WHAT IS MY SCRAP GOLD WORTH

Do you want to get your hands on fast cash? Maybe you need to pay some unforeseen bills or want to go on a holiday. Then a fast way to get money is if you have some old gold lying around that you do not wear anymore. You can cash it in with a gold buyer. Why hoard your gold jewellery and leave it to gather dust. Instead, you can put your scrap gold to good use when you can sell gold jewellery Brisbane and get some quick money.

First, ask yourself how much gold you have and what type!

The likeliness that you have pure gold jewellery is rare but not uncommon. The reason is that other metals are added to make the gold more durable as gold is a very soft metal. For example, the purest gold found in jewellery is 22 karats, with the lowest being 9 karats. More than likely you have 9 karat, 14 karat or 18 karat gold jewellery pieces.

Then, check for hallmarks on the jewellery found on the inside of a ring or clasps of bracelets or necklaces. Next, sort the jewellery into karat piles, once sorted weigh it on a scale. Then you can calculate how much it is worth and what you can expect to be paid when you sell gold jewellery Brisbane  to a gold buyer using one of their websites.

Then, with an estimate of the value of your gold jewellery you can visit a local gold buyer to see how much they will offer you for it. When at the dealers shop and you sell your gold or other precious metals for scrap, they will present you with an offer immediately that you can decline or accept.

The dealer will determine the value of your gold using the latest gold market prices. The majority of gold buyers will buy your gold at 90% of its value. This is known as the buyback price.  

How is the buyback price determined?

For example, if you have an ounce of gold jewellery that is 24 karats and the spot price is $2500 expect to be paid $2270, which is 90% of its value. The gold buyer will then use this formula and formulate it into grams and the karat purity, which is displayed on most gold dealer’s websites to represent what they are paying per karat for the jewellery you have.

It helps to shop around!

If you want the best price for your scrap gold, it is worth your while to shop around, speak to different gold buyers using the internet and visit them in person. Visiting the gold dealer in person, you get a fast assessment response compared to sending your gold jewellery in the mail that takes time if you need quick cash.

On the other hand, you can get cash right away when accepting the offer as the process is not overly complicated. So, as you can see there is a lot you can do with your unwanted gold jewellery. You can turn it into money to save for another day or use it as you please.