Scrap Gold UK 01902 828 400
Scrap Gold UK
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01902 828 400
Bank Holiday Weekend - Our offices will be closed from 16.00 Friday 24th May until 10.00 Tuesday 28th May. We will not receive postal deliveries during this period.

Scrap Gold Blog

Christmas 2023 Operating Hours

Published Monday 18th December 2023

Our website will remain available throughout the festive period but our offices will close from 3pm on Thursday 21st December 2023 until 9am on Tuesday 2nd January 2024.

Parcels that we do not receive by the 21st December will be processed after our return to work on 2nd January and may be held in Royal Mail storage until that date.

We will resume normal service on 2nd January 2024.

We wish all our customers a Peaceful and Healthy Christmas & A Happy New Year

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Guide To Gold Melt Value: Understanding The Intrinsic Worth Of Your Precious Metals

Published Thursday 29th June 2023

Guide to Gold Melt Value

When it comes to selling your personal jewellery or any other precious metal items, understanding the concept of melt value is crucial. Melt value refers to the intrinsic worth of gold, which plays a vital role in determining the price you can expect for your items. In this informative guide, we will delve into the details of melt value, its calculation, and its significance in the precious metals market. By familiarising yourself with these key concepts, you can make informed decisions when selling your gold and ensure that you receive a fair price.

The Significance of Melt Value

Melt value is a term used in the precious metals industry to determine the intrinsic worth of gold. It is the value derived from melting down and refining the metal to its purest form. This value is distinct from the market value of a piece of jewellery or a gold coin, as it represents the worth of the metal itself. Understanding melt value is crucial for sellers as it forms the foundation for negotiations and ensures a fair deal.

Composition and Factors Affecting Melt Value

Precious metals such as gold are composed of varying levels of purity, which significantly impacts their melt value. The purity of gold jewellery is measured in carats, with 24 carat gold being the purest form. The higher the purity, the greater the melt value. Additionally, weight is another crucial factor influencing melt value. The industry standard for measuring precious metals is the troy ounce, which is slightly heavier than the regular ounce. The weight of your gold items directly affects their melt value.

Spot Price and Melt Value Calculation

Spot price is the current market price for gold, which fluctuates throughout the day. It serves as the basis for calculating melt value. By multiplying the spot price per troy ounce by the weight of your gold, you can determine its melt value. It is important to note that the spot price reflects the value of pure gold, and the actual melt value may be lower due to impurities or additional alloys present in your item.

Purity and Melt Value Determination

Purity plays a significant role in establishing the melt value of precious metals. Refiners use various techniques to remove impurities and extract pure gold, which is then sold at its melt value. The purer the gold, the higher the melt value. Therefore, it is crucial to determine the purity of your gold items before calculating their melt value.

Factors Affecting Melt Value

Several external factors can impact the melt value of gold. Market fluctuations, including supply and demand dynamics, influence spot prices, which directly affects melt value. Additionally, the cost of refining and processing the metal can also impact the final melt value. It is important to stay updated on market trends and consider these factors when evaluating your gold items' worth.

Conclusion

Understanding the concept of melt value is essential for sellers looking to sell their personal jewellery or precious metal items. By grasping the composition, purity, weight, and the calculation method involving spot price, individuals can make informed decisions and ensure a fair deal when selling their gold. Remember to consider the various factors affecting melt value and stay aware of market trends to maximise your returns.

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Scrap Gold Laws And Regulations In The UK: What You Need To Know

Published Thursday 27th April 2023

sell scrap gold to us

Understanding the tax laws and regulatory requirements related to selling gold in the UK is essential for compliance and avoiding legal issues. This post explains how to minimise tax liability when selling gold and protect your capital.

UK Tax Laws Related To Selling Gold As An Individual

If you sell gold as an individual in the UK, you may be liable to pay tax on your profits. Taxes include:

  • Capital gains tax on gold sales: The current annual exempt amount for capital gains tax is £6000, which means you can make that much profit selling assets without paying any tax. However, if your profits exceed this amount, you will pay tax at 10% or 20%, depending on your income tax band. UK gold coins such as the Sovereign and Britannia are regarded as legal tender and are therefore exempt from any Capital Gains Tax on profits when sold.

