Answers To Common Questions About Selling Scrap Gold

Posted on: 6 January 2015

Financial strain can cause many people to experience major hardships, but it is not uncommon for individuals to not want to take out a loan to get through the temporary cash shortfall. Fortunately, most people have pieces of scrap gold that they are no longer using, and this is most often in the form of jewelry. However, many individuals have never sold scrap gold before, and as a result, there may be a couple of questions you need addressed before you decide to use this option. 

What Items Can You Sell For Scrap Gold?

Jewelry is one of the most common types of scrap gold to be sold, but this is far from the only items that you can sell. For example, many people may have gold chains or belt buckles that can be sold for any gold they contain. Basically, any item that contains gold may be able to be sold for some fast money. 

In addition to obvious sources of gold, many electronic devices contain numerous precious metals that may be able to be recovered. However, it takes specialized materials to recover the gold from these items, and many scrap buyers are unable to accept electronics due to this. Therefore, you will need to contact these professionals and verify that they can accept electronic items. 

Do You Have To Prove Ownership Of The Items?

Many people may expect to have to prove ownership of the item before the company will accept it. This belief stems from the fact that some people believe scrap buyers are a favorite target for criminals. Luckily, this is not the case, but many people may let this belief prevent them from getting fair value for their scrap gold.

While you will not have to prove ownership of the gold, you may be asked to present a government issued identification. This step is necessary because these companies must track the payments that they make to each person. Also, in the event that an item is determined to be stolen, the identification information will be turned over to the police. While this may seem like an inconvenient step, it is necessary for a number a reasons, and the inconvenience will likely be more than worth it for the ease of selling scrap gold. 

Selling scrap gold is an excellent way of getting value from items that you may have thought were worthless. By understanding the variety of items that can be sold and what documentation is needed to sell them, you will be better informed and able to take advantage of these services.

Woodland Money Loan is a local business that purchases gold. You can visit them for further questions.