Finding a Good Scrap Gold Buyer
In a time of economic recession, people are trying to find
different ways to make some extra money. A quick and easy way to
bring in a little additional finance is to sell your scrap gold,
but it’s worth doing some research first to make sure that you
get the best price for your gold scrap metal.
As with all commodities, the price of gold fluctuates
depending on a number of variables such as availability, demand
and external market forces. These can include the political
stability of gold producing countries (instability makes the
metal harder to mine, causing its value to increase globally
because of a perceived scarcity or limited availability),
fashion trends or environmental factors. Consequently, scrap
gold prices can vary dramatically from day to day, so the first
thing to do is to take a look at the market data. This should be
available on any financial website or news site where
commodities are tracked for investors.
It’s then a matter of looking around and finding out which
scrap gold buyers give the price closest to the market value. As
they are in business to make a profit, it is unlikely that you
will get the full market value for your gold. Each buyer has to
make a profit on their scrap gold, so they pay below market
value but then sell on for the full value of the gold. This does
not mean that you are being ‘conned’ in any way – it’s just the
way the market works. Gold prices on the global market can
fluctuate but are usually around $920-980/oz but this is not the
price guide you should be looking for. The guide prices that
will give you the most accurate assessment of your scrap gold’s
worth are the trade scrap values. These vary depending on the
purity of the gold. 9ct gold is not as pure as 22ct, so will
obviously have a lower scrap value. Take into account the
quality of your scrap gold when looking at scrap prices.
The easiest way to sell scrap gold is online. The process is
relatively simple and can convert unwanted gold jewellery and
other items into a quick cash injection. Instead of taking your
items to a high street jeweller, the easiest option is to
contact companies that offer to buy gold online (but do compare
their prices before you select one). You will then be sent a
‘kit’ including a pre-paid and insured envelope that you can use
to send your scrap gold to them and full instructions on how to
do it securely.
The kit will contain paperwork asking for a full description
of the gold you are sending to the dealer. The ‘golden’ rule
when using these kits to sell your scrap gold is to make copies
of every piece of paperwork so that you have dated and signed
proof that you have sent your scrap to the company. The pre-paid
envelope will also have insurance to cover your scrap gold in
transit. Make sure that the insurance provided matches the value
of the contents and if you require a higher level of insurance
contact the company direct to arrange alternative methods of
transit or an increased insurance premium. Once the company has
received your gold they will value it and send you a cheque.
Selling scrap gold is a good way to make a little extra money
from unwanted or broken jewellery, but before you choose your
dealer do your homework first. Make sure you are fully aware of
the market price and use this as a baseline to judge which
dealer gives you the best price for your scrap gold