Understanding the tax implications of selling gold is essential. If you fail to comply, you could face fines and have to pay interest payments on the outstanding taxes. HMRC may also seek to take you to court if you avoid paying a large sum of taxes for a long period. They may also prosecute if they discover you failed to follow statutory regulatory requirements (such as gold sales record-keeping, as discussed below).

Legal Requirements For Individuals Selling Gold

If you sell gold in the UK, you must keep transaction records, such as receipts and invoices.

Resources For Those Selling Gold

If you’re selling your own gold in the UK and want to learn more, resources are available to help you comply with tax laws and regulations.

  • Gov.UK website. This official site explains whether you must pay tax on gold you sell.
  • Gold dealers and refineries. These provide additional information on the tax implications of selling gold and any regulatory requirements you must follow.
  • Tax advisors. Citizens Advice and private tax advisors can tell you if you need to pay tax on gold sales and how much you owe.

Different Types Of Gold You Can Sell

Different Types Of Gold You Can Sell

There are numerous types of gold you can sell to make money. These include:

  • Gold jewellery, such as gold rings and gold necklaces
  • Gold bullion, such as coins and bars
  • Gold nuggets

How To Determine Capital Gains Liability On Gold Sales

Using a simple two-step process, you can determine your capital gains liability on gold sales.

  • Calculate the difference between the price you sold the gold and the price you bought it. (It should be positive if you made a profit).
  • Subtract the capital gains allowance discussed above and apply a 10 or 20% tax on the remainder, based on your income tax bracket. (Account for other capital gains earned during the current tax year).

Minimising tax liability when selling gold is essential, so always speak to your accountant before making a significant sale.

What Are The Risks And Challenges Associated With Selling Gold

The risks and challenges associated with selling gold as an individual are substantial and include:

  • Market volatility – you may sell at the wrong time, just before prices rise
  • Fraud – you may sell to illegitimate dealers who don’t pay you what your gold is worth (or nothing at all)

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How To Best Negotiate A Price For Your Scrap Gold

Published Friday 24th March 2023

How to best negotiate a price for your scrap gold

           
           Key Takeaways:
  • Research the current gold price and understand the weight and purity of your gold before negotiating to get a fair price.
  • Get multiple quotes from different gold buyers and compare rates and services to find the best deal. Negotiate for the best price and don't accept the first offer.
  • Consider the reputation of the gold buyer before selling and protect your gold during shipping with a secure method and insurance.


Selling scrap gold can be a great way to earn some extra cash, but it's important to know how to negotiate the best price for your gold. With the rise of online gold buyers in the UK, it's now easier than ever to sell your gold from the comfort of your own home. Here are some tips for negotiating the best price for your scrap gold.

In this article, we'll provide you with some useful tips to help you get the best deal when selling your scrap gold online.

Research the current gold price

Before you start negotiating the price for your scrap gold, it's crucial to know the current gold price. Gold prices fluctuate constantly, so you need to keep an eye on the market to ensure that you get a fair price for your gold. The best way to do this is by checking the current gold price online. You can also find out the current gold price by contacting a reputable gold dealer.

Get multiple quotes

To get the best price for your scrap gold, you need to get multiple quotes from different gold buyers. By doing so, you can compare the rates and services of different buyers and choose the one that offers you the best deal. Make sure to check the reputation of the gold buyer before sending your gold. You can check online reviews and ratings to see how other sellers have fared with the buyer.

Understand the weight and purity of your gold

Understand the weight and purity of your gold

The weight and purity of your gold are crucial factors that determine the price you can negotiate. Most gold buyers pay based on the weight and purity of your gold. The weight of your gold is measured in grams or ounces, and the purity is measured in carats. Make sure you know the weight and purity of your gold before negotiating the price.

