Get A Great Price For Your Gold
Scrap gold is bought by dealers
Scrap gold is bought by dealers. They may be independent dealers or may work for a larger corporation that has licensed them to buy scrap gold on its behalf.
While most jewelers do not buy, they can usually recommend a reputable dealer who will either appraise personally or send it for an appraisal. If you have to mail it away, you should have a special envelope that requires multiple signatures for delivery.
Any type of pure or nearly pure gold that can be melted down for reuse. There are several different types dealers.
Some melt down the gold and sell it for investment purposes. Others are "recyclers" who use for repairing other jewelry or making new jewelry.
Dealers can be independent investors who are using their own money to acquire, or they can be dealers for larger corporations who use the company's money to acquire and receive a commission on each acquisition.
When you're looking for someone to buy your scrap gold, shop around before you settle on a dealer. Some dealers will accept 18-carat gold; others only take 22- and 24-carat.
Generally, a dealer will offer between 50 percent and 70 percent of the gold's market value by weight, so you may wish to have your gold appraised ahead of time. Remember that the gold market fluctuates from day to day, and the price of scrap gold reflects this fluctuation.
Many people think that pawn shops are licensed to buy scrap gold. Although they will purchase old jewelry, they are generally not buying it for scrap gold--and if they are, they will not give you anywhere near what a dealer will give you when it comes to a high or fair price.
Pawn shops are officially in the business of lending, which means that they have to ensure that they can recoup their "loss" if someone does not return for an item. As a result, their offers are much lower, sometimes less than 10 percent of the gold's value.
If you are interested in becoming a scrap gold dealer, you must be trained or certified in this business in order to ensure you provide a fair price to sellers and allow yourself room for profit. Many people have made fortunes investing in scrap gold. If you want to learn how, find a reputable company to help you get certified.
Scrap gold dealers are investors, and it is their job to try to make a profit on the purchase of your scrap gold. Therefore, it's your responsibility to understand about how much a fair price should be and not rely solely on the dealer to be fair with you.
Also, you might want to check scrap gold dealers' references before you send them your gold--and always make sure that you can get your gold back if you don't like the ultimate price you are offered.
Here are some tips on how to get a good price.
Ask if the refiner you are trying to sell to is a member of International Precious Metals Institute and if you're dealing with a jeweler ask if they are a member of Jewelers of America or the American Gem Society, they are reputable organizations.
Pawnbrokers and other dealers that buy valuables like gold are required to get your photo id to report to the local district attorney or the state attorney general's office. So if they don't ask just walk away, you don't want to deal with them.
Don't accept the first check from one of those online gold buyers that require you to send in your gold in an envelope - most of the time they will offer you much less than the gold is worth. That's why you should always do your research and know the value of your gold before.
That way if their offer is lower than what you know your gold is worth and they won't increase their offer when you call them up, you can just request your gold back since you don't have to accept their offer. Do be aware though that some gold refiner companies will have a time limit that after a certain date without contact from you, they will smelt down your gold.
by: Jack Landry
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