May 26, 2024

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Scrap Gold Recycling – A Profitable Business Idea?

Scrap gold is often referred to as “a mine above ground”! Recyclers are quick to point out that their tradition of producing valuable metals from unwanted items goes back to ancient civilization. Back then, scrap gold or seized pieces from conquered nations was melted down and remade into new pieces of jewelry or figurines. Today, after scrap gold goes through its melting process there is no difference between its purity and mined gold ingots. The cost of remelting and then refining is still regarded as very small, when compared to the cost of mining. The scrap gold market plays a very important role in the overall world wide gold market scene.

Broken or unfashionable gold jewelry is of course the first thing that comes to mind when you think of common sources. However, with the increase in the electronics and industrial markets, these areas are now an important source of locating new sources of precious metals that can be re-processed and brought back to the market, as a valuable commodity. Waste gold is retrieved as one of the components in computer and telecommunications equipment, like microchips, printed circuit boards, etc… Even though the amount of scrap gold is quite small, the amount of equipment being turned in is absolutely huge, which makes it very worthwhile for the minuscule amounts of gold to be recovered. This scrap gold may eventually find its way back to being created as a beautiful ring, necklace or maybe a bracelet. On the other hand, it could end up being used for investment purposes or as another industrial component, and so the cycle continues.

For most of us however, scrap gold refers to the pieces of broken charms, earrings, coins, rings etc., that are lying at the back of a drawer, too good to throw out, but broken and unwearable. In any condition, these pieces can be refined once sold to any number of the scrap gold buyers that are actively dealing in it. Dental gold fillings, bridges, inlays and crowns are also finding their way on to the scrap gold market. After all, why leave them to your dentist, you may as well benefit by selling them for a substantial amount of money; after all, you would have initially paid dearly for them, I’m sure.

The good dealers will weigh your stuff for you, test it for its purity, and then give you a free appraisal. If they won’t do all these things, then find a buyer that will. There are plenty of links for these businesses that you can visit on the Internet, to get a better idea on how the system works. Some will even send you the prepaid envelopes for you to send your stuff in for them to value. It is surprising what we can find after a lifetime of collecting and hoarding, and it is nice to know that these broken chains and earrings, no longer worn cuff links, etc., are able to be sold and later become useful again. The funds obtained this way, can then finance a new purchase of something precious, just for you.