Don't accept the first offer

Once you've received quotes from different gold buyers, don't accept the first offer you receive. Take your time to compare the rates and services of different buyers to find the best deal. You can also negotiate with the buyer to see if they can offer you a better price. Remember, it's your gold, and you have the right to negotiate for the best price.

Consider the reputation of the gold buyer

When selling your scrap gold online, it's essential to consider the reputation of the gold buyer. Look for a buyer with a good track record of paying fair prices and providing excellent customer service. You can also check online reviews and ratings to get an idea of how other sellers have fared with the buyer.

Protect your gold during shipping

When you're ready to send your scrap gold to the buyer, make sure you protect it during shipping. Use a secure shipping method and insure your package to make sure it arrives safely. You can also take photos of your gold before shipping it to have a record of its condition.

Conclusion

Selling your scrap gold online in the UK is an excellent way to make some extra cash. However, to get the best deal, you need to know how to negotiate the price for your gold. By researching the current gold price, getting multiple quotes, understanding the weight and purity of your gold, not accepting the first offer, considering the reputation of the gold buyer, and protecting your gold during shipping, you can maximise your earnings and ensure a smooth transaction.

When selling your scrap gold, it's essential to work with a reputable gold buyer. You should also be aware of any fees that may be charged by the buyer, such as processing fees or shipping fees. By following the tips outlined in this article, you can get the best price for your scrap gold and enjoy a hassle-free transaction.

Selling your scrap gold online can be a great way to earn some extra cash, but it's important to know how to negotiate the best price for your gold. By researching the current gold price, getting multiple quotes, understanding the weight and purity of your gold, not accepting the first offer, considering the reputation of the gold buyer, and protecting your gold during shipping, you can maximise your earnings and ensure a smooth transaction making any sales.

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How Much Is 9ct Gold Worth?

Published Wednesday 22nd February 2023

what is 9ct gold

 
         Key Takeaways:
  • 9ct gold is an alloy of gold and other metals like copper, zinc, and silver, with a gold content of 37.5%.
  • Factors that affect the value of 9ct gold include weight, purity, hallmark, condition, and market demand.
  • The value of 9ct gold is lower than other carat weights due to its lower gold content.
  • Research, using online calculators, appraisals, and scrap gold dealers can help determine the market value of 9ct gold.
  • When buying or selling 9ct gold, it's essential to find a reputable dealer, research the market, and negotiate on price to get the best offer.
     

Introduction: What is 9ct gold?

Are you interested in buying or selling 9ct gold? If you have jewellery to sell, or you’re looking to add to your collection, this comprehensive guide contains everything you need to know about 9ct gold.

Gold jewellery is classified according to its composition. You can buy different types of gold jewellery, including 9ct, 18ct and 24ct gold. If you are thinking about selling gold, the carat is one of the most significant factors when determining the price. An alloy, or mixture, of metals, 9ct gold is made from gold (37.5%) as well as other metals, including copper, zinc and silver. Rose gold usually contains copper while white gold contains silver.

Which factors affect the value of 9ct gold?

Key factors that affect the value of 9ct gold prices

Key factors that affect the value of 9ct gold prices include:

  1. Weight: the weight of the piece will impact its value. The weight will be considered alongside the purity of the gold.
  2. Hallmark: the presence of a hallmark confirms the purity of the piece.
  3. Condition: gold jewellery that is in good condition will be worth more than similar pieces that are damaged or worn.
  4. Market demand: the higher the demand for gold, the higher the price.

How does the value of 9ct gold compare to other carat weights?

The value of gold, including scrap gold and gold jewellery, varies according to the carat, weight and the purity of the metal. Prices for 9ct gold are lower than other carat weights, including 14ct, 18ct, 22ct and 24ct gold. This is because 9ct gold contains less fine gold than pieces with a higher carat value.

