How to Recycle Scrap Gold

Scrap gold can be sold to regain a small profit.

Gold jewelry may look nice and beautiful, but it eventually breaks, gets damaged or becomes unwearable. It is then rendered as scrap gold. Fortunately, one thing about gold is that in terms of its economy, it never goes out of style. Instead of simply giving away or discarding scrap gold, you can sell it for a small profit.

Instructions

1. Offer the scrap gold to a local pawn shop. Pawn shops can either give you an amount of money in exchange for the gold, or as a loan that you can pay back if you want the gold back. Note that if you accept it as a loan, you have a set amount of time (usually 30 days) to pay the money back, or you lose the gold.

2. Sell the gold at a jeweler that accepts scrap gold. Jewelers can evaluate the gold and decide if it's something they can use themselves. If they can, they will give you a price for it that you can either accept or reject.

3. Send the gold to a gold buying service such as Cash4Gold or GoldKit. After contacting a gold buying service, it mail you a special pre-postaged envelope that you can put as much gold as you can fit in. After mailing the envelope back to the gold buying service, you get an invoice with what the company believes is a fitting price for your gold.

Tips & Warnings

• Comparison shop between jewelers and pawn shops. Some may offer more money than others.

• No matter what price you are offered, abandon any idea of making more than or breaking even to the amount you may have paid for the gold.

References

• Bankrate: Old Jewelry Worth its Weight in Gold?

Resources

• Goldkit: Gold Selling Site
• Cash 4 Gold