Tuesday, February 20, 2024

Where Can I Sell Scrap Gold

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An excellent way to make some extra cash is by selling scrap gold. Apart from gold coins and jewelry, scrap gold shows a lot of potential as an alternative source of money. If you are looking for scrap gold buyers in New York, Global Gold and Silver is the name you can trust.

What is Scrap Gold?

Scrap gold refers to gold that will be sent to a refinery to be melted down and recycled. Any item containing gold, and is meant to be reprocessed, can be categorized as scrap gold. Let’s say that a piece of jewelry was sold to a gold dealer, which was later sent to a refinery. The items you sold are bought as scrap gold.

This type of gold is usually weighed in troy ounces, i.e. 1 troy ounce = 31.1 grams. Pennyweight is also another unit of measure for scrap gold. For scrap gold, its value depends on two main factors: purity and weight. You can often determine the amount of karats in the gold jewelry, after determining the price of gold per unit of weight. From there, you will be able to make an educated guess about its value as scrap gold.

Why You Should Sell Scrap Gold

These days, it has never been easier to get cash for gold. If you have pieces of gold jewelry in your possession that you don’t wear anymore, you can sell it to receive extra cash. Sometimes, this move can help you tide over tough economic times, and you never have to solely rely on your next paycheck. It is easy to gain fast cash to pay your bills by selling scrap gold.

How to Sell Scrap Gold

How Can I Tell If Gold Is Real

Before you try to sell your gold, youll want to know if your gold is real. If youre expecting a payday from selling gold, only to find that you dont have actual gold to sell, youll be sorely disappointed.

There are a few ways to determine whether your gold is real or fake.

One is to look for . Often, real gold jewelry is marked with its purity, usually on its clasps or the inner part of rings. It will be a number between 1 and 999 or 0K and 24K.

As a bonus, these markings indicate the purity of the gold, from 0 to 99.9%, or 0 karats to 24 karats.

These markings may be accompanied by a GF, GP, or GEP, standing for Gold Filled, Gold Plated, or Gold Electroplate respectively.

Another method is to see if yourgold floats. Authentic gold is quite heavy, so it will quickly sink in a bowl of water. If it floats, it is an imitation or fake gold.

Real gold is not magnetic. If you have a powerful magnet, see if it attracts your gold. If it does, the gold is impure or false. However, youll need a strong magnet for this test. Most kitchen magnets wont be enough.

If Youre Selling At A Pawn Shop

As we mentioned above, we generally dont recommend selling gold jewelry or other gold items to a pawn shop, as the prices pawn shops offer are almost always lower than those offered by specialist online gold buyers.

If you do decide to sell your gold to a pawn shop, we recommend using the following tips to get the best deal:

  • If possible, visit several pawn shops before you decide where to sell. Pawn shops can vary hugely in how much theyll offer for certain goods, including gold. Try to visit at least two to three pawn shops to get several quotes before you decide to sell.
  • Before you sell, check the current spot price for gold. While youll never get the true spot price from a pawn shop, knowing how much a gram or ounce of pure gold is worth before you sell will help you avoid obvious rip-offs and low-ball offers.
  • Negotiate and be prepared to walk away. If you get offered a price that you think is too low, dont feel afraid to ask for a higher price. If the pawn shop isnt willing to offer a price that feels fair to you, be prepared to walk away.
  • Bring receipts, boxes and other extra items. If youre selling gold jewelry, such as a wedding band, youll usually get a better price if you sell it with original receipts, boxes, bags and other extras. These can make it easier for the pawn shop to resell the item.

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Receive The Highest Payouts

Our high payouts have made us a leading name in the cash for gold business. We have paid out over $35 million to our customers to date. Get cash for your gold today!

  • We pay up to 95% for bullion and 90% for jewelry
  • We’ll match any online competitors price
  • Satisfaction guaranteed – Or we’ll return your items for free

How Much Is Gold Worth Per Ounce

How can I sell my scrap gold?

This sounds like a simple question, but it does not come with a simple answer.

Three factors primarily drive the answer. They are:

1. When do you want to cash in your gold?

The price of gold is constantly changing. Market forces, supply and demand, and global economic conditions all influence the price of gold. That creates short and long-term trends in the price of gold. In times of turmoil, gold can bounce up and down quite a bit.

You can get a sense of how gold moves from several places. One of the best is the AMPEX website. For example, you can see that gold cratered on March 19, 2020, at $1,481.90 per ounce. But as of July 23, 2020, gold had trended upward to $1,877.60 per ounce.

If youve got 500 ounces of gold to sell, thats a $20,000 swing in your favor if you sell at the right time.

