How to Make Money With Scrap Gold

Almost everyone has some amount of scrap gold in their home. Perhaps you have a broken necklace, an earring without its match or a ring that is bent beyond repair. There is probably more scrap gold in your home than you realize. You could take this scrap gold to the local pawn shop or jewelry store, but they will not pay you anywhere close to its actual value. When it comes to selling scrap gold for cash, the best deals are often found online.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Scrap gold to sell
• Registered account at BullionDirect.com

1. Visit BullionDirect.com and click the button that says "Log In". Simply enter your user name and password to log in to your Bullion Direct account. If you are not already a member at Bullion Direct, you will need to click the button that says "New Account" to register a free account on the site.

2. Click on the button for the "Nucleo Exchange". This is a real-time network to buy and sell gold and other bullion over the internet. All transactions are facilitated by Bullion Direct, making it a safe and secure way to get the most value out of your scrap gold.

3. Create a listing to sell your scrap gold. Provide as many details as possible. The most important information to list is that it is scrap gold, the amount of the gold's weight in grams and the karat/purity of the gold. You can obtain a precise weight measurement by using a digital postal scale. The karats should be stamped directly into the metal (14kt). Also list your suggested asking price for the gold.

4. Monitor your listing on the Nucleo Exchange. Someone may be interested in your gold, but feel that the price is too high. If this happens, they will post a buy offer for your scrap gold. You can either accept the offer to buy your gold at that rate, or you can decline the offer and wait for someone who is willing to pay your price.

5. Consider that once a deal has been struck to sell your scrap gold, follow the instructions provided to package your gold and mail it to Bullion Direct. Once it arrives, they will assay the gold that you send. That is, they will verify the weight and purity before requesting payment from the purchaser. Once payment is received, they will send payment to you and ship the scrap gold to the buyer.

Tips & Warnings

• You will be asked to provide a credit card when registering a new account, as a means of verifying your identity and protecting against phony bids. However, you will not be charged for having an account. It costs nothing to have an account at Bullion Direct.

Resources

• Bullion Direct

[cstevens21]

on 12/19/2008 Thanks so much. I've always wanted to sell my old jewelry, but never knew where to sell it get the best price.

[sneedc]

on 12/19/2008 This is good advice, I was too impatient and sold it downtown for over $700 COOL BEANS! That stuff was old, broken, from exes, you name it, now I have new junk!

[CCrock]

on 3/26/2008 Interesting! I have this gold bracelet that has been broken for a few years and haven't bothered to fix it because we thought it was lost and bought another one very similar to it. Thanks for sharing this resource.