Posted by Tricia Moore. Even though news reports say that the economy is recovering, the price of gold doesn't show it.

To avoid being swindled, there are some things you need to know: What is Scrap Gold? Before doing anything else, you need to know what scrap gold is. Strictly defined, it's any gold that has been discarded and is suitable for reprocessing.

How Buying Gold at Flea Markets Helped Me Make $9,

Any leftover gold that can be smelted and reforged is scrap, such as bent, broken and tangled jewelry, casting gold, cluster rings, dental work, gold dust and flake, pins, brooches, sheet, solder, and even gold-plated chips and CPUs. How Gold Buyers Make Money from Scrap Gold How Much is it Worth? To determine the value of your gold , you'll need your math skills and a scale preferably one of the type used by jewelers, but a kitchen scale will work as well.

Most dealers and refineries transact gold on a pennyweight basis , so if you're using a kitchen scale, you'll need to convert from grams or ounces.

One ounce is the same as 20 pennyweights, and 1. Once you have weighed your scrap gold, check the spot price.

How to Buy Scrap Gold: 9 Steps (with Pictures) - wikiHow

That figure is in ounces, so divide it by 20 for its pennyweight value or by Keep in mind that the spot price is for pure gold; scrap is never pure 24 karats. You won't get the entire spot price, but you'll have a rough estimate of your profit.

Selling For a Profit Now that you've assembled your gold and figured its worth, you can decide where you'll sell it. There are two main places that buy scrap gold: Refiners are those cash for gold companies we've all seen on television, offering to buy scrap and unwanted gold. Look in your local phone book for refiners; they are also readily available online.

When preparing to buy gold or sell it for a profit, remember to deal only with established, reputable companies.

How to Make Money Buying Scrap Gold | eHow

The importance of dealing with a good company is nowhere more apparent than when selling gold by mail. Most good companies will have a website with a gold calculator so that you'll have a rough estimate of how much you will make; the best companies even offer a price guarantee.

Following the advice given above can help you avoid many of the traps and pitfalls of the "cash for gold" business. Scrap Gold Buyers - An Overview. HAVILAH ABOUT US TOPICS Jewelry Sell Antique Jewelry Sell Estate Jewelry Precious Metals Sell Silver Sell Platinum Sell Palladium Precious Stones Sell Sapphires Sell Rubies Sell Emeralds Coins Sell Silver Coins Sell Antique Coins Sell Collectible Coins NEWS EMAIL.

Buying gold off the Bay, melting, then making money??

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