If you are planning on selling any scrap gold, jewelry or even many different kinds of bullion, then determining the value of your gold can be an important yet time-consuming process. For years, small time investors all over the world had to estimate the value of their gold and hope that their numbers were accurate. However, thanks to the many recent advancements in the internet, it is easy to determine the value of gold using a scrap gold calculator.
All that you need to know before using the calculator is the karat of the gold piece that you want to evaluate as well as its weight. Then simply enter these two numbers into the fields on the gold calculator and instantly you have the value of your item based on the prevailing spot rates.
Because of the recent economic recession that has been felt all over the world, more and more people are turning their scrap gold into hard cash. While some chose to sell their old jewelry, others take the time to visit neighborhood yard sales, looking for affordable priced trinkets that others are virtually giving away. It can be a very profitable business for just about anyone to get involved in. However, there are some things that you need to learn first.
You will need to learn how to detect whether something is solid gold or just simply plated. Then there is the fact that not everything has its gold content listed. As a result, a chemical acid test will be needed in order to determine the purity of the piece.
In the field, this can be a bit difficult because if you want to get an old piece of jewelry at the best price possible, you do not want the owner to see you acid testing it. It is also good to have a scrap gold calculator that you can take with you or at least access from your smart phone while you are out hunting for the most profitable pieces.
Use A Scrap Gold Calculator Before Selling Your Jewelry
At the same time, many people who are getting into the scrap gold business are also looking into purchasing precious gems as well as the other precious metals. The gems can be the hardest thing to learn how to evaluate. It takes a well-trained eye to find valuable gems at affordable prices. The other precious metals like silver, platinum, palladium, rhodium and several others can also be very profitable.
While not everyone is adventurous enough to play with some of the harshest acids known to man, there are those who have found over the years that choosing to refine their gold into its purist form possible is the most profitable way of making money with scrap gold. It can be very dangerous and disposing of the chemicals can be difficult for small scale operations, but in the end the profit potential is that much greater.
In the end, you need to take your time and make sure that you properly value each and every single piece that you will buy as well as sell before making any transaction. As always, a wise investor is a profitable investor.Dan Craig