Gold Scrap Wanted

Gold Scrap Guide:

Any gold scrap collector, whether they're experienced or just starting out, should have a set of basic tools that will enable them to check the authenticity of any gold scrap items they are being offered.

With the volatile nature of gold prices, dealers in gold scrap cannot afford to work on too tight a margin, as any significant shift in the price of gold would leave them with a load of stock that was worth less than they'd paid for it.

The basics requirements should be:

• A Set Of Scales - You will need to know the weight of the gold scrap you'll be buying so that you can offer a price that allows you to make a profit from your purchase. Most gold scrap is bought and sold in grams, so it makes sense to buy a set of scales that weigh accurately in grams.
• A Calculator - Because gold scrap comes in various qualities, from 9k to 24k, and each of these qualities contain differing amounts of gold, then you'll need a calculator to work out the value of the gold content in each piece of scrap gold that you'll buy.
• A 20x Loupe - (Jewellers Eye-Glass) This is an essential tool for identinfying hallmarks and other tell-tale signs that will verify your gold scrap as the genuine article.
• Petty Cash - A small amount of start-up cash will be required for you to pay your first client for their gold scrap. You will be walking away with their gold and it's unlikely that they'll be happy for you to do that, if you offer to leave them with a Cheque.
• A Pocket Note Book - This will allow you to record and refer back to your purchases. You can use this information to decide how much you'll be willing to accept for each lot of gold scrap you've bought.

Later on, as you make more purchases and your expenditure becomes greater and hence riskier, you will have to add more tools to your "gold scrap buyers kit" to avoid being swindled.

An Advanced Kit will more than pay for itself in the short term.

You will need to buy the basic items to avoid making costly mistakes at the beginning of your gold scrap buying ventures.

Gold Scrap Items To Buy:

The types of items you should be buying will include, but are not limited to,

• Any item made of solid gold, silver or platinum
• Any carat, age or design
• White, yellow & rose gold
• Gold earrings
• Gold bracelets
• Gold wedding rings
• Gold engagement rings
• Gold fillings
• Gold chains
• Gold watches
• Gold coins
• Gold bangles
• Broken gold chains
• Any damaged gold
• All foreign gold
• Gold teeth!!

Gold Scrap Items Not To Buy:

• Gold−plated jewellery
• Micron plated jewellery
• Electron plated and rolled gold
• Costume Jewellery
• 9 carat back and front plated jewellery
• Coins that are not solid Gold or Platinum