"WQRC" News Report
In these tough economic times, selling personal items that have value is becoming a popular option. Specifically, selling scrap gold is being advertised all over the place. With gold prices hitting their highest level ever due to the weak dollar, many people are cashing in. Gold has been the only investment that has consistently gained year over year.
If you have unwanted or broken jewelry laying around the house, you are in a position to make some extra money. Many people have even found that they can purchase bargain jewelry for a fairly cheap price and then sell the gold to a company that melts it down. If you can find some good deals at estate sales, garage sales or Ebay, you won't have to part with sentimental items, and you'll have a nice little side business in the process .If you are looking at this option, you need to know what the going rate is for the type of gold you are going to purchase The value of gold changes daily and is determined by supply and demand. You can find the current rate for fine gold in your newspaper or on the internet.. An example of how the value of 18K gold is determined is shown below:
Daily value of fine 24KT gold = $1200 (example) per troy ounce
31.1 grams = 1 troy ounce
$1200/31.1 = $38.58 per gram
18KT = 18/24 = .750
$38.58 X .750=$28.94
The price for 18K gold would be $38.94 per gram. You would then multiply this times the weight in grams of the items you are wanting to sell. This way you can be sure that the refinery will paying you a fair price. Another less complicated option you might want to try, is to take the jewelry to an appraiser. Let the appraiser know that you plan on selling the item to a refinery. This way he can give you an honest assessment of what it's worth based on the price of gold that day. This option won't work if you are looking to make money by "flipping" used jewelry, but is helpful if you are selling items that you already have laying around the house. If the price your'e getting from the refinery is far below the figure that the appraiser gives you, you might want to shop around.
Finding the best refinery for selling scrap gold is no further away than your fingertips. Many companies that are buying scrap gold have a website which makes completing the transaction fast, and you usually will receive your money within a week.
You may be tempted to sell scrap gold to a retail establishment such as a pawn shop. Selling to a gold refinery is a better choice because these companies will pay the highest price for gold. They don't sell jewelry, but sell the gold itself after it has been melted down. Because of this, they don't need to mark it up to retail prices. When you purchase jewelry, you have already purchased the gold at a marked up price. If you sell scrap gold back to a retailer, they will price it as low as possible in an effort to increase their profit margin. As an example, they will pay you only five dollars for something they are going to sell for twenty. As you can see this gives them a 150 percent profit. A gold refinery will give you the worth of the gold itself, which is usually a higher amount.
The only advantage to selling scrap gold to a pawn shop is that you get paid immediately, but many people are uncomfortable to even venture into a pawn shop let alone trying to negotiate a fair price for their scrap gold, so they find themselves looking for alternatives online. Online gold refineries such as CashForGoldUSA.com, have been around for awhile and are proving their validity with customers reporting very positive results.
If you've found yourself in need of some extra cash, or would just like a little extra income, selling scrap gold might be the answer. There are new companies such as CashForGoldUSA.com, springing up all the time to meet the needs of this newly popular market, however we must warn you that there are also many companies who are seriously undervaluing the worth of your gold so we advise you use due diligence and effort when choosing an online gold refinery.