How to determine the market value of 9ct gold

Gold prices fluctuate in line with market demand and other factors that impact the value of gold, such as wider economic and political issues. If you want to sell a gold ring, or you’re thinking of buying a piece of jewellery, it’s wise to research prices and learn how to determine the current market value of 9ct gold. Here are some steps to take:

Research: carry out research online to check current prices and market demand and see how prices have changed in recent days and weeks.
Use an online calculator: online calculators are a simple, accessible and convenient way to calculate gold prices and get an accurate idea of how much your 9-carat jewellery is worth.
Appraisals: if you go to a dealer or a pawnbroker, they will examine your gold and provide a quote based on current market values and the weight, condition and purity of the piece.
Scrap gold dealers: if you’re looking to sell scrap gold, scrap gold dealers will make you an offer based on the price of gold, the amount of gold you have and its purity.

Tips for buying and selling 9-carat gold

tips for buying and selling 9-carat gold

If you are buying or selling 9-carat gold, here are some tips to get the best price:


Find a reputable dealer or website: always choose a reputable, trustworthy dealer, pawnbroker or website with a proven track record. Study a website or dealer's review history to ensure that they look after their customers.

Negotiate: be prepared to negotiate on the price to get the best offer possible. It is worth haggling once you get the first quote to see if a dealer will offer more.

How much is my scrap gold worth? Use our simple calculator to find out!

If you’re wondering how much your gold is worth, click here to use our simple, fast online scrap gold calculator.

Conclusion

The price of scrap gold and gold jewellery depends primarily on the weight of the piece and its purity. The value of 9ct gold is lower than 18ct and 24ct gold, for example, because it is less pure. Nine-carat gold is an alloy, which contains 37.5% gold and other metals, including copper, silver or zinc. If you are buying or selling 9ct gold, it’s beneficial to check prices, research the market and choose a reputable dealer, website or pawnbroker. Always negotiate on price to get the best offer.

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Can I Sell Broken Jewellery?

Published Tuesday 31st January 2023

Can I sell broken jewellery?

A broken TV is a disaster. That’s because its value derives from its ability to display images on a screen.

However, broken jewellery isn’t such a big issue. Sure – you’d prefer it to be flawless. But people will still buy your items, even if they are broken. That’s because most of the value comes from the materials they are made of, not their functionality.

Therefore, the short answer is “yes,” you can sell broken jewellery. And you can probably get more from it than you might think.

Options For Selling Broken Jewellery

There are many options for selling broken jewellery. By understanding them, you can make an informed decision.

Options For Selling Broken Jewellery

Recycling it for its precious metal content

Some jewellery owners opt to recycle jewellery for its precious metal content. Items are often made of gold, platinum, and rhodium, some of which are worth more than £1,000 an ounce.

Silver jewellery is significantly less valuable, though still worth melting down, particularly if you have a lot of it. Palladium is also in high demand and extremely valuable because of its industrial uses and resistance to tarnishing.

Repairing it

Another option is to repair broken jewellery and then sell it. The type of repair you choose depends on the damage the item incurred.

sell online jewellery

Prong repair means fixing the small metal prongs that hold gemstones in place. These elements can fatigue over time, causing gems to fall out. Jewellers re-prong by creating new prongs from the same metal and heating the connecting surface until it adheres.

Stone replacement is another repair option. Here, jewellers replace missing stones knocked out due to wear and tear.

The price of this service depends on the new gems you insert. Diamonds are the most expensive, followed by emeralds, taaffeite, and grandidierite.

You may also be able to get bracelets and necklaces re-clasped. This process involves repairing broken chain links or clasps with new ones.

Some owners choose to give their jewellery a good cleaning. Gold and other precious metals can accumulate a thin film of corrosion when they come into contact with certain chemicals, such as sulphur, making them look dull. Cleaning with the proper solution removes this layer, making the item look good as new again and ready for sale.

Sell Online

Lastly, you can sell your jewellery online to scrap metal sites. This way, you can get paid upfront without having to go through the hassle of getting items repaired.

