With the price of gold going as high as it has in the last 2 to 5 years, interest in this yellow precious metal has also been gaining momentum. There are hundreds if not thousands of companies who want to buy your gold- regardless of its condition. You’ve probably heard the words “we buy scrap gold” a lot more these days than you’ve ever before. It might also seem strange to attach the word ‘scrap’ to gold. This metal isn’t commonly put on the same recycling bandwagon as other metals. However, gold buyers are not a novel idea.
What is scrap gold?
Scrap gold is any gold that has previously been used in jewellery or other ornaments but is no longer being used because it is old, outdated or broken. Gold, be it broken or damaged jewellery, is always valuable. There are some simple calculations that can help determine the value of any scrap gold. These aren’t complex and reputable buyers will gladly share with you how they come up with the price they offer.
Scrap gold is not pure gold so the value will mostly depend on the karat value. Gold bullion in the firm of coins or bars on the other hand is made from pure gold or 24karat gold and your used gold coins may be valued closer to the spot price than scrap gold jewellery. The bottom line is that you will get more for gold that is close to 24 karats.
When it comes to coins, you also want to investigate how old or rare and in- demand your particular gold coins are. Whilst most scrap gold is bought to be melted down and recycled, gold coins and other bullion products are bought and resold as they are. Sometimes certain gold coins might be worth more than what the normal commodity price.
You would be surprised by the amount of scrap gold that can be found in a lot of households. There’s the usual gold jewellery that most people will sell to raise cash, however, you would be surprised of how much gold that has been used in the manufacturing of electronic equipment. The cellphone, tablet or laptop you are using right now has some quantity of gold in it.
Gold is an interesting metal that as captivated human beings for millennia. However, it is a finite material whose supply is dwindling as mines are beginning to shut down. Recycling if gold has become more necessary than ever before.
Here are some quirky facts you may not have known about gold:
- To recover a single gram of pure gold, you would need eighty computers.
- Not all scrap gold recovery methods are profitable. You would need ton of electronic devices, computers and smart phones to reclaim a sizeable amount of gold which is why recycling gold used in cellphones isn’t a big deal.
- The recovery of scrap gold might involve the use of acids and other chemicals. These chemicals might be dangerous to humans as well as to the environment.
- Some scrap gold recyclers may process the protective clothing and gear worn during the recycling process to recover any gold particles that may have stuck to the gear.
- Mines are responsible for most of the pollution in the world. Mining uses a lot of natural resources, particularly water, disturbs entire ecosystems and emit tons of carbon into the atmosphere. Recycling gold can help reduce the need to dig up new mines. Rather than hold on to old useless gold, you can get a bit of cash and reduce the need to mine new gold. Rather than buying new gold pieces, try buying used jewellery – you can look good for less whilst saving the environment.
- Over 85% of the gold that has ever been mined can be accounted for. This is largely affected by scrap gold buyers.
- France is the leading gold recycling country in the world. However, a lot of countries are catching up in response to the surge in prices and demand.