2. What form of gold do you have to sell?

If youve got scrap gold, thats one thing, but if you have gold coins that will bring a premium, or have numismatic value, thats quite another. You may also have an antique that could also fetch a big dollar amount and you may not even know it.

3. Where do you want to sell your gold?

The smart answer is where you can get the best price. However, youve got to know where that is so you can make the most of your selling opportunity.

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We’ll Pay You Up To 90% Value

After years of buying or collecting jewelry, it is inevitable that you will end up with jewelry that is old, broken, damaged or unwanted. Old gold and silver jewelry can quickly build up in your jewelry box, taking up space and getting tangled with other jewelry. If you are tired of sorting through your scrap jewelry, you should consider selling it. Whether it’s a broken gold or silver necklaces, unwanted rings or earrings, even old gold and silver coins, or pieces of bullion, U.S. Coins and Jewelry is ready to give you the most for your gold and silver. Come in with unwanted jewelry, leave with cash.

Whats The Best Way To Sell My Gold

You certainly are lacking for options when it comes to selling your gold. Pawnshops, local gold dealers and exchanges, jewelers, and a multitude of online gold and jewelry buying sites offer you a dizzying array of choices.

Taking all things into account, the best way to sell your gold is through a reputable and established online gold buyer that provides many advantages.

  • The turnaround time has been flattened to just a few days instead of a week or longer which was the case not so long ago.
  • Because online businesses are national or international, they have dealt with a lot more customers and in the age of the Internet, that means you can probably access more reviews and customer comments than ever before.
  • Dont underestimate the convenience factor either. You can sell your gold from your home, instead of running around to local brokers who may or may not pan out for you.
  • An online business will also have clear instructions and procedures, and automate much of the selling process, saving you even more time, and giving you the flexibility of selling 24/7.
  • If youre worried about price fluctuations, know that many online brokers will lock in a price ahead of time for you. The mystery of how much youll receive will be removed.

With all of these advantages in mind, there is one online buyer weve found that stands above all the others.

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How Much Do Gold Buyers Pay

Just like everyone else, gold buyers are in business to turn a profit. That means the less they have to pay someone who walks in the door and wants to sell some gold, the greater potential there is for them to turn a profit.

You will need to shop around to find the best deal when you want to sell. Recognize that a dealer has overhead and they will need to buy your gold at some kind of a discount before they can process what they buy and resell it to others in the gold marketplace.

How To Sell Gold Bullion Online

Tips on Buy & Sell Scrap Gold

Gold bullion, by definition, is pure gold for the purpose of investment. Bullion can be in bars or coins, or occasionally other forms like an ingot. Gold coin bullion can be sold the same as other scrap gold, including on reputable online sites.

A bar is better sold to a mint or local dealer.

A bar of gold bullion can be sold locally to a mint or local buyer.

If you have gold coin bullion, CashforGoldUSA.com is an excellent choice for selling all gold online. Their online gold calculator on their homepage accurately helps you estimate how much you will get for your coin, and easy steps for sending in your item, securely, for quick payment of cash.

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Alternatives To Selling Gold

There are a lot of reasons that you might wish to sell your gold. Maybe you realize that you own gold you dont need and want to cash it in for a large purchase or other investments.

Or you might have inherited the gold and dont want to deal with storing it.

If youre selling gold because youre in financial trouble and need help making ends meet, there might be alternatives.

Many gold buyers wont give you the actual value of your gold if youre desperate to sell it. And knowing the other options can provide you with time to get the full amount for your precious metals.

It can also help you avoid selling jewelry or other gold with sentimental value.

If youre experiencing a financial emergency or are facing an unexpected bill, a personal loan may be a good way to get the money that you need. Check out this list of the top personal loan companies.

You will have to pay the loan back, and youll pay interest on the money that you borrow, but it can save you from selling gold that you dont really want to sell. It can also buy you time to make sure you can get the full value of your gold.

While borrowing money shouldnt be your first resort, there are some situations where it makes the most sense, especially when the alternative is selling something for far less than its worth.

Can I Sell Gold Jewelry

Yes, its possible to sell gold jewelry. If you do choose to sell gold jewelry, youll need to decide whether youre trying to sell it as jewelry or as gold, as this will impact your options when looking for a buyer.

If you want to sell your jewelry as jewelry, youll want to look to jewelers, pawn shops, or a way to sell to other consumers, such as through eBay or Craigslist.

If the jewelry is old, you might also have luck selling it to a person or shop that focuses on antique goods.

