How To Quickly Determine How Much A Piece Of Scrap Gold Is Worth

Posted on: 10 August 2022

Buying and selling gold is a very lucrative business. You do not necessarily have to open up a storefront and can simply arrange to meet with a gold seller in person or purchase scrap gold from a vendor. This can serve as a great investment and you will eventually be able to sell your gold for a profit. Then, you'll need to know what to do when you have scrap gold in your hands.

Find the Purity

To determine how much to pay for scrap gold, you'll need to know the purity level. The purer a piece of scrap gold is, the more valuable it will be. On a piece of jewelry, you can find a number stamped on it that shows the level of purity. However, in some cases, especially with scrap jewelry, you cannot find the stamp and will need to use a different method.

Nitric acid tests are easy to obtain and can be used to determine the purity of a piece of scrap gold. Then, when you know the purity of the gold, you will be able to determine how much it is worth. 

Weigh the Scrap Gold

You will also need a precision balance so you can determine the exact weight of the scrap gold. The purity of the gold and how much it weighs will determine how much it is worth. The value of your scrap gold is also based on how much gold is currently worth. Therefore, you will need to follow the price of gold to know how much it should be worth when you are purchasing it.

Buy Scrap Gold

Knowing the value of scrap gold and trying to get a good deal is an essential part of having a scrap gold side business and investing in gold. You must pay much less than the gold is worth so you will then be able to turn a profit when you eventually sell it.

If you are not able to quickly determine the value of gold, you won't be able to benefit from special deals such as auctions and scrap gold sold through classified ads that are priced to move.

One of the best things about owning scrap gold is that you have control over a portion of your wealth. Because you own the gold physically, you can always sell it if you ever need cash for an emergency. Therefore, it can be a worthy investment and a great way to turn a profit.  

For more information about buying scrap gold, contact a local buyer.