If you seen those advertisements on television for selling your old gold, you might want to think twice before sending your scrap gold to an advertiser. Often these companies are middlemen and resell your gold to gold refiners and give you less money than you could receive for selling your gold directly to a gold refinery.
Gold refiners process your gold without reselling it. This means they can offer you a higher price for the gold you sell to them. They operate under a higher sets of standards than a normal gold reseller. This allows you to know up front how much money you can expect from the gold you sell to them and what types of gold the refiner is willing to purchase. Many refiners purchase other types of gold than scrap gold like shop sweepings from goldsmiths and fillings from dentists offices.
Refiners use a process for ascertaining the amount of pure gold in the scrap you send to them using a specified formula. Many gold refineries work closely with jewelers so they must be able to guarantee the amount of gold in the metals after processing. Gold is measured in different caret amounts. Starting with 24 carat gold at .999 purity or near perfectly pure, and going to 1 carat at .042 fineness or purity, the amount of gold in different scrap jewelry products can vary greatly.
Most jewelry sold in the United states is marked as either 14 carat gold, at .585 gold or 10 carat at .417 gold. If you sold an ounce of gold jewelry at 14 carat gold, you might be able to receive half of the going market rate for gold after handling and processing fees, but probably less than that is you sell to a middleman instead of directly to a gold refinery.
One thing to also be aware of is that if you mail in a diamond or other type of precious gem ring, you might not get credit or payment for the stone. This can amount to thousands of dollars lost if you are not careful. The company is selling these stones back to other jewelry stores and making money off of their sellers laziness. Be certain when dealing with a gold refiner you understand the terms of the sale and payment.
Many middleman companies only mail checks, while many refiners offer multiple methods of payment including wire transfers, credit for purchasing gold back from them that has been refined as well as a check.
Author Resource:-
Ross Metals (http://www.rossmetals.com/) provide the highest quality precious metal refiners in the industry, all guaranteed to meet or exceed "The U.S. Stamping Act" for karat accuracy and requirements. Art Gib is a freelance writer.
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