The gold material that is sent to be processed and recycled is referred to as scrap gold. The rise in demand in the gold market has made anything that contains gold valuable. Items such as bracelets, necklaces, chains, charms, rings, watches and dental gold are among the resalable gold-containing things. Online buyers are currently allowing and purchasing any gold-containing things due to the rise in market demand. Scrap gold remains from recycled parts and manufactured products that contain gold hence referred to as the by-product. Most of the scrap originate from the processes involved in making the jewellery and gold-containing products.
Weighing and Measuring Scrap Gold
Scrap gold is weighed in troy ounces, which is equivalent to 31.1 grams. Scrap gold can also be weighed based on the pennyweight, which is approximately 1.555 grams. Additionally, scarp gold is picture perfect photography measured using its purity. The purity of the scrap metal helps to tell the amount of actual gold present in the by-products. The purity of the gold is given in karats. This value is compared to that of pure gold, which is always 24 karats.
How Valuable is Scrap Gold
Determining the value of scrap gold usually depends on factors such as its purity and weight. With information such as the karat and weight of gold per unit, you can determine the value of the scrap gold by calculating. The values obtained are multiplied by the market prices of the gold. This estimated price may not end up as the selling price but is a suitable method of estimating the worth of your scrap gold. Other costs may also be included in the price reducing the value estimate.
How to Sell Scrap Gold
There are several online dealers available to sell your gold to. There are also several places where gold can be sold in stores. Online buyers offer higher amounts of money than retailers. Most buyers do not meet the market prices as expected due to other added costs in the refinement and recycling the scrap gold. The highest offer given by most dealers is approximately 80% of the market prices. Some even quote less than 80% since they do not own any refineries and incur additional costs. Gold buyers, therefore, focus on the value of the jewellery that can be produced from scrap material. However, it is advisable that anyone looking for gold buyers online be careful to avoid the several fakes and cons that have also resulted from the high market demands.
Most people are now looking for scrap gold since the prices and the demand for gold has increased—gold, when refined and manufactured, loosed several pieces and chippings that are still valuable and can be recycled. However, the scrap gold may contain other metals that need to be refined again before being used. Therefore, the refining and recycling processes are the major determinants of the value price offered by most gold buyers. Generally, most buyers offer gold owners between 70-80% of the total market value of the gold contained in scarp gold.