How to Decide Where to Melt Scrap Gold

Melting scrap gold for profit is big business these days. Gold prices are high and many people need the extra money. Scrap gold can be found lying around most homes. It is in broken and outdated jewelry. It is in some cutlery and novelty items. It is in old fillings. It is also in some stereo cable connectors and electronic equipment. Gather all this gold together and this article will tell you how to decide where to melt scrap gold.

Difficulty: Moderate

Instructions

1. Figure out what kind of gold you have. Not all gold is created equal. Most of it is an alloy mixed with other metals. You will only be paid for the gold in your scrap. For example, 10K gold is 41.7% gold, 14K is 58.3%, 18K is 75%, and 22K is 91.7%.

2. Estimate how much gold you have. Weigh each item you want to sell that contains gold. Using the percentages in the last step, to determine approximately how much pure gold is in each item. Add up the weight of the gold in ounces.

3. Look up the spot price of gold. You can find this in any newspaper financial section or with a quick internet search. This is the current price of gold on the world markets. Be sure to look this up when you are submitting your gold for sale since the price changes every day. Multiply the spot price of gold by the number of ounces of pure gold you are selling. This will give you a rough estimate of the value of your gold.

4. Take a look at Internet scrap gold buyers. There are literally hundreds of them. Understand that the ones that advertise the most may not give you the best deal. They need to pay for all that advertising somehow and it comes from charging sellers higher fees. Visit as many of their websites as you can to get a feel for what is being offered.

5. Compare and contrast the scrap gold buyers. Only deal with ones that clearly state what they pay and the fees that they charge. Also insist on a scrap gold buyer who pays to ship your gold to them and promises to return anything that you don't agree to sell. Make sure that the shipments are insured.

6. Research their reputation. A simple Internet query will tell you if the scrap gold buyer has a lot of dissatisfied customers. Also check with the Better Business Bureau to see if complaints have been lodged with them. A few reputable gold buyers are Goldlords.com and Goldfellow.com. They may not offer the largest payouts, but they are well established and wont rip you off.

7. Send in your scrap gold and wait for an offer. It should come within a few days. Expect to get between 90% and 95% of your estimate of what your gold is worth. This takes into account fees and the company's profit. If you feel their offer is too low, reject it and ask them to return your gold scrap. You can always submit it to someone else.

Resources

• FREE GOLD TIPS .com

[davidv1127]

on 7/5/2009 Will do if ever we have gold around lol.