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FlusH
Random person on Internet

Registered: 10/23/01
Posts: 2,910
Loc: Bizzaro World
Last seen: 17 days, 9 hours
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I got offered some scrap gold
#13974095 - 02/16/11 02:58 PM (12 years, 11 months ago) |
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for $16.60 a gram of 10k gold rings. He has 15 grams worth for me. After checking with my local gold bullion and coin shop they are currently purchasing gold at $16.85 per gram of scrap.
I am not sure if this would be a decent investment. I have been watching the price of gold flucuate for the the last week, and this seems to be a decent price for this week.
My question is to those who have been watching the market for years. Do you think this will be a wise short term investment? Will I be able to flip it even for a small profit in the next 6 to 8 months? or would it be worth to hold onto for the next year or two?
Also, I would like to test it to make sure I am not getting ripped off. I have a strong magnet and I also have a small vial of nitric acid. Asside from these test's, is there any other ways to tell what karat it is?
Thanks!
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Shins
Fun guy



Registered: 09/15/04
Posts: 16,337
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Re: I got offered some scrap gold [Re: FlusH]
#13974115 - 02/16/11 03:04 PM (12 years, 11 months ago) |
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acid/scratch test is the most cost effective way, there are expensive electronic gold testers but they are expensive.
Also look for stamps indicating purity and gold should generally be odorless, although some alloys could potentially smell.
My personal criteria for buying scrap is; if the price of the scrap is less that the price my local buyer will give me i buy.
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FlusH
Random person on Internet

Registered: 10/23/01
Posts: 2,910
Loc: Bizzaro World
Last seen: 17 days, 9 hours
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Re: I got offered some scrap gold [Re: Shins]
#13974496 - 02/16/11 04:21 PM (12 years, 11 months ago) |
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Cool!, thanks for the info. I am just now getting into the whole precious metal market, and I dont want to get taken for a ride right off the start.
You say some alloys smell? what kinda smell does it remind you of?
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Shins
Fun guy



Registered: 09/15/04
Posts: 16,337
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Re: I got offered some scrap gold [Re: FlusH]
#13976877 - 02/16/11 11:44 PM (12 years, 11 months ago) |
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Sometimes gold or silver is alloyed with copper or some other metal that smells.
pure silver or gold don't really smell.
Generally if it smells you don't want to buy it unless you're sure of the content.
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