How to Refine Scrap Gold

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Many people have scrap gold lying around the house. Scrap gold is in many things you may not realize. This includes old computer components, stereo cables and fillings. Old gold jewelry, coins, flatware and nuggets can also be considered scrap gold. The wonderful thing about gold is that it can be refined into brand new gold. It doesn't matter what form it is in now.

Locate businesses that refine scrap gold. There are many that advertise on the Internet. It is important to distinguish between the established gold refiners and the shady rip off artists. Ask for recommendations. Reputable gold refiners will send you a custom envelope so you can send your gold to them. They will also post all their fees and how much they pay per ounce for your gold. Be sure they agree to send your gold back if you don't accept their offer.

Place the scrap gold you want to refine in the mailing envelope you got from the gold refiner. Scrap gold is in some computer components and high end stereo cable tips. It is also in gold jewelry, flatware, nuggets, fillings and coins. Before you sell a gold coin for scrap, check to see that it doesn't have more value as a coin. A reputable coin dealer can tell you. Be sure to only send the scrap that contains gold. It will all be melted down anyway, so don't send plastic or stones.

Check the spot price of gold before you mail the envelope. This can be found with a simple web search. The spot price of gold is the price paid worldwide, as stated in dollars per ounce. It changes every day so you need to check it regularly. It is important to know the spot price of gold so you can determine whether you are being offered a fair price to refine your scrap gold.

Insure your scrap gold when you mail it to the gold refiner. Make sure they know the shipment is coming and keep careful records of what is inside the shipment. The gold refiner will make you an offer based on the amount of gold actually in your gold scrap. Understand that only a part of your shipment is actually gold. Some gold refiners pay the spot price of gold less a transaction fee. Some gold refiners don't charge a fee but only pay a percentage of the spot price of gold. Expect from 90%-95% of the spot price of gold.

Accept the offer if you like the price. The gold refiner will send you a check. You can ask to be paid in a comparable amount of gold if you would like. A few gold refiners will do this if you request it. Otherwise, you can use the money to buy more gold or keep the cash. If you don't like the offer, ask for your shipment to be returned. You can shop around for a better price.

Tips & Warnings

  • Always insure your shipments of scrap gold. If your package is lost or there is a disagreement about the contents you want to be sure you will get your money back.

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