Scrap Metal Shop

The supply of recycled gold, or scrap gold, is an important part of the dynamics of the gold market and depends largely on economic circumstances and on the behavior of the gold price. It has been noted that the gold scrap supply typically rises in times of economic distress or following a price rise. Case in point, the economic downturn we find ourselves in right now.

 

The scrap gold price varies from day to day. As the price of gold climbs, the value of scrap gold climb also. If you own scrap gold, there are many dealers out there that will buy your scrap gold, however, most of them will pay you about 10 to 20 percent less than the current market value of gold. There is a penalty for selling your gold at scrap price. The dealer has to process the gold you sell him and wants to make some money on the deal as well. Always check the gold charts such as the ones found on this page so you are aware of what the going price of gold is.

 

Keep in mind that alloyed gold (less than 24 karat) will fetch proportionately less. In other words you will not be able to sell a 9 karat gold necklace for the same price as a 24 karat gold necklace. The closer to pure gold you are selling the better price you will get of course. Apart from the fact that for a lower carat item there is less gold, there is also an extraction process to pay for.

 

The traditional unit of weight for gold is the troy ounce of the Anglo-Saxon system of weights and measures. Despite the gradual conversion to the metric system, the troy ounce remains a traditional fixture of the gold trade and the most important basis for expressing quotations on a majority of the leading gold markets.

 

The following live updated charts offer the 8hr and 24hr prices of gold per ounce and per kilo in US dollars.