Selling To A Gold Refiner: Key Considerations

Posted on: 2 December 2015

You have a lot of options when it comes to selling your gold. Pawn shops, coin dealers and jewelers, among others, all buy gold items. One of the best places to sell certain unwanted gold items, however, is a gold refinery. Unlike the other listed options, a gold refiner is an end user, not a middle man. In many instances, you will get a higher price from a refiner. This article examines some key considerations involved when choosing this alternative. 

Coins 

If you have gold coins, it's crucial to know the difference between a numismatic and a bullion coin. A numismatic coin has a value to collectors over and above its metal content. A bullion coin, such as the American Eagle gold coin, does not have collector value. Its value is based solely on the metal content. 

When selling numismatic gold coins, you will receive the most value by selling privately to a collector or putting the coin up for auction. If you have bullion gold, selling directly to a refiner is a good choice. The price you will receive depends on the market price of gold as the time, known as the spot price and the amount of gold in the coin. 

Scrap 

Refiners are the perfect place to sell your scrap gold, such as broken or damaged jewelry and dental. The price you will get for scrap gold depends on its weight and the karat, in addition to the spot price. Dental gold is typically 16 karat, although there are many exceptions. Jewelry is generally marked with a stamp that identifies the karat, but not always. In some cases, the mark may have faded or become unreadable due to damage. 

If you are not sure of the karat, you can take the gold to a jeweler or gold dealer and have them test it for you. It's also possible to test the items yourself, with a home testing kit

Plate and Filled 

Gold-plated scrap items are usually not accepted by gold refiners. The amount of gold they will recover is simply not worth the trouble and expense of refining the scrap. Gold-filled scrap, which contains a thin layer of gold bonded to another metal, might be accepted if you have a large amount of the material. 

Selling your gold directly to a gold refinery is an good decision some situations. Contact a gold refinery, such as Mid-States Recycling & Refining, for information on how to proceed with this type of transaction.  

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