What Is The Scrap Gold Price At A Pawn Shop?

How Do You Sell Gold at A Pawn Shop?

Can You Melt Your Own Gold Into Scrap Gold and Sell It at a Pawn Shop?

2022 has seen gold prices at a record high. The gold price fluctuates with the gold market. It hit an all time high of US2074.88 in early 2022. Gold is mainly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). It is an attractive investment during periods of political and economic uncertainty. By the end of the third quarter of 2022, it is expected to trade at 1718.17 USD/t oz. according to Trading Economics, global macro models and analysts expectations.

The gold market continues to flux, watching and understanding the current market value of gold will help you determine if it is a great day to buy or sell gold. Buying gold on a day, the current gold price is low, is to your advantage, and selling gold on a day, the current gold price is high, makes you more money.

Scrap Gold

Scrap gold is any gold that is no longer a value in its original marketed form. Say for example, you have a ring that you got from your grandmother, and the stone has fallen out and the ring is misshapen. You don’t like the ring, so putting a new stone in it doesn’t make sense. Broken or outdated jewelry can be scrap gold.

The gold has value, and once melted down, it can be recycled into something else. Jewelry with gemstones like a diamond or ruby can be melted down and the gems removed before it is melted and sold separately.

Scrap gold almost always brings a lower price than gold coins or bullion, because scrap gold jewelry is typically made of a lower content gold like 14k. Gold coins and bullion are made of a higher gold content. The gold derived from scrap gold is still worth money, but you have to consider it jewelry is typically made from lower purity gold.[

The Purity of Gold

Gold in its purest form is 24k gold, and it is bright and shiny, and bendable. It is soft. It is 99.9% pure. 24k gold is mainly used for gold coins, gold bullion, and gold bars. It is so soft that it scratches easily, and if it were used for a ring, it wouldn’t hold it shape for very long. 24k gold has no other metals added.

18k gold contains 75% gold and 25% other metals like copper or silver. It is lighter in color than pure gold, and is not so easily bent.

14k gold contains 58.3% pure gold and 41.7% other metal alloys like copper, silver, and nickel. It is used in making jewelry because it is not malleable like 24k gold. It is durable and affordable. 14K gold has a rich color, with the classic gold appearance.

10k gold is made up of 41.7% gold and 58.3% alloy. It is durable and used to make jewelry because of its affordability. It is the most impure gold that can remain legally gold in most countries. It isn’t popular as the gold purity of choice for engagement rings or fine jewelry.

Karat vs. Carat – Understanding How Purity is Measured

The purity of gold is categorized using the karat system. The karat system measures the ratio of pure gold and other alloys in a piece of jewelry. The larger the amount of gold, the higher the purity. The karat system is different than the carat system, although they sound the same.

The karat (k) system measured the purity of gold, while the carat (c) system is a unit of mass used to weigh diamonds and other gemstones.

Can You Melt Your Own Scrap Gold?

Melting Gold With a Propane Torch

You can melt scrap gold jewelry down at home. You need some protective gloves, a propane torch, and a graphite crucible to hold the gold while it is melting.

First, take any diamonds or gemstones out of the piece of jewelry. Make sure you separate gold pieces based on purity, 24k, 18k, 14k, 10k, etc. Don’t mix the purities, so you know what purity each gold melt has when you are finished.

Second, place the gold inside a graphite crucible. A graphite crucible is a container used to melt gold, silver, aluminum, and brass.

Third, gradually direct the propane torch towards the gold, which will cause the gold to spread as it melts. Make sure you don’t lose any gold over the edges of the crucible.

Forth, if you add borax to the gold, it will slow down the melting process. This helps when you have a large amount of gold to melt, and you don’t want to break the crucible or cause the gold to explode under the intense heat.

Fifth, directing the touch throughout the crucible will help fine gold melt evenly.

Sixth, when the gold is melted, use a pair of industrial tongs to pour the liquefied gold into a mold.

Seventh, you can purchase a jewelry scale to weigh your gold and have a good idea what it is worth.

Scrap gold melted down can be sold to pawn shops or gold refineries for a fair price based on market value.

Melting Gold in a Microwave

You can melt gold in a microwave if you are working on melting a small amount of gold. You won’t want to use it to warm up food after, because of possible food contamination.

First, using a 1200 where the magnetron is on the side or back for safety.

Second, place the pieces in a crucible, then place the crucible in a kiln. Be sure to cover the kiln before melting the gold.

Third, set the microwave thermostat to 1,200 Watt. Allow the gold to melt gradually, before removing it from the kiln. Use a tong during this process.

Fourth, transfer it from the crucible to an ingot or mold of choice.

Melt Gold with a Furnace

Investing in an electric furnace may be a great idea if you have a large amount of gold to melt.