Most online dealers buy your jewellery based on the weight of its precious metal content. They then smelt the metal into its components, forming it into bullion.

Selling your scrap jewellery online is easy. All you need to do is fill out a form and send your items to the correct address – that’s it.

Scrap Gold UK offers free scrap gold, silver and platinum calculators to let you know what your items are worth. Just type in the weight and carat or purity, and that’s it!

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What’s My Jewellery Worth?

Published Wednesday 21st December 2022

What’s My Jewellery Worth?

Jewellery is a store of wealth. Gold, silver, and other precious metals hold (or increase) their value over time.

Therefore, knowing what your jewellery is worth can be helpful. It lets you calculate the total value of your asset portfolio. It’s also invaluable when making insurance claims because it tells adjusters the value of your items.

But how, exactly, do you figure out what your jewellery is worth? Let’s take a look.

Jewellery valuation report

The best way to determine your gold or silver jewellery price is to get them valued professionally. Expert valuers inspect your items and then use their judgement to estimate their worth. They will then report their findings to you in a valuation report.

Every report in the UK should come with

  • A full description of the valued item
  • Photographs of the item
  • Details recording the composition and quality of the jewellery
  • A statement explaining why the valuation is necessary (usually for insurance or tax purposes or when making a sale)
  • A letter of transmittal, which is similar to a cover letter
  • Notes about the condition of the jewellery buyers should know
  • The current market price

How a valuation is calculated

Professional valuers calculate the value of silver and gold jewellery by combining several factors, including the quality, composition, age and defects of items. Valuations begin by looking for evidence of provenance. Pieces may have stamps, indicating when jewellers made them and the materials they contain.

The next step is to test the metal. For instance, genuine solid gold reacts to unique chemical tests, whereas other metals don’t.

Next, valuation experts will weigh the metal. This process lets them determine whether it’s solid gold, gold-filled, or gold-plated.

If valuing a diamond ring or precious stone, they will also look at the setting, clarity, cut, and colour. The whiter, larger and purer the diamond, the more it’s worth.

Valuers will also consider the age of the jewellery, its rarity, and its historical value. Some jewellery is more fashionable as antiques or collectors’ items than others.

Lastly, valuers will consider the condition. Pieces that look the same as when they first went on sale are worth more.

Jewellery Evaluation Questions

Professional valuers ask the following questions of each piece of jewellery they evaluate:

  • How old is it?
  • Is it solid metal, plated, or filled?
  • What is the quality of any precious stones it contains?
  • Is there any damage?
  • How many carats are the metal and precious stones?
  • Who made the item?
  • Is the item rare, collectable or historically significant?

Insurance Implications

A professional jewellery valuation is critical for insurance purposes. Knowing what items are worth helps when claiming for loss, theft or damage.

Under-insuring items will reduce how much money you receive in the event of a loss. Many jewellery owners forget about the impact of inflation and how it can increase the value of their jewellery over time.

Furthermore, insurers may disagree with the value of lost or stolen jewellery, leaving you out of pocket if you make a claim.

Having a professional valuation report eliminates these risks. It clearly describes the jewellery, its value, and how much an insurance adjuster should pay to replace it.

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How To Get The Best Price For Your Gold Jewellery

Published Friday 25th November 2022

How to get the Best Price for Your Gold Jewellery

Worried about rising energy costs? Need a way to make money fast? Selling unwanted or old gold jewellery can help realise cash quickly.

But if you want to get the best price, it pays to do a bit of research. Discover our three simple suggestions on how to get the best price for your gold jewellery. 

1. Sell to a reputable and trusted business 

First step, choose who you sell to very carefully. You need to be mindful of who you sell your gold jewellery to – especially when it comes to online buyers. Look for established and legitimate businesses with a loyal customer base and a good history of positive reviews to make sure they are who they say they are.

First step, choose who you sell to very carefully. You need to be mindful of who you sell your gold jewellery to – especially when it comes to online buyers. Look for established and legitimate businesses with a loyal customer base and a good history of positive reviews to make sure they are who they say they are.

