Buying and Selling Gold of Different Shapes
By Helen Miller

Selling scrap gold is an interesting area of gold most people have not been aware of until recently. Since the value of gold has risen more and more people are becoming aware that they can sell scrap gold and make a tidy profit from it.

But how do they do it?

What is Scrap Gold

According to Abe Tanielian at Calabasas Jewelers in Woodland Hills, “Scrap gold can include any products that are made of gold or include gold in its manufacture.

• Bent/Broken Jewelry
• Bracelets or chains that are inextricably tangled
  
• Gold alloys
  
• Gold bracelets
  
• Gold bullion
  
• Gold chains
  
• Gold class rings
  
• Gold coins and bars
  
• Gold dental crowns and bridgework
  
• Gold Earrings
  
• Gold flake
  
• Gold nuggets
  
• Gold Pins/Brooches
  
• Gold screen and mesh
  
• Gold sizing stock
  
• Gold wedding bands
  
• Gold wire
  
• Items with missing stones
  
• Karat gold jewelry
  
• Melted gold
  
• Old gold watches.”
  

Abe informs us that, "The condition is immaterial. Old gold that cannot be restored to its former glory is ideal and the gold can be recovered."

"Usually it would not be economical to repair such articles but they can easily be sold as scrap. One would not necessarily get the face value of the item, such as a coin for example, but one would get the gold value less a small margin from the dealer accepting your scrap gold." According to Abe.

Scrap gold can also be found in computer mother boards, old cell phones, scrap electronic boards. High grade scrap such as gold plated integrated circuits, gold plated connectors, gold plated fingers, pins, connectors etc.

How Much Will You Get?
Generally speaking you will get the value of the gold the moment it is assessed by the dealer less a handling fee. It is important to note that the price a dealer may pay will not reflect the retail price of that item. It reflects merely the value of the gold by weight and quantity only. What that fee is can vary with the type of gold and the quantity you are offering and the terms under which the dealer operates.

The dealer will make an assessment based on how much gold is there in the item and what the price of gold is that day. Gold is generally priced at USD per troy ounce. If you have old and battered gold coins, weigh them. Apart from some minute alloy such as copper or silver, they will be mostly gold and if they are Canadian Maple Leaf Gold Coins, will be gold only.

The item you are selling may be of a lesser karat, such as an 18 or 22 karat ring for example, and so would be worth proportionately less as there is less gold in the ring.
Tips and Hints for Selling Scrap Gold

It is a good idea to remove anything of value from the gold you are sending in. With rings, for example, remove any stones out of the item or remove the gold from the rest of the piece so one can weight the gold separately. Keep in mind that other alloys such as silver, platinum and the stones may have a value also. If you can separate them, all the better. If not, ensure it is clear that there is other precious metal there and get a price for that also.

The purer the gold with less of other extraneous matter, the better. It may pay to spend some time extracting the gold yourself if possible and can be done safely.

What to do with the Money?

So you have sold your scrap gold and have received a check. As gold continues to increase in value against the dollar you might like to look at investing that money in some gold coins or bars. For more information regarding buying and selling gold contact: Abe Tanielian at Calabasas Jewelers. He is an authority on the subject and can be reached at 818-222-5191. Calabasas Jewelers is located at 23391B Mullholland Drive in Woodland Hills, CA 91364. You can also visit Abe on the web at www.calabasasjewelers.com

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