To make money, you typically aim to buy at 60%–80% of that melt value. 2. Essential Testing Kit
If a ring has a large stone, you must subtract the estimated weight of that stone from your total weight before calculating your offer.
This is the most profitable route. Refiners melt the metal down and typically pay 90%–98% of the melt value. They usually require a minimum weight (e.g., 2–5 ounces) to do business. how to buy scrap gold for profit
Look for "junk" jewelry jars; sometimes real gold is mixed with costume pieces.
Real gold is not magnetic. If it sticks, it’s likely steel or iron with a thin plating. To make money, you typically aim to buy
Before buying anything, you must know the —the current market price for 24k (pure) gold. Since scrap is rarely 24k, use this formula to find the value of a piece:
Faster than a refiner but they take a bigger cut, usually paying you 80%–85% of the melt value. 5. Common Pitfalls to Avoid This is the most profitable route
Never rely on a "14K" stamp, as many items are counterfeit. You’ll need: