Crafting To Save Money

One of the most fun and lucrative hobbies you could have is buying scrap gold. That may sound odd, but the reality is that you could turn a profit by being a professional at scouring yard sales to purchase jewelry and then sell it to a gold refinery. If you enjoy the hunt of a good yard sale, buying and selling scrap gold could be a great hobby for you. Here are a few tips to get started.

Buy Low, Sell High

Buying jewelry at yard sales and then selling it to a gold buyer is a lot like playing the stock market on a small scale. You will try to buy the gold for as cheap as possible and then sell it for as much as you can get. Gold prices change daily, as you can see on this website, so make sure that you are selling your gold on a day when the market is up.  If you have a bit of savvy with reading the numbers, you could make a lot of money by selling gold on the right day.

Attract What's Good

If you enjoy hunting through yard sales on a regular basis, you know the thrill of finding something rare or expensive and getting it for a deal. Doing your research on what to look for can help you to make some money on the off-chance that you see something valuable. Finding gold-colored things at a yard sale is a pretty easy thing to do. However, making sure that it is actually gold is a bit more involved. A good practice is to bring a magnet with you; That way a quick swipe of the magnet can tell you which pieces to pay attention to. If something sticks to the magnet, it's not worth your time.

Magnify Your Efforts

Bringing a small magnifying glass to yard sales can help you to see the small writing that can be found on gold pieces. If it is a genuine gold piece it should have something like '10k' '14k' or '18k' written somewhere on it, along with a three-digit number such as 585. The three-digit number is the percentage of gold within the piece, so if it says 585 it means it is 58.5% gold. 

In conclusion, by knowing what you are looking for at an average yard sale you could find something that could make you a bit of spending money. Don't be afraid to do a few tests while on the site, since that will help you to know if you are getting a good deal or not. 

For more information about buying scrap gold, contact a local gold buyer.