The broken gold chain you keep thinking you're going to get fixed; the old ring that got stepped on and never seems quite important enough to take to the jewelers - these are the items that are perfect for cashing in on.
The scrap gold buyer prices will be vary between 40% and at best 80% of the precious metal content. The two main reasons are the cost of refining and the dealers fee.
24K is almost pure gold 98% - 99.999%
18K is 75% pure gold. The other 25% is made up of metals like silver and copper. Lets say the spot price of gold is at $1000 an oz even. This is what your selling price would look like on 18k oz with the there fee. Lets asume the scrap gold buyer's price be 50% on the gold content.
$1000 - 25% - 50% = $375
In this case you would get $375
cash in hand per ounce for 18k
14K is about 58% pure.
12K is about 50% pure.
10K is about 42% pure.
The first thing to remember
about selling your junk jewelry
for cash is simple: don't procrastinate! Gold and silver are more valuable right now than they have ever been, and their value could get 'market-corrected' any day.
6 Ways to trade Junk Jewelry for Cash:
You probably think it's worthless until it's repaired, but nothing could be further from the truth. Anything made of at least 9-karat gold or sterling silver has value to a company that can melt it down and recast it.
- Tangled and Damaged Chains:
Like random other jewelry, if you have a chain that you just can't untangle without harming it, or you've already ruined one trying, you can cash them in.
- Old or Unused Wedding or Engagement Rings:
Did he break your heart? Even if the gem turned out to be paste, you can still get some cash for the rest of the ring.
If you've lost a stone somewhere, you can at least recoup some of your loss by cashing out the setting for some cash.
We all have them. Even tiny 24k gold posts can fetch a startling amount given the price of gold right now.
Now, most dental silver has been alloyed, but some is pure enough to sell, and dental gold is worth about half it's weight in...well, you get it.
We all have old brooches we never wear, and many of us also have memorial pins from various events, all of which could be worth cash.
No matter who you contact to sell your gold and silver scraps, you're certain to agree that you're much better off having traded all of that junk scrap jewelry for cash. Check around for the best price. Just because you see buyers on tv, dose not mean they are all going to give you the best prices. It could be worth you time to check around for a good price that could add up to hundreds of dollars difference in your pocket. Be aware the dealers price would not apply to plated gold, they will test it for content.