How to Find Scrap Metal Prices
Certain metals have become more desirable, especially as people watch the market price of gold, silver and other precious continue to increase. Many see this as an opportunity to sell their precious metals, releasing the monetary value to use for other things. Jewelry, coins, watches, sterling silver candlesticks, sterling silver tea service, silver flatware, gold fillings and even gold used in the manufacture of circuit boards are collected and sold to precious metals buyers.
Other People Are Reading
Instructions
-
-
1
Determine the type of metal for which you want a price. If the metal is one of your personal belongings, look for identifying marks, such as "Sterling," 925, 18k or 14k to give information on the type and purity of the metal. Scrap metal buyers deal in all sorts of metals, including platinum, titanium, copper, brass, iron and steel.
-
2
Look up the daily spot rates for your metal. Each metal's price fluctuates daily, and the spot rate is the current price at any given point for the metal. For example, gold spot prices are represented by the London PM Gold Fix, which shows the current trading price for 1 troy ounce of pure, 24-karat gold. A troy ounce equates to 31.1 grams. Weigh the object if possible, and keep in mind that 18-karat gold is only 75 percent pure gold, while 14-karat gold is actually 58.3 percent gold. The London Market also fixes the price of silver each day. This information, as well as prices for many other metals, is available on several sites online.
-
-
3
Judge the weight of your pure metals. Most gold and silver contain alloys in specific percentages that make them less than pure, so start with the total weight of your piece, and deduct for the amount of alloys and any gems that you do not remove. Then, calculate the pure metal weight multiplied by the spot price to find out the scrap metal baseline price for your piece.
-
4
Factor in your selling channel. Regardless of the spot price for any scrap metal, you will only receive the amount of money a willing buyer wants to pay. Scrap metal buyers do business online, in walk-in stores, at traveling road shows and many other places. If your scrap metal items are antiques, manufactured by a high-end company such as Tiffany, or have an unusual or rare design, you could get a higher price for the object by working with a dealer who will resell your item to a collector, rather than someone that specializes in buying scrap metal.
-
1
References
- Photo Credit Jupiterimages/Creatas/Getty Images