There are two types of furnaces, an induction furnace and a resistance furnace. They all come in different sizes and efficiency.

An induction furnace is a coil carrying alternating electric current that surrounds the container or chamber metal. A resistance furnace is an electric furnace where heat is obtained from the energy loss of a resistor.

Furnaces are handy and can melt medium to large quantities of gold. They are environmentally friendly and use magnetic currents to melt gold. Once melted, the gold is sent to an internal graphite crucible.

Furnaces make it easier to control the temperatures when melting gold. You can extract gold without destroying the other metals.

When you use a furnace to melt gold, you also protect your gold from oxidation. This ensures the final product is free of impurities.

Melt Gold With A Potato

You may not live in Idaho, where the potatoes are the state vegetable, but did you know that a potato can melt small amounts of gold?

First, find a medium or large-size potato and cut it in half lengthwise. You can use a spoon to carve a hole in one half of the potato.

Second, put a small amount of borax in the potato and add an ounce of gold you want to melt. Put some borax on top of the gold. This will help reduce impurities and hold the gold together. Use a propane torch and point it towards the gold in the potato. Start about 6 inches away from the gold and move slowly towards the potato. The gold in potato will liquefy.

Thirds, use a spoon to scoop out the melted gold and drop in a bowl of water to cool. You can pull back the layer of burnt borax that covers the gold.

Tips and Tricks When Melting Gold

Sprinkling borax on gold can leave the melted metal with a blackish film. To clean the film, use heated oxalic acid.

Make sure you invest in a high-quality crucible. Look for one safe and effective to liquefy metal.
Heating slowly is the best approach.
Always use protective clothing, including goggles, gloves, and apron.
Melt gold in a room with good ventilation, and away from inflammable items.

You have taken the time to melt scrap gold, now where can you sell gold for a fair price? There are online gold buyers, jewelry stores, and pawn shops open to buying and selling gold or a precious metal.

Reputable Pawn Shop

Pawn shops will buy, sell, and loan against gold, gold jewelry, gold bullion, gold coins, and other precious metals. They understand the gold market and how gold prices fluctuate depending on the political atmosphere and economy.

It is important to work with a pawn shop that knows the market price of gold, since this is what the offer will be based on. When your gold is appraised, the value will consider the market price and the resale value.

Pawn shops have experts who understand the purity of gold and how gold is a mixture of silver and gold alloys or other alloys like copper and nickel. They know that the higher the hallmark number, the higher the level of pure gold an item contains.

Remember, less pure gold is worth less based on the current market price.

Pawn shops will appraise and test your gold to ensure it is genuine. Unfortunately, there are several fake gold pieces floating around. Since the price of gold is high, it is important to know that a gold piece, gold coin, gold jewelry, unused jewelry, gold bar or bullion is real. They will also test scrap gold price at pawn shop or any other scrap metal to determine its scrap value based on purity.

Pawn shops will buy scrap gold jewelry and melted scrap gold. They will test it to determine what instant cash payment they can give you.

Pawn shops will also use gold as collateral for a short-term pawn loan if you need quick cash. They will test the gold and determine the market value or spot price, and they may add a small fee or premium for working the deal. Pawn loans don’t require a credit check, and only require you to leave the gold where it will be stored safely at the pawn shop and a state issued ID.

Since the gold fluctuates in value, watch to see what the spot price is before you visit a pawn shop. It only takes a few minutes to get the information, so you are informed about the current price of gold. Knowing this information will improve your gold selling experience.

You can compare prices for your gold, but most pawn shops will offer a fair price based on the current price of gold. Sometimes if you buy gold, the pawn shop will make a deal to get you the most amount of gold for a lower price if you buy in bulk. This is at the pawn shop’s discretion.

Beach Loan Services Pawn Shop

Beach Loan Services Pawn Shop located in Stanton, CA is a full service California licensed pawn shop. With over 50 years of combined experience as pawnbrokers, they pay top dollar amounts on almost anything of value. This includes gold, platinum, silver, diamonds, jewelry, coins, tools, musical instruments, watches, electronics and much more!

They specialize in cash loans on jewelry, gold jewelry, diamonds, precious metal like platinum, gold coins, bullion, silver, gemstones, and other valuables.

They determine the value of valuables like gold jewelry by testing the gold, weighing the gold with a jewelry scale, and comparing it to the current market value. They are honest gold buyers.

Pawn shops typically pay a little under market value plus a premium to cover costs. At Beach Loan, you will get the best price for your gold.

If you are in the market to buy gold, they have a large selection of gold jewelry, like a gold bracelet, gold coins, and bullion. They will weigh the gold and determine the total gold value, so you know what you are paying for.

There are several pawn shops in the area, but you can not go wrong when you work with Beach Loan Services and Pawn for all your gold selling.