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Q&A for How to Buy Scrap Gold
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QuestionIs buying gold jewelry a good investment?Kennon Young is a Gemological Institute of America (GIA) Graduate Gemologist, an American Society of Appraisers (ASA) Master Gemologist Appraiser, and a Jewelers of America (JA) Certified Bench Jeweler Technician. He received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.That depends on what the gold per ounce is worth at the time you buy and what gold per ounce is worth by the time you sell. That's entirely up to the investment numbers and not the product itself.
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QuestionHow can you tell if gold is fake?Kennon Young is a Gemological Institute of America (GIA) Graduate Gemologist, an American Society of Appraisers (ASA) Master Gemologist Appraiser, and a Jewelers of America (JA) Certified Bench Jeweler Technician. He received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.Sometimes it's stamped with something that says GF on it. This means Gold Filled. If there's green oxidation on the surface, that's typically an indication but the only way to be sure is if it's tested with gemological equipment or gold testers.
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QuestionHow should someone clean tarnished gold?Kennon Young is a Gemological Institute of America (GIA) Graduate Gemologist, an American Society of Appraisers (ASA) Master Gemologist Appraiser, and a Jewelers of America (JA) Certified Bench Jeweler Technician. He received the highest credential in the jewelry appraisal industry, the ASA Master Gemologist Appraiser, in 2016.Gold will only tarnish after 50-60 years. If you have gold that's old enough to be tarnished, removing the tarnish will most likely devalue the gold as the tarnish is showing its antiquity so don't de-tarnish gold.
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QuestionMy china plates have gold trim that I wish to remove. How can I do so?Community AnswerChina plates have a gold plating or basically painted layer of gold. There is almost no value whatsoever in that so it wouldn't be worth removing it.
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QuestionWhere do I find a company that melts the gold?Community AnswerIf you Google "gold refinery near me," you'll get the closest local results.
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QuestionDo I need a license to buy gold in NSW?Community AnswerBuying and selling gold on any scale other than that which could be considered a hobby (VERY small amounts) will necessitate your obtaining a license wherever you live in Australia. You'd also have to register with AUSTRACK Anti-Money Laundering.
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QuestionWho can I find to melt my gold if I cannot do it myself?Community AnswerGold melts at a relatively low temperature, so there are a variety of smaller hobbyist forges available online, as well as tutorial videos on how to make your own inexpensive (albeit less durable) forges. You will also need a crucible in which to melt, and ingot molds sufficient for the volume of scrap you will be melting.
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QuestionWhat if I think the gold I'm buying is stolen?DonaganTop AnswererIf you can verify your suspicion, don't buy the gold. Otherwise, keep a record of the transaction, including name, address and phone number of the seller. Hold on to that information forever.
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