What Exactly Constitutes Scrap Gold To Buyers

Oct 07

There seems to be offers to purchase your scrap gold everywhere at the moment – because of high gold prices – but what exactly is scrap gold and where can you find some to make a few bucks?

Scrap gold is merely gold that’s placed into something in a form unique of its natural form that’s still worth lots of money, but is generally not really over 10 ounces. You might find scrap gold in plenty of your out of date bits of jewelry that you will never wear again. An excellent example can be an earring that you dropped the match to way back when but have already been hanging about it anyhow.

That one earring may get you some money in line with the existing high gold costs in the USA. Other similar good examples to the lone earring would definitely be a gold watch that will not correctly keep time anymore, a pendant or bracelet with a damaged gold chain, as well as the gold casting of a band which has lost its gemstone. Most of these items you likely have thought of tossing out at some point or another, thinking of them as useless, however, not sure should you get rid of or not since they were manufactured from gold.

Actually, it seems you’re to keep them, as the gold within could make you immediate cash in the event that you deliver them off to an on the internet gold buyer offering cash for gold services.

Additional things that you can include on your scavenger listing for scrap gold, given that you’re intrigued, are support pins, old class bands, coins – both made abroad and made in the USA – casted gold products, pendants, and also a tooth which has a gold filling in it that you may possibly have misplaced.

The list of just how many items which qualify as scrap gold can do not delay – on, as the condition of the things does not matter, this is the proven fact that they contain gold. Once you send your undesirable gold to become appraised, the form of the item isn’t evaluated, simply purity, excess weight, and situation of the gold in the item. Thus, you truly can send in almost anything manufactured from gold and be prepared to receive some sum of money in return.

With many of these options, there is absolutely no better place to begin hunting during your home for feasible scrap gold items after that now, since there is no guarantee on what long the purchase price for gold will stay so high. Obviously, you would like to be sure you get top dollar from every product that you offer, in order that means you will have to act now to ensure that you acquire it.

Only consider reliable and proven businesses. That is particularly significant in case you are working with long-standing gold buying businesses by mail. You can find obvious concerns with this particular method however the reliable companies could have a gold calculator on the internet resources and that means you will know beforehand the figure it’s likely you’ll receive and, moreover, the very best gold buying companies will offer you a cost guarantee.

Read More

The Top 10 Gold Production Countries

Aug 23

Gold production has been fluctuating recently due to the rise and fall of gold prices. Presently, industries globally are working round the clock either prospecting or mining it. A survey in 2012 showed that 90 countries worldwide produced gold. However, 75% of the gold mined annually comes from the first top 20 countries. Approximately 2,700 tons of gold was mined by industries in 2012 according to US Geological Survey.

Their reports also indicated the list of the top 10 gold generating countries in 2011 remained pretty much the same in 2012. The following are the world’s top 10 gold production countries as of 2012.


For the last six consecutive years china has been the leading gold producing country globally. The output was 100 times more than what was produced in 1949 as stated by Forbes. The amount of gold mined in 2012 also surpassed the previous year by 11.7%. the amount mined in 2003 was half the amount produced in 2012 indicating tremendous effort and capital is being put in its extraction. Zijin Mining Company is the leading industry with its latest production exceeding 2 million ounces of gold. The country holdings are about 1054 tons according to World Gold Council.


The gold in this continent are estimated to be 7,400 tons as declared by Geo-science Australia. Gold mines are found in Western Australia, South Australia and New South Wales. The Super Pit mine, operated by Kalgoorlie Consolidated Gold Mines, is the largest in Australia. It produces about 0.85 million ounces of gold annually. Australian holdings are estimated to be 79.9 tons.


USA produced 40,000 kilograms less in 2012 than the previous year and the value was placed at $12.6 billion. Newmont Mining Company, one of the leading in the world, produced 4.98 million ounces through its companies in 5 continents. They have the largest gold holdings approximated at 8,133,5 tons.


In the last year production of gold in Russia increased by 6.8%. The reserves in this country are estimated to be 5,000 tons and the official holding are 937.8 tons. Polyus Gold International the leading producer in Russia increased its yields by 12% in 2012 producing about 1.7 ounces of gold.

South Africa

The strikes in gold mines in 2012 caused a significant drop in gold production that year. Anglo-Gold Ashanti the leading producer here produced 74.1 million ounces. Its holdings are estimated at 125 tons. Looking as of right now in 2013, gold production continues to be lower.


Compania de Minas Buenaventura is the leading gold producing industry here. Its official gold holdings are 34.7 tons. However, the gold produced in 2012 was 3% less than that of 2011.


Official holdings in Canada are 3.4 tons. Although it saw a slight increase in production in 2012 the amount produced does not surpass that produced in earlier years. Barrick Gold produced 7.4 million ounces remaining the countries top company.


The country’s holdings are about 73.1 tons and its reserves are approximated at 3000 tons. Gold production in 2012 suffered a major blow due to unlawful mining and the political turmoil that engulfed the country.


This country has over 40 deposits and its reserves are at 1,700 tons. Navoi Mining and Metallurgy Combatant has deposits whose value is $500 billion and are the leading producers. Currently, no gold holdings have been released yet


Lastly, Ghana has reserves estimated at 16,00 tons and its holdings are presently at 8.7 tons according to World Gold Council. It registered an improvement of up to 17% in 2012.

Read More

Avoiding Cash For Gold Scams Gets You More Money

Aug 17

cash goldBy avoiding cash for gold scams you can definitely make more money from selling your gold jewelry.  This is no hard because there are many ways to find out if it is a scam or the real deal.

