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Where to Sell Scrap Gold and Broken Jewelry for Fast Cash

By Edited Jan 15, 2016 0 2

If you are looking to get your hands on some fast money without having to borrow it, then why not consider selling your scrap gold or broken gold jewelry for cash? Gold prices are the highest they have been in a decade and now may be the perfect time to sell unused pieces to get some quick cash.



Why Are Gold Prices Currently So High?

With world economies still misbehaving and significantly unstable, there has been a flight to safety in the past two years. When investors seek place funds in safe investments, commodities especially precious metals and gems is where they look first. Higher than average demands means higher prices in commodity markets worldwide.


What is Scrap Gold Exactly?

Scrap gold is found in used, broken or unwanted pieces of jewelry, rings, brooches, dental crowns, coins and collectibles. Any item containing 10k to 24k gold has cash value and may be sold.


Where Should I Sell My Scrap Gold?

Scrap gold may be sold either in a local shop, by mail or online. Gold dealers are middlemen who work through gold refineries and make their margin off a percentage of what they pay you and the market price of the gold you sell on the day you sell it. You can also deal with the gold refineries directly and they too make their money on the spread between market value and what you are paid. Most often gold refineries will give you a better price for your items than the gold dealers or brokers. Anything over 80% is usually a fair offer, with 85% or more of the market price being a good offer.


What Else Should I Know About Selling Scrap Gold?

The fineness of your gold will affect the price you are paid for it. 24k gold is worth more than 10k gold, because of the actual content of the gold in the piece you are selling. There is a formula for determining the amount of gold in each piece based on fineness.


You should get the daily gold price on the day you are thinking of selling, and ask for more information if you are concerned about the valuation on your pieces. If dealing with an online or by mail gold refiner, you may want to have the value estimated at a local dealer first to be sure the numbers you are quoted elsewhere match in terms of grams and valuation. As always, it is a good idea to check with the Better Business Bureau for complaint history on any company you are considering selling to. Research is the key to getting the best price and a hassle free transaction when selling scrap gold.

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Comments

Dec 8, 2009 12:02pm
fishtiger58
Really good advice. So many of those by mail gold refiners on the TV these days, its hard to know what to do. Will take your advice about seeing a local dealer first, especially to find out how much it all weighs.
Mar 28, 2012 5:14am
toebunkers
My aunt sent some gold off to be valued and when she got a quote she turned it down because it was to low. They then immediately offered her TWICE AS MUCH for the same piece of jewellery.Beware these companies.
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