Buying and selling scrap silver is not as popular as dealing in scrap gold. Those who look down on the trade do not understand that buying and selling scrap silver is a business with less competition and more opportunities. Even so you must be just as careful when and where you buy scrap silver as you would be with gold. The world is full of scammers, and they prey on those with little or no experience.
When You Buy Scrap Silver Beware Of The Scams
When you buy scrap silver, make sure you are dealing with real silver items rather than merely being silver-plated. Most items are in the form of Sterling Silver rather than pure silver. Pure silver is too soft and will not hold its shape or form that is why they need to mix it with a small portion of metal. Rather than calling it silver alloy, it is officially known as Sterling Silver. Unscrupulous silver dealers will try and pass off sterling silver as pure.
The first thing you need to look for is a stamp stating that it is Sterling Silver. The stamp may read the whole phrase “Sterling Silver” or just “Sterling”. For smaller objects, the stamp may only read any variation of abbreviating the word “sterling” or the number 925 up to as low as 800 which indicate that the object is 92.5% or 80% silver mixed with other metals.
The next step is to know whether the stamp is truthful or not. Scammers can easily stamp silver-plated objects. Keep in mind that silver, and other precious metals like gold and platinum, are not magnetic. If the item gets attracted to a magnet, then you can bet that it is not real silver. Even the thickest silver-plating will still be magnetized.
Of course the best way to tell if any precious metal is genuine is to buy a gold and silver testing kit. You can get a good one online (eBay or Amazon, for example), for around $18 that does the trick. If you don’t have the full silver testing kit with you, there are a few “workarounds” you can try.
One of them is called the “cloth test”. This is believed to have been how Victorian pawnbrokers checked for silver. To do this you need a piece of light-colored cloth to hand. Some dealers have cloth they buy specially. I use a piece of an old cotton shirt I grew out of. It’s got to be clean and dry. You simply rub the supposed silver item with the cloth a few times. Real silver will leave a dark stain on the cloth while fakes will not. This is because real silver oxidizes and oxidized silver is dark in color. Fake silver will seem shiny and look unstained even if it were not cleaned nor polished in the longest time.
The most rigorous test you can have is with the use of a nitric acid. This is one of the liquids in gold and silver testing kits. A few drops of the acid will show whether the item is authentic silver or not. Fake silver will turn greenish in color while authentic silver will have a creamy sheen to it. This is a bit invasive and some dealers do not allow the test to be done which is why you have to know the other methods of testing before you commit to buy scrap silver.
Metal Dealers Buy Scrap Silver And Not Antiques
There used to be a time when a silver knife, folk spoon set had greater value as a set than for the silver it contains. Sadly, that is no longer the case. The recent rises in the price of silver mean that antiques and artefacts are disappearing every day as more and more silver is melted down for bullion. As this is now the case, you may not want to part with silver items that have a sentimental value. It’s one thing to think about your mother’s beloved silver tea service going to a “good home”, something else entirely to know that it’s going to end up in a bar of silver bullion in some crazy investor’s cellar.
Silver dealers entertain no thoughts of a sentimental nature. With them it’s all cash. Maybe that’s how you think – which, in the final analysis is the sensible way to approaching investing in silver. When it comes to scrap silver, the only thing to worry about is how much you are going to get. Occasionally, an antique will have a higher value than scrap silver, so take that into account before you sell. Here’s an example of what will get melted down:
If you are interested in selling scrap gold, it is important that you understand how much you can get for your gold and how it will be calculated. Everyone has probably seen the advertisements both around town and on television, extolling the benefits of getting fast cash from your gold; but, before you get too excited and think you will be getting anything near the current gold prices, think again. Calculating how much you will get for scrap gold is not difficult and it can help you better compare different companies so that you know you are getting the best price.
Why People Are Selling Scrap Gold
There’s no doubt that selling scrap gold can be a great way to get rid of old pieces of jewelry that you will never wear again. Whether you have broken chains or outdated styles, these pieces of jewelry serve no purpose cluttering up your jewelry box; however, you do not want to simply give them away, either. The first thing you want to do when trying to determine how much your scrap gold is worth is to find out how much you actually have. This will mean getting a very accurate weight and ensuring the pieces you have are actually gold.
Have your gold weighed by a trusted jeweler or other individual who can give you an accurate weight in grams. It is important that you separate your gold into its marked fineness. You need to know how much gold you have that is 10K, 14K, 18K, etc. The next thing you want to do is look up what the current rate for gold is and calculate that rate for the amount of gold you have. It is important to realize that gold prices are listed according to their troy weight. There are 31.1035 grams in a troy ounce. So, divide the daily rate for gold by this figure to find the current price per gram.
Once you have the current daily price per gram for gold, you are ready to start calculating how much your scrap gold is worth. Multiply your 10K gold, in grams, by .4167, 14K by .5833, 18K by .75 and 24K by 1 (the current rate for a gram of scrap gold). By adding these figures together, you will have the true value of your gold; however, a gold buyer is not going to give you its total value. After all, they are in business to make money and will need to have a markup when they are selling scrap gold on to their dealer or smelter.
Most gold dealers will pay anywhere from 50% to 90% of the current rate for scrap gold. This is where knowing your gold’s value and shopping around can help you get the most for your gold. If you want to compete with the professionals when it comes to selling scrap gold, you really have to learn fast and be keen to get out there. There are no second prizes in the gold scrap business.
The market for silver is at an all time high, enabling scrap silver sellers to make a lucrative profit from their silver products. Anyone can sell scrap silver, provided they have the right type of silver to sell. Scrap silver can be found in any number of forms to include broken jewelry, old silverware, silver coins, etc. Rather than give away these valuable possessions or discard them into the trash, why not see if you can transform them into useful cash?
What Constitutes “Genuine” Scrap Silver?
Genuine sterling silver items can be easily distinguished from silver plated articles by a visible number marking on the product at hand. This number signifies the percentage of silver in the item. A marking of 92.5 or .925 signifies that the product consists of 92.5% silver and 7.5% of another alloy. Many buyers will purchase products of 80% silver or more, regardless of its physical condition.
Many people have old sterling silver items lying around the house without realizing their value. These items may range from old silver flatware to silver trays, candlesticks, trophies, desk sets, salt or pepper shakers, jewelry and more. Whether you have broken silver jewelry or tarnished silver kitchen ware, you can make good money when you sell scrap silver.
How to Sell Scrap Silver
Due to the high price of silver today, it’s important to find a reputable scrap silver buyer to ensure you get the most for your selling efforts. The Internet is a good source of scrap silver buyers as is the Yellow Pages where you live. If you know a reputable jeweler whom you trust, you may be able to get a referral for a buyer through him. If you are not sure about a scrap silver buyer, you can always check his standing with the Better Business Bureau to see how he fares.
The Silver and Gold Exchange has earned a good reputation over the years for being an honest and reputable silver and gold buyer. They offer valuable assistance and trustworthy services to individuals who want to sell scrap silver or gold for gain.
If you have a lot of scrap silver to sell, you should learn more about the selling process to protect yourself from getting ripped off. You can keep tabs of current silver prices through the Internet, so you are not cheated by fraudulent buyers. You can also learn how to calculate how much silver you are selling by weight to get a better idea of what price you should receive.
You can avoid problems when you sell scrap silver by working only with select buyers you trust. In this way, you can be assured of having a good selling experience and receiving good deals for your merchandise.
Congratulations on finding Scrap Silver Scrap Gold dot-com. This website will soon be packed with more information on silver and gold bullion than you’ll be able to shake a stick at.
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