Do you have loads of gold in your jewellery box? When was the last time you wore those pieces? Over the years of buying gold jewellery, it is not unusual for one to accumulate heaps of scrap gold. Even if we have freed up space in our memory by forgetting that we actually still own these pieces of gold jewellery, they’re still taking up physical space, probably stored among piles of tangled chains.
If you’re thinking it’s about time you let go of these scrap gold, please don’t throw them away. Scrap gold may not be as enticing to the eyes but there is still much value in these. Yes, you can sell broken, old, or unwanted gold jewellery, even gold teeth and dental fillings you no longer use. While entire pieces may no longer be useable, the precious metals that comprise them, specifically silver, gold, and platinum, will always be worth something.
Here are a few tips on how you can sell scrap gold and get the most for these valuable items:
- Educate yourself on the gold market.
Acquiring even the most basic understanding of the gold market will empower you as a seller. You can research current gold prices to have a better idea of how much your gold is worth. Understanding how the market works and banking on the consistency of gold prices, there will always be a market where you can sell your scrap gold but you need to stay up to date and be accurate with gold prices.
Several factors affect the price of gold, including the demand for gold, current economic situations, central bank reserves, and the value of national currencies. The demand for gold influences a significant portion of the price, and this precious metal remains at high demand. The rare supply of gold has to meet high demands for it, noting its many uses ranging from jewelleries to electronics, and other uses.
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While the gold market tends to fluctuate, gold remains among the highest valued precious metals. The current price of gold is measured at the cost of gold per ounce, which has consistently been above $1,300 per ounce since early 2018.
Sellers of scrap gold must be familiar with the spot price of gold, which can vary worldwide. Still the principle remains the same: the higher the spot price, the more profits possible for selling gold jewellery. Once informed on the current price of gold and its spot price, then you can look at scrap gold prices Australia currently has to see how this market will work out for you.
- Familiarise yourself with your gold.
To get an estimate of the value of your gold items, make sure you are familiar with the karat and their weight. The karat determines the purity of your gold items and dictates how much they will be worth. For example, a 14-karat piece is 58% gold, which in turn means that it is worth 58% of the market price of gold.
- Is your gold jewellery worth more as scrap gold or as melted gold?
To get more cash out of your item, you can ask an appraiser to help you evaluate the best form to sell your gold. Will it be more valuable to sell it as scrap or as melted gold? Selling certain items as scrap can translate to a lower return of investment compared to selling them as jewellery or gold.
- Only deal with a trusted jewellery buyer.
Once you have a good estimate of how much your gold is worth and are ready to make a sale, this no-nonsense tip should seal the deal – only transact with a reliable gold buyer.
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Learning more about the gold market can help much in selling what you might have thought to be worthless in the best price.