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Step 1
Look for old or unused pieces of gold. These bits can include jewelry that you no longer wear, or possibly pieces of gold wire or foil. Electronics sometimes contain gold components, as do other industrial machines. Basically anything gold be pulled out and melted down. The molten gold is then recast as new objects of value. As gold is so costly, you need not collect large amounts to make some money -- several grams is enough to begin recycling. You can by gold from others, friends and family. Watch the market. Buy when prices are a little lower. Expand your enterprise as resources allow.
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Step 2
Sell your gold to businesses that deal in scrap gold. Firms like Specialty Metals Smelters and Refiners, LLC will purchase your scrap gold at competitive rates. Jewelers, like Rozco of Houston, Texas, also buy scrap gold as well as actual jewelry. Contact the dealer before selling your gold. Request a quote and compare this information to current prices. You can check prices on commodities exchanges like MONEX or NYMEX. Gold is sold by weight. Obtain a good gram scale so you can weigh your gold. Also, be sure of quality. Pure gold is 24 karats. Most jewelry is either 14 or 18 karats. Other pieces of scrap gold will vary in fineness.
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Step 3
Look for dealers like ScrapGoldOnline that do not charge additional fees for assaying or melting. Scrap gold must be assayed to determine its gold content. The karat stamp on a piece of jewelry does not necessarily give an accurate account of the actual amount of gold in the piece. The piece may only be coated in gold. The same is true of gold used in industrial applications. The gold may also be combined with other precious or base metals. Dealers will often pay specific sums based on the overall percentage of gold in the scrap.
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Step 4
Increase your scrap gold collection by visiting discounters. Sites like eBay can offer jewelry and other scrap pieces at bargain prices. Keep abreast of trends in recent and antique jewelry and gold plate. Visit local estate auctions and discount jewelers. You should be able to buy scrap gold at rates lower than dealers will later pay. Hold onto your scrap if prices seem to be dropping at the moment. When your business becomes large enough, you can consider melting down the metal yourself. You will need to invest in a furnace and crucible and other casting equipment. The greater the amount of the process you can handle yourself, the larger your eventual profits will be.
Scrap gold
