- Posted by GBM Blog
- On August 3, 2015
- 0 Comments
Sometimes we need to get our hands on some quick cash, for whatever reason, and we often have limits on where we can get this without resorting to crime! We all have things around our home that we can do without, but it is surprising how little an old phone or tablet can be worth given that it cost you hundreds of dollars only a few years ago!
One thing that a lot of people do have around their home is broken or unused jewellery, often made from gold. If you have any scrap gold jewellery, then you can earn yourself some quick money by cashing in and selling the gold.
How Much Gold do You Have?
It is not very often that we have gold jewellery which is made from pure gold. The reason for this is that gold is very soft, so other metals are usually added to strengthen the gold. The purest gold that is usually used is 22 carat gold, with the lowest quality usually being 9 carat. The list below shows the purity of gold based on their carat value.
- 24 Carat Gold = 99% + purity
- 22 Carat Gold = 91.6% purity
- 18 Carat Gold = 75% purity
- 14 Carat Gold = 58.5% purity
- 9 Carat Gold = 37.5% purity
So, if you know how much metal you have, as well as the purity, you can calculate how much gold you have and how much it may be worth. When you have a rough idea of what the value will be, then you can speak to companies that buy scrap gold, and see what they are willing to offer you for your precious metal.
The Scrap Value seems to be Low!
When you sell your gold or any other precious metal, for scrap, they will work out the value of your metal using the latest market prices for the metal. They will also deduct a percentage to cover the processing of the metal. So for example, if you have an ounce of 24 carat gold, you would get less for this than the current market price for the gold.
Usually, you will be able to get around 60% of the full value of the gold. The lower than market price is because the gold will need to be processed, and any other metals extracted so that you only have pure gold left. These processes are time-consuming, so there is a cost to cover. As well as this, the person buying your gold from you also needs to earn money.
It Pays to Shop Around
If you want to get the best price possible for your scrap gold, it is worth your time and effort to speak to as many different shops as you can. With the help of the internet, you can contact a few different shops quickly and easily from the comfort of your home, and find out exactly what they are offering for your gold.
Make sure that the company you choose is licensed, and is also industry accredited. This will help to give you peace of mind knowing that you are doing business with a reputable company. All you need to do now is take your gold to your chosen shop and pick up that much-needed cash!