Gold Calculator for Scrap
Oct 24, 2014 Scrap Gold Prices
24K (pure, .999+)  $0.00/gram
18 Karat $0.00/gram
14 Karat $0.00/gram
Basis: $/Troy Ounce

Calculated Scrap Gold Value

 Submitted on October 24, 2014

Values Entered:

Gold Weight:  0 (equals 0.00 )
Purity:
Gold Price:   $ / troy ounce

Answer:

Total gold value is $0.00.

This doesn't mean you should expect to receive $0.00 from a buyer. This amount represents the current melt value using the live gold price.

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Where Can I Sell My Scrap Gold?

Many options are available. You must understand that anyone offering to buy your scrap gold isn't obligated to offer 100% of melt value, or even fair value. The industry is unregulated. You must be cautious when finding a buyer and accepting an offer.
  1. Online Auction Sites like eBay can give you the highest return (sometimes up to 90%+ melt value), but requires some extra effort. It's important to create an accurate and detailed auction listing. A digital scale is required to give a proper weight. Also, if your gold is unmarked, a gold testing kit may also be needed to ensure your listing is accurate. Browsing current scrap gold listings can help you create your own listing and understand where auction prices are ending.

  2. Mail-Order Gold Buyers are becoming popular. However, the range of offers from these companies can vary greatly, from as low as 3% and up to 95% of melt value.¹  The buy offer may be discounted due to the convenience of the transaction. Don't let this deter you from negotiating a higher price after you have received their initial offer.

  3. Local Jewelers or pawn shops often offer competive bids for your scrap gold. But also understand that shop owners must pay overhead (rent, utilities, advertising, etc.). When you're selling to a jeweler or pawn shop, you're also paying for the convenience. This is considerably less work than selling on an online auction site. A range between 70% to 85% of melt value is a reasonable expectation from this type of buyer.

  4. Traveling "Hotel Lobby" Buyers are becoming more common, but reportedly offer lower prices compared to other gold buyers.²  A New York based newspaper The Post-Star wrote a detailed article stressing the importance of receiving a second opinion when considering a sale to an out-of-town buyer.
As a general rule, soliciting several evaluations from potential buyers will give you a much better chance to receive close to full melt value from your gold. If you are unhappy with an offer, or if someone makes you feel uncomfortable with high-pressure tactics, walk away.

Resources To Help Sell Your Gold:


References:

  1. Tarnished claims from a TV gold buyer
  2. Gold sellers beware: Not all buyers are equal

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