Gather all the scrap gold items into one pile. Broken necklaces, unattractive gold rings, mismatched earrings and damaged bracelets can be added to the pile. Do not include gold coins because they are not considered scrap gold and can be sold separately. Include all gold items regardless of their condition. Do not include costume jewelry that does not contain any pure gold.

It is important to group items together that are the same gold purity. Look at the clasp on a necklace, the post on earrings and the inside of a ring band to find markings that show the gold purity. 10K, 14K and 18K are the most readily identifiable markings. Gold items that have a higher percentage of gold in their design will have a greater cash return. If you own a jewelry scale, weigh all of the jewelry items that have the same percentage of gold. For example, weigh all of the 14-karat golf pieces of jewelry separately from the 10 karat gold jewelry. Measure the weight of each group in grams and record the weight.

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Research the average price for scrap gold using an online scrap gold calculator. Several online websites can help provide an average scrap gold price. The gold spot price, the price of gold at the current time, and a scrap gold multiplier, a pre-determined multiplier calculated for the purity of gold in the item, are included in the equation. Enter the weight in grams in the correct gold purity field. Use the scrap gold calculated value as a baseline cash value to compare with other offers.

Visit local jewelry stores. Choose a local jewelry store if you need the cash immediately. Small private jewelry stores are more likely to buy scrap gold that large chain jewelry stores that are located in commercial malls. Compare the jeweler’s offer to your scrap gold calculations. Jewelry stores are a quick way to receive cash for gold, but the cash offers are not usually as high as offers from online sources.

Visit websites of gold dealers if you do not need the money immediately and are looking for better cash offers. Research the dealer’s reputation and read online reviews about the company. Complete a special gold kit and return the gold in the designated envelope. Insure the package through the U.S. post office, request signature confirmation and obtain tracking numbers when mailing the envelope.

List the scrap gold on eBay if you cannot find an online gold buying website that you like. Auction your scrap gold online using a low-priced auction format or “buy it now”. List the scrap gold according to gold purity and weight in grams. Avoid listing only one or two items as scrap gold. Scrap gold auction buyers are looking for larger amounts to melt.

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Visit local coin collectors and coin exhibits if you prefer to deal directly with a dealer rather than online. Scrap gold buyers often set up jewelry booths in flea markets, coin shops and coin shows. Watch the newspaper for coin events and scrap gold buyers.