The good news is buying and selling gold is very hot right now, but the bad news is you will have a lot of competition depending on what part of the country you are from. Having plenty of experience is a major plus as well as educating yourself on how to buy gold for the right price. Log in Social login does not work in incognito and private browsers. Please log in with your username or email to continue. No account yet? Create an account.
Edit this Article. We use cookies to make wikiHow great. By using our site, you agree to our cookie policy. Cookie Settings. Learn why people trust wikiHow. Download Article Explore this Article parts. Tips and Warnings. Things You'll Need. Related Articles. Author Info Last Updated: October 21, Part 1. Find the purity level. Look at the stamp on a piece of jewelry, for example, and this will indicate whether it is 10, 14 or 24 karats it is only measured up to 24 karats.
If there is no stamp you or a jeweler can use nitric acid to find out the real karat of a piece. There are nitric acid kits available to purchase online at such sites as Amazon in order to do this yourself. To convert karats to a percentage, divide the karat number by 24 and then multiply it by You are paying for the gold, not the other metals. Calculate the current value of scrap gold. Determine the Spot Price of gold what one ounce of gold is being transacted and delivered for at a particular moment in time by looking it up online at sites such as jmbullion.
Divide this number by Then multiply this number times the Purity Level percentage of gold and you have the value of the gold. Calculate how much you want to pay. Find out what local jewelry stores are paying for scrap gold and offer to beat their price. Check out your local competition and price yourself accordingly.
Part 2. Obtain a license. In the U. If you buy and sell without a license you are in violation of your state's laws. Therefore, any item that contains gold and is meant to be reprocessed can be considered scrap gold. For example, if you sell your old jewelry to a gold dealer, who will send it to a refinery, the items you sell will be bought as scrap gold. Looking to sell your engagement ring or other diamond jewelry?
Check out Worthy , which is an online jewelry auction platform — you can mail in your jewelry and let Worthy organize the sale for you, sending you the money after the piece is sold. When bought and sold, scrap gold is often weighed in troy ounces : 1 troy ounce is equal to Alternatively, 1 gram equals 0. An important characteristic of scrap gold is its purity , which tells you what percentage of an item is made up of actual gold and how much of the piece is made of other metals. Purity is measured in karats , and the maximum gold content an item can have is 24 karats, which is the karat number of pure gold.
To convert karats to a percentage, simply divide the karat number by For example, a karat or 14K ring contains Click here to browse a collection of gold jewelry. It sounds exciting. After all, governments really do auction off some items that were seized from criminals. The problem is that before those items are put up for auction, they are gone over to be sure that they do not contain any hidden valuables. Floorboards and cabinets are torn up, gas tanks are inspected for hidden stuff, and chances are just about nil that you are going to discover anything of value.
Better idea: Go to auctions where the materials that were owned by businesses are being liquidated. Business liquidation auctions sometimes provide a chance to buy valuable materials that might have been overlooked. You can buy boxes of welding and brazing rods that contain silver , old computers that contain gold, photographic papers and chemicals that contain silver and jewelry-making supplied that contain gold and silver and even platinum.
Business liquidations are the place to be. This is another myth that has a lot of sizzle. It holds that banks are not allowed to open unclaimed safety deposit boxes and that they have to sell their contents to the public without looking inside.
That is not true, and you can bet that banks are going to look inside those boxes, not sell them at give-away prices. So go to estate sales and antique malls, not to bank sales.
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