Gold Refining Business

I am thinking about taking some scrap gold to sell. What pitfalls and scams should I be aware of?

I am going to the nearest city to take some10 and 14 ct.gold Broken bracelets ,chains, rings (that I found ) not anything great. Maybe a gold coin . When they say $760 an oz, Do they mean $760. Or $7.60. I hate to be dumb ,but I have no experience in this avenue. Please relate some insight, and somethings to watch out for. I checked better business bureau. I will be taking a friend , and will weigh gold before going. What else.? They refine their gold there they are a jewelry design in a good SHOPPING district serious info only.
thanks for the link

That would be $760 per ounce. Assuming it’s solid gold jewelry you’re dealing with. Most jewelry is sold at 14 ct. or 18 ct. I’m not sure what a buyer of scrap gold is looking for…perhaps 24 ct (which is pure gold)? What I do know is that the higher the carat of the gold, the more pure gold is in it, so the higher the value. Check the links on your chains and the inside of the rings for the ct. content. That way you can know going into your sale what you should be getting for it.

The 1st link below looks like a good website for everything gold (including the current price per ounce around the world). The 2nd link is specific to selling scrap gold, which relates to you. Do as much homework as you can beforehand. That way it’s less likely anyone can take advantage of you. Good luck!

P.S. I just perused that 2nd link and it has GREAT TIPS on selling your scrap gold. Read the whole thing. It could be the difference between making some good money for yourself or not being paid what your jewelry is worth.

I’d say the wisest things you can do are:

1) take photos of all the items you’re selling
2) catalog their gold content
3) remove any gems/jewels from settings, as well as other metals (like silver), if possible
4) weigh all the gold and document it
5) take the items to a jeweler OTHER than the one you’re going to sell it at, and get an estimate of what it all could be worth
6) make copies for yourself of any paperwork you fill out

Gold refining course

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