At Scrap Gold UK, we have over 20 years’ experience buying and selling gold. Making customer satisfaction our main priority allows us to take great pride in the reputation of our company; this is reflected in our Trust Pilot rating of ‘excellent’.

You can speak to us by phone or on email. And for real peace of mind for our customers, we work from a verified physical location and welcome visitors by appointment.

2. Find sellers who are open about their rates 

The next thing to look for is a seller who is transparent on what they will pay for your gold jewellery. Not everyone will pay the best price for your jewellery, so knowing the full picture when it comes to deciding on the price at which you wish to sell your gold jewellery is a key part of the process.

You can do this by looking for a seller who openly lists the prices that they’ll pay. This means you can have a good idea of the different prices that each business can offer for your gold before making the decision of who to sell to. 

At Scrap Gold UK, you can use our Scrap Gold Calculator to find a good guide on how much we’ll pay for your jewellery. The process takes just seconds and it will allow you to compare us to the different prices offered by our competitors.

We understand the value of your jewellery, this is just one example of how we strive to be transparent with our customers.

3. Know the true worth of your jewellery 

Our last piece of advice is to understand what it means to get the most out of your gold jewellery. If you want to maximise the money you receive when you sell, take care to sell to the right company – or even companies.

When you’re selling to specialist scrap gold buyers, jewellery that holds precious stones may not get you as high a price as pure gold jewellery, and some businesses will often devalue it without explaining why.

To avoid losing value on your pieces, try to remove the larger precious stones first. They won’t count towards the weight of the item when you sell to scrap gold buyers like ourselves, but other merchants might even charge you a processing fee if you leave them in.

Sell your gold for the best price

Follow these tips and you can secure the best price for your gold jewellery. Plus, when you sell scrap gold, you’ll also be giving your gold jewellery a new life because we can recycle it into something new.

Gold mining can be a major polluter and lead to the destruction of protected natural reserves. But by selling your old jewellery, you reduce the need to mine for new gold, creating a healthier cycle of gold production. Fill out our form to find out how much you can get for your gold today! Any questions? Give us a call we’ll be happy to help.

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Selling Scrap Gold In The Aftermath Of Her Majesty The Queen’s Passing

Published Monday 10th October 2022

Selling Scrap Gold in the Aftermath of Her Majesty The Queen’s Passing

Queen Elizabeth II’s death on September 8th brought her incredible 70-year reign to an end, making her Britain’s longest serving monarch.

Her portrait features on all the UK’s 29 billion coins and 4.7 billion banknotes currently in circulation. Having served as the sovereign leader of 15 nations and head of the Commonwealth to more than 50 others, her face appears on at least 20 currencies worldwide. The remarkable longevity of her reign and the omnipresence of her portrait on many of the world’s currencies helped make her one of the most recognisable people in the world.

In line with tradition, notes and coins featuring the Queen’s face will slowly be removed from circulation and replaced by the new monarch, King Charles III. However, this could take many years and the Royal Mint and Bank of England have confirmed that all coins with Queen Elizabeth II’s profile image will remain legal tender for some time.

We do not buy general circulation coins, however, we are keen to purchase silver and gold commemorative and bullion coins and coin sets.

In this article, we will outline why now could be a good time to sell scrap gold.

How will this impact gold prices?

This is of interest to gold buyers and sellers due to the many gold and silver investment and bullion coins featuring Queen Elizabeth II’s portrait. While it is difficult to predict demand at this early stage, there has been a recent spike in interest from collectors and investors for historic coins featuring the Queen, meaning now could be a good time to sell scrap gold.

The time is ripe for sellers as the price of gold has climbed in the wake of her Majesty’s passing – gold was priced at £47.81 per gram on September 8th – compared to the time of writing, October 06th, when one gram of gold is worth £49.20.

So, if you have unwanted scrap gold at home that you’d like to sell – perhaps unworn or broken jewellery, don’t miss out on the opportunity to take advantage of today’s high price and demand of gold.

