With the price of gold reaching for $1250 an ounce, now is a great time to sell scrap gold. Gold dealers, Jewelers and pawn brokers are tripping over each other to offer the best price for scrap gold. the big question is, how do i go about getting the best price for my scrap gold?

There are some general guidelines to selling scrap gold.

Check out the quality of the gold you’re selling, whether its 9ct, 14ct, 21ct, or 24 carat gold, it shouldn’t be too difficult to sell your gold.

Make sure you weigh the gold yourself to get a good idea of its value before you take it to a gold dealer or scrap gold refiner. Gold and other precious metals are weighed in troy ounces which are 31.1g, also pennyweights are used when selling gold, 20 pennyweights make a troy ounce.

24 carat gold is pure gold, and obviously this gets the best price when you come to sell, but other grades of gold are also worth selling and the value depends on the purity of the gold.

Another point to make is that most gold buyers wont want to pay full price for gold. this is sometimes known as “spot price” for gold and other precious metals. the value of scrap gold can be anything between 10% and 70% of the spot price. this depends on the gold buyer and varies a lot!

When selling gold jewelery, it is best to remember that most gold jewelery has had other metals mixed in with it and this will lower the scrap gold price. Gold jewelery will usually be tested by the gold buyer using either a chemical test kit or other means of testing.

Selling Gold coins can be profitable too. the main types of gold coins are gold krugerands, golden eagle gold coins, maple leaf gold coins and gold Philharmonic coins. these are the best priced gold coins as they are all 24 carat and high gold content 99.99% pure gold.