\n
Over the past few days, a number of
\nsubscribers have reached out wanting to sell their gold watches. With
\ngold hitting an all-time high, this is hardly a surprise. In fact, I’ll
\nprobably be doing the same myself in the near future.<\/p>\n
First of all, we’re talking about scrap gold, not your shiny Rolex
\nPresidents. Scrap gold comes from broken watches, bracelets, links, and
\njewellery – sent to a refiner to be melted down and reused. And yes, now
\n is the perfect time to turn junk into gold.<\/p>\n
However, the process of turning scrap into bullion is a bit tricky, to
\nsay the least. Having gone through this journey a number of times, I
\nspeak from experience.<\/p>\n
Basically, you have two options:
Sell your scrap to businesses that buy scrap gold, or deal directly with a refinery.<\/p>\n
In the first case, the easiest way is to find a local buyer online, make an appointment, and show up with your scrap.
The problem? They’ll rip you off. You won’t get anywhere near what an
\nonline gold scrap calculator might estimate. The price they pay is
\nsignificantly lower than the gold spot price. They’ll also complain
\nabout all sorts of things – purity, carat, content – all being “unknown”
\n or “too risky.” But you’ll walk away with cash in hand.<\/p>\n
Dealing with refiners directly comes with its own challenges. The most
\nobvious one: as wholesale businesses, they’re primarily interested in
\nlarge quantities of scrap metal. One broken watch and a couple of
\nearrings aren’t worth their trouble.<\/p>\n
There are also numerous “fixed costs” associated with refining. The
\nassay fee – a charge to test and determine the purity of your gold – can
\n be either a flat rate or a percentage of the total value. Some
\nrefineries waive assay fees for large quantities, while others charge
\nfor incoming weight, retention, and handling, in addition to the assay
\nitself.<\/p>\n
Then there’s the refining time. It can take weeks to get your 24K gold
\nback. But what really makes me nervous is the downright dodginess of the
\n process. You’re expected to place complete trust in the refiner, while
\nhaving no leverage or oversight whatsoever. You leave your scrap – and
\nwhatever comes out of it is what it is.<\/p>\n
For example, the common procedure is to have your scrap pre-sorted (9K,
\n14K, 18K, 24K), weighed, and recorded, then weighed again at the
\nrefinery. However, the last time I handed over my metal, I was simply
\nasked to leave it behind – to be weighed later – because, apparently,
\n“the scales weren’t working.” And I did. There’s no point arguing with a
\n refiner. It’s a take-it-or-leave-it deal.<\/p>\n
The upside is that, at the end of the refining process, you’ll receive a
\n lump of pure 24K gold (plus some silver), and you’ll have the option to
\n sell it on the spot at the actual market rate, have it stored, or take
\nphysical possession. You’ll also receive a proper receipt.<\/p>\n
To be fair, gold merchants and refiners are constant targets for forgers
\n and crooks, so their lives aren’t easy either. Dealing directly with
\nthem requires experience – and strong nerves. And yes, they’re all the
\nsame.<\/p>\n
Of course, if you have an 18K gold watch you’d like to sell for scrap,
\nor any fine modern or vintage piece similar to our current stock, feel
\nfree to reach out. I’ll be happy to make you an offer upon inspection.\n <\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"
Over the past few days, a number of subscribers have reached out wanting to sell their gold watches. With gold hitting an all-time high, this is hardly a surprise. In fact, I’ll probably be doing the same myself in the near future. First of all, we’re talking about scrap gold, not your shiny Rolex Presidents. […]<\/p>\n","protected":false},"author":1,"featured_media":334292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99789,101923,98629,120316],"tags":[674,3946,3945],"dealstore":[],"offerexpiration":[],"class_list":["post-334291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold","category-nicholas-hacko","category-watches","category-watchmaking","tag-gold","tag-hole","tag-rabbit"],"yoast_head":"\n
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