When you get into the hobby of buying scrap gold, you can turn this minor endeavor into a major achievement. You can buy scrap gold at any time, provided you have the cash to make a quick sale, and you can profit from your investment if you shop wisely for the items you desire.
Not all scrap gold is the same, so you should pay attention to each scrap gold piece you invest in. For example, different karats of gold — or the different amounts of gold in jewelry — are each worth a different amount because the content of the precious metal will vary. This means you need to take care when buying scrap gold. If you want to buy scrap gold, you need to know why this is a good investment and know where you can get your gold at. Here is a guide to assist you.
Why buy scrap gold?
There are many reasons to buy scrap gold. The first is the investment value: like all precious metals, gold varies in value but often climbs. If you want to invest in something that will likely grow with time, gold is a great way to do it.
Scrap gold in particular can be valuable because you can get great gold content without paying normal market price for it, unlike investing in gold coins or gold bars. Scrap gold allows you to buy low and sell high if you play your cards right. As a bonus, if you know how to buy scrap gold jewelry, the value that you get in your scrap gold can be just as much in the brand and type of gold you have — like a scrap vintage watch — as it is in the actual scrap market value.
Where to buy scrap gold?
You can buy scrap gold from local estate sales, auction houses, storage unit liquidation sales, online, in your local classifieds, or from a scrap gold private seller. Keep in mind that buying scrap gold requires a good eye, a knowledge of gold trends and types, and being picky about what you choose. Just because something weighs a lot doesn't mean it's pure gold, either: some gold items, like candlesticks, can be weighted, which means you could end up paying for filler metal. Invest in a gold testing kit when you decide to buy scrap gold as a hobby so you know what you're buying before you buy it.