What You Should Know When Selling Your Gold

Thousands of individuals are starting to buy and sell scrap gold

, it is becoming a popular activity around the world. The interest in this growing market usually starts off with people selling their damaged or old jewelry that they have laying around the house. Often this little adventure that started as a quest for a little extra cash ends up as a business venture. Many people end up buying gold at a low rate known as scrap rate, and selling it at a profit. In this article you will learn some key factors that will help you to buy and sell scrap gold.

Before you can start to sell scrap gold you will need a few key elements i.e. a source or a means to purchase scrap gold cheaply (to be used as inventory), a digital scale to weigh your gold, and more importantly you will need to know the current gold scrap rate. Finding a source for scrap gold can be as simple as running an ad in your local classified section. Your ad does not have to be complex, it can be as simple as a title that states, "We Buy Gold." In the body of the ad you can give your contact information. A digital scale can be purchased from any office supply store. You can find out the current scrap rate by calling your local gold exchanges, checking the stock market, or doing an online search. The Internet has several resource with up to date pricing on gold and other precious metals.

Once you have your items chosen, you should prepare them for selling. If at all possible, remove any stones or other pieces that are not gold. Even if they are valuable and also worth selling, they will be assessed separately. Next, it will be helpful to weigh your pieces on a digital scale, since this is how value is determined. You can purchase one that will weigh to the tenth of a gram for around $10. Gold is weighed and its worth is described in pennyweights (dwt), grams, and troy ounces. It is very important that you are aware of the market conditions and the going price for gold when you are ready to sell, so that you know what to expect from the buyer. Understand that any buyer will collect a fee and will be re-selling, so you will not get absolute top dollar when you sell scrap gold.

When researching prospective buyers it is advised that develop a system. Try making a list and then call each of the companies on the list. Make sure to keep track of which companies are beneficial to your needs. Never drop in unannounced, in most cases this approach will end up with you loosing business forever.

eBay is always an option to sell your scrap gold. If no one in your local area is willing to pay what you are asking, eBay is a great way to take your offer to a national level. In the long run this may yield much better results.

by: Johannes Held

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