Choosing Gorgeous Jewelry

Selling Scrap Gold: A Potentially Profitable Hobby

22 October 2015 by Isabelle Hall

Turning in unwanted gold has become a convenient source of additional income for some people. This form of recycling can be very financially beneficial to those who have gold sitting around and not being used. The problem for many is after they have emptied out their jewelry box and turned in the few gold coins they did not want, there is nothing else to return. Luckily, there are a surprising number of places to find scrap gold. It may never be enough to make anyone rich, but it can be a lucrative hobby.

Where to Find Gold

Gold is used inside numerous types of electronic equipment. It can almost always be found in scientific calculators, behind the mouse touchpads on laptops and in cellphones. Check estate sales, thrift shops and antique shops for additional gold items. Jewelry is what most people look for, but gold can actually be found in many other areas. The best odds for finding gold is on decorative glassware and cutlery, curtain rods and finials and on better quality picture frames. Obviously, many of these items can have value in their original condition, so always be certain there is no potential for resale of the item before dismantling it.

Determine if It is Genuine

No one wants to waste their time attempting to turn in gold, only to discover what they have "mined" is not actually gold. There are several ways to determine this. Many items, especially jewelry, will carry a hallmark. Carry a magnifying glass, because many of these hallmarks are tiny. If there is no stamp, additional testing is needed. Nitric acid, easily found through online retailers, is one method. This liquid should only be applied to scrap items because it could damage any non-gold items. If the acid is applied to the metal, and no reaction or change in the color of the metal follows, it is gold. Quick tests like magnets and dropping the item in a glass of water are good indicators as well. Genuine gold sinks in water, and it is non-magnetic.

Where to Redeem Gold

Online shops and mail-order buyers, traveling gold buyers and jewelry shops are all places where gold can be sold. Traveling buyers who set up shop in a local hotel are the least reliable because they are not always around when needed and there is no way to get items returned if there is any remorse once it is sold. Online gold buyers, mail order companies and jewelers often allow a certain window of time for their customers to reclaim their items if they change their mind. Some pawn shops and thrift shops also deal in gold buying.

Gold prices fluctuate rapidly, so anyone interested in making as much as possible on this metal should stay updated on prices. There are numerous online sites that offer current market prices, with the information updated regularly throughout the day. Before redeeming any gold, check the market price with what the buyer is offering. Of course, it is important to remember that gold buyers need to make a profit too, so never expect anyone to pay the full value for any scrap metal. If you're looking for a place that offers cash for gold, visit Sol's Jewelry and Pawn.

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