Due to the many scams out there, you will need to identify some of the facts about your gold that you’re planning to sell. The first thing that has to be done by the seller is to know your product that you are planning to sell to the buyer, and that includes facts such as your golds value, established local buyers, several offers, and a license check.

One way to get a really good idea of your golds value is to find out it’s weight and purity, and this can be done by having an estimate your items weight minus any stones and other metallic areas. The next step that you will need to do after you’ve discovered the purity of your golds karat is to divide the number by the percentage of pure gold which is 24. The next step is to search online to find your gold’s estimate with the weight and purity numbers, and this will all be based off of the current price of gold which you can get online at many different sites such as kitco.com.

The last step is to get multiple offers from different buyers, and ask the jewelers how are they calculating the price based off of new or old prices. Keep in mind that different types of gold buyer will offer very different prices.  For example, a pawn shop will offer very low prices whereas a specialist cash for gold store will, if they are reputable, give out much higher prices.

It’s important to always write down what dealers tell you over the phone, so you will not get low balled when you go in to their establishments or get you payments in the mail.

So, to summarize, avoiding cash for gold scams is something that you can do and the main ones are:-

  • Buyer gives you below market value for your previous metals
  • Buyer does not weigh you precious metals correctly
  • Buyer does not test the quality of your gold correctly – pays for 14K gold when it really is 18K gold
  • Buyer does not inform the seller that the precious gems have value

The way to combat this is to find a gold buyer that has an excellent reputation and you can do this checking them out online.

Read More

Should You Sell Your Scrap And Unwanted Gold Jewelry Now

Aug 12

assorted gold braceletsHave you ever wondered should you sell your scrap and unwanted gold jewelry now?

Newly divorced and you want to make a fresh start and want some extra dollars to spend? Well, your gold is valuable but it all depends on how much you need the money, maybe you have had an unplanned expense or perhaps you want to take the family on a vacation.

Whatever your reason for selling your gold, you need to consider the timing of when to sell it to get the highest price.  Now, if you need the money immediately, you really have no choice and will sell regardless of what the current market prices are.  But, if you can wait, you may want to look at which way the market prices are moving so you get the top dollar.

Gold prices have been all over the place recently, up one day and down the next, so just looking at a gold price chart may not give you much insight to what will happen in the short term.  The better way is to look at what big news items that affect the economy, and therefore the price of gold, are going on.  This will give you a much better read on where prices for all the precious metals, and therefore your unwanted jewelry, are likely to head.  Of course, it may pan out completely differently than you though, and even the experts predicted, but at least you know that because of the stability of gold, in particular, prices will not drop too much.

So, now is as great a time as ever to sell gold jewelry online and get decent prices. If you jewelry box is full of broken necklaces, knotted chains and out dated pieces of jewelry which you simply aren’t going to wear and you wouldn’t mind parting with then now is the time to turn that gold jewelry into cash.

Cash for your unwanted gold could be used to purchase something for the home or maybe that overdue vacation. Prices of gold continue to hold there own and based on the quality of your gold you could be sitting on a small fortune. Based on the carat of your gold your dealer will offer you a price based on the international market price, which will vary day to day.

It also worth bearing in mind that if you want a solid investment for your children or maybe a little something for your grandchildren then gold is a great investment for generations to come as it has been throughout the history of mankind. Maybe you should sell your scrap and invest in sovereign coins, American Gold Eagles or Krugerrand?

Before planning on selling your unwanted jewelry and gold you need to find a professional gold trader who will offer a competitive price for your gold. Don’t be scared to shop around to find the best possible price for your unwanted gold jewelry which you can do from the comfort of your home online.

Melting Scrap Gold Into A Bar


Where Gold May Be Going Through 2015 (one opinion)

Read More

How Gold Buyers Make Money From Scrap Gold

Aug 11

scrap goldScrap gold is defined as the gold (or gold jewelry) that a person has no use for other than it has some value.. The gold might be in broken and damaged items, or even gold used in a dental purpose. Having such gold sitting around at home gathering dust in a cupboard is a complete waste to you.

Therefore, the way to get some value from it is to sell it to a gold buyer who deals specifically in scrap gold.

Since the gold and/or jewelry is basically unwanted because it no longer serves its purpose, its value will be significantly lower that if it was, for example, a fine piece of custom jewelry.

Therefore, the main source of profit for gold dealers is to sell the scrap gold to gold refiners. When the gold dealers obtain the scrap gold with lower market value, they can immediately sell to gold companies with high market value. On the contrary, if the selling price to the gold companies is not good, the gold dealers can keep the reservation first. Until the price is good, the gold dealers can sell again.

Refineries collect the unwanted gold and melt it down so they can resell it. The reused gold can be used to create beautiful jewelry again. Therefore, the refineries are the main constant source of profit for the gold dealers. Since the refineries are required to spend cost for reprocessing the unwanted gold, the selling price for the gold dealers is less than the market value.  Selling gold to refineries might not have high profit margins, however, it is the stable source of profit and the scrap buyer can try to time the selling to the refinery to coincide with upswings on market gold prices.

Resale the scrap gold might be one kind of profit source for gold dealers. Some scrap gold might not have damage nor broken. They are just dirty. By little repairing or cleaning, the scrap gold can be resold. However, resale might not be a reliable source to make profit. It was because not many people are willing to buy scrap gold.

So, the scrap gold buyer can sell on the gold to a refinery at a higher price than they paid the seller.  They can hedge the time between buying and selling to make more (or less) depending on how gold prices move – remember that many scrap gold buyers have to keep gold for 30 days after purchasing – or they can re-purpose the scrap gold by making it into new pieces if they have the capability to manufacture jewelry.

The bottom line is that the less they pay the initial seller, the more profit they will make.


Read More