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The value of gold only goes one way: up. Even if prices fall they will rise again as the metal is finite and a stabilizing economy means it’s worth can be maintained. For the ordinary person, gold is passed on and received as heirlooms, purchased on occasion and worn or locked away. But what happens when you can no longer find a use for it? Scrap gold, as it’s commonly called, is gold that’s sent back to refiners for reprocessing though it’s also used to refer to any gold that’s no longer useful such as broken jewelry. Unlike junk jewelry which doesn’t hurt to throw, gold is just too precious. But if it’s no longer useful what do you do with it? The answer is to sell. The best way to know how much you can get for scrap gold is to visit a dealer. There are many so be careful when selecting a name. Like any business, the gold sector has its share of scam artists and unless you know something about gold you could get cheated. Here’s how to make a quick assessment: • Find out the karat value of your scrap gold. This indicates how much gold is contained in the piece and how much is made up of other metals. 24K is pure gold so use that as the benchmark. • The purer the gold is the more you can expect to get. For quick reference, 10K gold has 41.7 percent pure gold in it, 14K has 58.3 percent, 18K has 75 percent and 24K has 100 percent. • Next, find out how much it weighs. All dealers use the troy ounce system where 1 troy ounce is equal to 31.1 grams. • The third step is to find out the spot value of gold. This is the price of gold at any given time. It changes every day so don’t use past values to determine its worth on the day you sell. An online gold calculator can be used to tally the figures and get the spot value. Perform several calculations only several websites to confirm the value. • Let’s say you have $2,000 worth of scrap gold. That’s not a bad sum but you won’t receive the full amount because the dealer will take a cut for refining it. Since different dealers have different rates, it’s impossible to say how much you will get. However, expect 80 to 85 percent of the value which means $1,600 (80 percent) or $1,700 (85 percent). As important as knowing the worth of your scrap gold is finding a dealer you can trust. Disregard refiners because they only purchase bullions or large quantities of gold. Disregard, too, pawnshops because you’ll very likely receive only a small amount for your gold. Rely, instead, on referrals and recommendations from people you know or even through internet forums. You’ll get an unbiased opinion from previous sellers. Approach the websites or offices of not-for-profit independent organizations that monitor and rate gold dealerships and brokers. They may not promise you completely unbiased ratings but if you can’t find any reliable source, they may be your only hope. The value of gold fluctuates like everything else so wait till it enjoys good worth. If the market appears to be unfavorable for weeks or a couple of months, don’t despair. Gold is one of those rare commodities that will always remain valuable. Gold is a finite element, which is why it is so precious that its value only appreciates. However, overtime it may undergo wear and tear and thus lose its importance to you, in such cases you could look at selling it to a trusted gold buyer in Vancouver BC at a decent price. To understand the concept of recycling your jewellery, follow this link.
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