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Scrap Gold – From Has No Value to True Value!

 

Surely you have heard of the term “Scrap Gold” if you haven’t, it’s almost guaranteed that you have at some point either sold your old gold jewellery or thought about it. That is what “scrap gold means.

It’s not so much that scrap gold has no value, but it’s a term frequently used to describe the practice of re-purposing the Gold that is in your jewellery box that, in its current state, has little value due to damage or outdated design. Therefore, you may be in a position where you may want to sell or re-purpose the Gold from your unwanted jewellery.

Now the Game Begins

When you consider giving your old jewellery to someone for a value assessment, the old saying “buyer beware” twists to “seller beware.” You may come across several appraisers and scrap gold buyers who will try to take advantage of your naivety and offer you well below the actual value. When dealing with precious metals of any kind, trusting your supplier or, in this case, the buyer is of utmost importance. One place you can always turn to for guidance, advice and honest transaction is Express Gold Refining. With over 40 years in the precious metals business and an established reputation that is founded on Honesty, the Fastest turnaround in the industry and Continuous Technological Advancement. Any transaction through Express Gold Refining, you can be assured that you are dealing with people who genuinely care about their relationships with their clients and have your best interests at heart.

Express Gold Refining operates by a model of transparency and encourages people to ask questions related to pricing, testing and credentials. Once you experience this level of customer service, dedication, professionalism, and integrity, you will unlikely entrust your transactions to anyone else.

There are, unfortunately, many other areas where you may be taken advantage of or misled. For instance, during your research process, you may be guided to a DIY YouTube video where you may be encouraged to try melting your Gold at home. We cannot warn you enough not to engage in this activity. It is dangerous to melt metals at home and is a hazard to your health. Melting metals should be left to qualified professionals.

Here are some basics you may want to cover on your end before selling your precious metals:

Look for a Stamp or a Marking

Most Gold and precious metals will have a stamp with the quality and manufacturer of the metal specified. In fact, stamping goes back to the 7th century B.C. Nevertheless, old or vintage jewellery may not possess a stamp. If you have vintage or precious heirlooms that have value, consider preserving them or making a deal with a collector or even a museum, as not all pieces should be sent to the melting pot. Since 2006, Canada has set up regulations for “marking/stamping” that are available for your review. Visit the competition bureau’s site for more detailed information.

Ask About the Testing Method

Most commonly, Nitrohydrochloric Acid (also known as nitric acid) will be used to test your Gold, but you need to know the process. Gold is resistant to corrosion, oxidation and acid; therefore, nitric acid will dissolve the base metals that have been used in making your jewellery to give it strength and affordability. Gold jewellery is alloyed (mixed) with silver, copper, platinum, palladium, and zinc so that those metals will react to acid. You want to know how much actual Gold you are left with at the end of the process. So don’t be afraid to ask for the testing and the result.

Testing Equipment, Know the Risks

Usually, Express Gold Refining uses two types of equipment, a Sigma Metalytics Precious Metal Verifier and XRF Spectrometer. Both deliver the same results but in a different way. The Sigma Metalytics, Precious Metal Verifier, sends electromagnetic waves into the object, passing through surfaces like wrapping or plating to read the resistance of the underlying metal. The machine’s meter is set to show a specific scope of resistance that is supposed to be consistent with the resistance of each metal the machine has been calibrated to detect. There is a loophole that an untrustworthy dealer may take advantage of; they may play with “the calibration” and, in such a way, be able to twist the results. It is best to protect yourself by asking for a Kee Gold Tester, the highest standard for verifying the authenticity of your Gold. XRF Spectrometer sends X-rays through the gold exciting its atoms into higher energy. This radiation reading identifies metals without any damage. This process is fast, accurate and super precise.

The Scale isn’t Always Right

Something as simple as the scale could lead you to another loophole and can be a cause for concern. In order to get the most accurate understanding of your metal’s weight and value, you need to ensure that your dealer’s scales are certified. Don’t be shy to ask to see the certificate, and feel free to ask was the last time the scales were inspected.

Don’t just think about Gold

At the end of the day, don’t forget that your gold jewellery contains silver, copper, platinum, palladium, and zinc. Take a look at our other articles, and you will walk away with additional knowledge related to other precious metals and their various value, which may be extremely beneficial to you when selling your “scrap” gold.

You will walk away with additional knowledge related to other precious metals and their various value, which may be extremely beneficial to you when selling your “scrap” gold.

We welcome your questions and subject ideas.
Do not hesitate to contact us at [email protected] or call us at 416-366-4000.

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