Selling jewelry as jewelry is usually best if it has some historical or artistic value. A plain gold necklace will be worth less than a well-preserved, hundred-year-old necklace that contains the same quantity of gold because the old necklace has historical significance.

If you want to sell your jewelry for the value of the gold it consists of, youll want to focus on selling to gold dealers or other companies that specialize in dealing with precious metals.

With these buyers, the value of your jewelry will be tied to the amount of gold it contains. Jewelry with higher purity gold will be worth more by weight than jewelry with lower purity gold.

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Liberty Gold And Silver

Liberty Gold and Silver is a Portland, Oregon-based precious metals buyer. You can sell gold, silver, platinum, palladium and more all at the same time.

You can request a free quote and shipping label. Liberty Gold and Silver offers shipping insurance up to $1,000.

If youre selling more than $1,000 in metal, youll need to ship and insure the gold yourself, though the company will reimburse you for the cost once it receives your shipment.

You can obtain payment by check in the mail or a wire transfer to your bank account. There is a small fee for wire transfers.

The Best Places To Sell Gold Online

Scrap Gold Buyer New York City

The best place to sell gold online depends on the type of gold youre selling. If you have gold in the form of bullion bars or coins, youll get by far the best prices by selling them to a dealer that specializes in gold bullion.

For gold watches and other brand name gold jewelry, youll get the best price selling privately or through a company that specializes in this type of product.

For gold jewelry that doesnt have any brand name, such as most engagement rings, earrings, bracelets and other gold items, youll get the best prices by selling to an online gold buyer such as Abe Mor.

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What Is The Best Way To Sell Gold For Cash

While there are certainly reputable local businesses that can give you an honest gold resale price for your jewelry, coins, bullion or other items, selling your gold online with a reputable business is usually the best way to sell gold.

Using an online gold buyer is advantageous because:

  • Selling gold online is much more convenient than driving around to area businesses near you.
  • Since online businesses serve customers nationally, there are more reviews and nationwide certifications and verification services like the Better Business Bureau to lend credibility and trust.
  • CashforGoldUSA has an online calculator to help you understand their offer before you even send in your item.
  • An online gold buyer will make an offer based on the weight and purity of the metal you send. This includes gold coins as well as jewelry: Youll be paid for the metal value rather than a coins face value.

    Whats The Difference In Price Between A Jewelry Auction And Selling Direct To A Jewelry Buyer

    You have a small chance of making more at an auction, but this comes with greater risk.

    At a jewelry auction, you can get far more than you anticipatedor you can get nothing at all. The auction house can give you an estimate, but these arent guaranteed. In fact, its not even guaranteed that your item will sell at all if it does not meet the reserve price.

    A jewelry buying business will offer you a price for immediate purchase.

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    Why Sell Your Gold Scrap

    While scrap like your broken jewelry might be useless for everyday wear, its precious metal content like gold, silver, or platinum can be immensely valuable. Not only could your scrap be taking up space in your home or office, but youre also missing out on a great opportunity to make some quick, easy cash.

    Youll likely always have a market to sell your scrap gold as it consistently ranks as one of the most valued precious metals. The gold market tends to fluctuate, but the price of one ounce of gold has consistently been above $1,300 since the start of 2018.

    But before you start making plans to become rich off your gold scrap, lets get a basic understanding of the gold market so you can research current gold prices and get a better idea of what your scrap is worth.

    Important Gold Market Elements to Understand

  • The Price of Gold: The current price of gold is measured by how much gold costs per ounce. However, this price tends to fluctuate every day so be sure to check reliable online sources for the most accurate, up-to-date gold prices.
  • Factors Influencing the Price of Gold: Several factors exist that determine the price of gold, including:
    • The value of national currencies
    • Central bank reserves
    • Economic situations
    • Worldwide demand
    • Remember, the spot price of gold is important because the higher the spot price, the more of a profit you can make when selling your gold scrap.

    Is It Better Than Scrap Gold

    How to buy scrap gold jewelry for profit.

    There is a perception that precious metals dealers are just going to melt down every piece of gold that they come across. Its true that some gold buyers throw everything into the melting pot and thats unfortunate. I dont believe in melting every piece of gold jewelry that I buy. With a little work and time, its possible to bring back old and pieces of estate jewelry and turn them into something for the next generation. The key is to evaluate the piece and determine the costs associated with restoration and repair. Sometimes, a piece is damaged beyond repair. Maybe you lost one of the earrings. Maybe the stone fell out of a ring and was never found again. Then its time to refine. That gold will go back into the cycle and come back out as a bullion bar, or a computer, or a new engagement ring.

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