Some people have reservations about gold and other precious metal recycling because it isn’t as common as recycling paper, cardboard, or aluminum cans. In fact, one of the reasons gold recycling can be so advantageous – its higher return price – is a reason people worry about collecting their scrap gold and having it appraised.
Fortunately, that’s just one of the myths about gold recycling that can be definitively debunked. If your idea of gold recycling is taken solely from late-night infomercials, it’s safe to say there might be a few things you can learn about gold recycling and appraisal.
The first myth about gold recycling, and perhaps the most pervasive, is that gold recycling is inherently unsafe. Most people worry – with good reason – when using their precious metals. It’s true: gold is valuable and expensive, and there are plenty of people out there who would love to get your gold for an unfair price.
So why is this myth untrue? Because not every gold broker is out to get you. People have been trading gold since the dawn of currency, and it’s safe to say there have been countless financial interactions involving gold that were successful, safe, and worked out for both parties involved.
Gold brokers understand the concerns people have, which is why the good brokers will take steps to legitimately alleviate these worries. For example, online gold brokers ask that you send them your scrap gold metal for appraisal. What’s to prevent them from simply taking your gold? Online gold brokers will offer insurance on your collection, and quickly return your gold if you’re not satisfied with their appraisal and financial offer.
Remember, gold brokers are often interested in buying your scraps. This includes gold teeth, broken jewelry, and industrial gold.
That’s not to say there aren’t any shady dealings out there, either. Pawn shops, in particular, are notorious for their inability to properly appraise gold. They also have more use for your more valuable gold items: watches and necklaces, for example. There’s no real way of verifying whether a pawn shop operator would be able to give you fair value for your scrap gold. These reasons make it often much more wise to consider using an online broker.
Another myth about gold recycling is that it’s difficult. Many people take for granted the fact that they already recycle a number of items, including paper and aluminum. To them, this recycling is a weekly chore like mowing the lawn, simply because they’ve gotten used to the routine. Gold recycling is a little more out of the ordinary, and because it’s different, seems more difficult.
The truth is that gold recycling is as simple as gathering your scrap gold and finding a good appraiser. If you work with an online gold broker, it’s as simple as sending in your gold for appraisal and receiving a check in the mail if you agree with their financial offer. Just because gold is a precious metal doesn’t mean you can’t find it easy and maybe even a little fun to recycle it.
Another myth about gold recycling is that it’s probably not profitable enough to be worth your time. People who perpetuate this myth probably have some experience collecting pocket change for mountains of recycled cans.
The truth is, in fact, the opposite: by its vary nature, gold is worth more to appraisers and will be worth more of your time. Some people even keep their scrap gold for the future: when have you ever heard of anyone keeping their used paper for future financial security?
While gold isn’t as plentiful as aluminum cans or cardboard, there’s certainly more than enough value in gold recycling to make it worth your time. A gold tooth can often fetch $5 to $20. Recycling gold helps protect the environment just like recycling aluminum or paper does, but provides you with more immediate returns.
Don’t forget the myth that gold appraisers are scam artists waiting to pay you exceedingly low prices for your gold’s value. While there are scam artists, perhaps, in any field, it’s not hard to find a trustworthy gold broker who will be honest and upfront with you about the prices he or she pays.
If you’re convinced, you’re likely wondering where you can find gold to recycle. It’s likely all around you: in old computers and electronics, in unused or broken jewelry, or even in your dental work. If you take five to ten minutes to write down a list of all the gold you have in your house, you may find the result surprising.
These days, it’s important to make the full use of your possessions as well as protect the environment. Recycling gold does both. But it’s important to make a distinction between the myths and the facts.