Scrap Gold Prices Fluctuate Daily!
Are scrap gold prices a reflection of the world-wide prices for gold?
Yes, they're directly related to how the metals exchanges value the gold bullion.
However, if you try to sell your scrap gold locally, your small-time dealer is probably very much impervious to any daily prices' fluctuations. And unless, the market for gold is very strong (or very weak), the price he's prepared to pay will be very much constant from week to week.
Having said that, there's scrap gold, and then there's some... Yes, I'm talking about gold pieces that actually hold much greater value than the metal content they have. Antiques made from gold can hold the value of the multiples of the scrap. Even, if their condition is less than perfect. It's safe to say, if you think that the piece of gold jewellery you have "looks" like an old one, you need to go to the antiques dealer, rather than to the scrap gold merchant. Of course, he'll readily pay you the price that scrap gold has... making at the same time a huge profit when re-selling the thing as an antique piece.
Apart from its pure metal content, scrap gold prices are affected by the actual form, and consequently the ease of recovery, of the scrap. Dental gold is very easy to re-process, compared to the 14-carat jewellery. The industrial gold from the printed circuit boards is much more difficult to recover than that from an old gold coin.
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Another factor affecting the scrap gold price will be the quantity you've available for sale. In general, the more, the better. Serious dealers won't give you premium prices for a single ring or a coin. Still, if you shop around, and know what to expect, you'll be well positioned to sell your scrap gold for a reasonable price.
Here's a very helpful gadget; just found on Tucows, the Scrap Price Calculator. It will determine for you the amount you should receive from the dealer, per Gram or Pennyweight (DWT) for gold and other precious metals. It's easy to use. First, enter the current market price per ounce, next the percent you expect to get paid. As a result, the program shows you how much you should get paid per gram or DWT for each Karat (24k, 22k, 20k, 18k, 14k, 10k).
Finally, where to look for scrap gold buyers or dealers?
Online searches will bring you a list of names of dealers from across the USA. Some of them have offline businesses; others treat it as a part-time occupation.
Also, don't forget eBay with its huge numbers of sellers and buyers.
But, be aware that there are some unscrupulous gold merchants, who have only one objective in mind: to squeeze as much profit out of you, as you allow them to...
Scrap Gold
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