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Selling Scrap Gold and Silver in Texas City/Galveston

Economic downturns are a fact of life and you never know when you might be caught up in events outside your control. That is why you always have to be prepared for the circumstances life might throw at you. If during good times you have accumulated some gold either as jewelry or coins, then selling your scrap gold is one such step that you can take when times are rough. There are many advantages of having some gold as an insurance policy against tough times.

In its simplest terms, scrap gold is any gold that is sent back to the refiner for recycling. Mostly it is broken jewelry that is no longer needed. Gold coins are rarely melted down because they are already in a handy readily recognizable format and are therefore easily exchanged (after all they were money). But for the sake of this article we will include coins in the definition of scrap unless they have a premium (collectable) value due to rarity.

Due to the rise in the value of gold in recent times, selling scrap gold has gained in popularity as a means of raising necessary cash. Gold has appreciated as a store of value, and liquidation is a very relevant option especially in dire economic times.

Gold purity is measured in “karats” with 24 karat gold being pure 100% gold. 24 k gold is too soft to make durable jewelry and so it is alloyed (or mixed) with other harder metals. So if you mixed half nickel (or palladium) and half pure gold you would get a 12 k “white” gold. Mixing copper with the gold will give you “pink” or “rose” gold while mixing silver with gold will give you “green gold”. If you wanted a 12 k yellow gold you might mix half pure gold some nickel and some copper to get the desired color.

Other typical Karat weights of gold are 18 karat which is 18 parts gold and 6 parts other metal or 75% gold. 14 k gold is 14 parts gold and 10 parts of another metal, making it 58.3% gold and 10K gold contains 10 parts gold and 14 parts of other metals, so it is 41.7% gold. Note: Ten karat gold is the minimum karat designation that can still be called gold in the US.

When you sell your scrap gold the buyer will determine the karat value of your gold and then weigh it in either grams, pennyweight or Troy ounces and multiply the weight by the percentage of gold times the price of gold.So if Gold is selling for $1800 / Troy Ounce and you have 1 ounce of 12k gold the formula would be $1800 x 1 oz. x 50% or $1800 x 1 oz. x 0.5 in this case the value would be $900.

All quality jewelry is stamped with the karat value. You may need a good magnifying glass or “jeweler’s loop” to read it though. On necklaces and bracelets it is usually stamped on the clasp, while on rings it is stamped inside. Unfortunately, if the clasp is broken or the ring is extremely worn you may not be able to read it. But all is not lost at that point the gold buyer has to test it.

To do so he rubs it on a stone or file and puts a drop of acid on it. The acid strength is set to determine the karat composition. The weakest acid will leave 10k gold but dissolve other “base” metals. While the strongest acid will dissolve everything less than 18k gold (even 14k gold).

Jewelry can also be “gold plated” or “gold filled” and if it is it can’t be sold as scrap. So if your clasp says 18GF or 18KGP it may look like 18k gold but it is really only gold filled or plated and isn’t worth Selling.

A number of items are important for use as scrap gold, these are mostly valuable items and jewelry. Such items include old watches, gold coins, broken jewelry, gold fillings, and gold teeth. Hallmarked and non-hallmarked gold, platinum and silver also make for valuable items. Some items however, especially the plated ones fetch very little if any value (unless they are in good condition and you can find someone interested in them for their original purpose). The price for your gold items will vary with the carat weight of the items as this is the most important indicator of purity.

       Galveston Gold Buyer

4414 Broadway

Galveston, Texas 77551