If you do have any scrap gold, you could really benefit from gold’s current high prices and the bleak outcome for the UK economy.

How to sell scrap gold?

You might have more scrap gold at home than you thought because we accept a wide range of items including, jewellery, coins, gold bullion, watches, and dental gold.

Sell your scrap gold in three easy steps:

1. Calculate the value of your scrap metals using our scrap gold calculator - all you need to know is its weight and purity.
2. Pack and post your items securely, enclosing a copy of your completed seller’s form, ideally using a Royal Mail Special Delivery tamper-proof envelope for maximum security.
3. Receive your payment within 24 hours of the day we receive your parcel.

Royal Mail strikes - next set for 13th, 20th and 25th October

We recommend using Royal Mail’s Special Delivery Guaranteed service, especially as it continues to be prioritised during industrial action. And with end-to-end tracking and signature on delivery included, you’ll get even greater peace of mind.

Complete our simple seller’s form when you’re read to sell. If you have any questions about selling your gold with Scrap Gold UK, please call our dedicated team on 01902 828 400 or contact us today. You can also book a face-to-face appointment at our head office in Wolverhampton if you prefer.

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Business Closure For The State Funeral Of Her Majesty The Queen

Published Thursday 15th September 2022

Business Closure for the State Funeral of Her Majesty The Queen


As a mark of respect to Her Majesty Queen Elizabeth II, and to enable our staff the opportunity to acknowledge the Queen’s passing in their own way, our business will be closed on Monday 19th September 2022.

We will resume regular opening hours from 9am on Tuesday 20th September 2022.

 

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Sell Scrap Gold To Prepare For Household Bills Topping £5,000 In 2023

Published Monday 5th September 2022

Sell Scrap Gold to Prepare for Household Bills Topping £5,000 in 2023

The cost-of-living crisis has been hitting the pockets of Brits for many months now. The situation looks set to worsen for many with household bills spiralling out of control and the government failing to act appropriately,

On August 25th a new energy price cap was announced. The new price cap will come in from October 1st with the BBC reporting that the typical household bill will rise significantly.

So, with the costs of energy rising ever higher we wanted to highlight the benefits of selling scrap gold. Keep reading to learn how selling scrap gold could be the answer to rising energy bills.

How high could my energy bill rise next year?

With the new energy price cap next year, the typical household bill will rise to £3,549. If that sounds bad, it could yet get worse in 2023.

Prices could rise again in January when the price cap is updated again. Cornwall Insight Analysts forecast that the typical energy bill in January 2023 could be as high as £5,386 per year, and they’re predicting further rises on top of this eye watering figure.

The price cap is just an indication of the typical cost of energy for Brits. You could pay more or less depending on the amount of energy you use. If you mostly work from home, you could pay more than the price cap indicates for instance.

Many are faced with the decision “eat or heat”, however by selling scrap gold you could release much needed funds to help you manage your household budget.

Sell scrap gold to cover your household bills

For those that have unwanted scrap gold at home, the high price and demand for the precious yellow metal can be used to your advantage when energy bills begin to mount. The price of gold tends to rise during times of economic crisis, such as now. This is because investor demand for precious metals grows when the economy struggles. Due to the historic performance of gold in tough times investors consider the yellow metal a hedge against inflation. If you have unwanted gold at home, perhaps in the form of unworn jewellery, you could benefit from gold’s current high prices. If you face a high energy bill in the next few months going into 2023 the sale of scrap gold could enable you to raise quick cash. Rather than resorting to expensive short-term loans, why not consider selling gold you no longer have a use for?

High prices and payment within 24 hours

At the time of writing, at today’s prices 31st August, you could net the following prices per gram by selling your scrap gold:

9 Carat £16.88
14 Carat £26.33
18 Carat £33.75
22 Carat £41.22
24 Carat £45.00

Using our scrap gold calculator you can determine how much your scrap gold sale would net you. If you had 10 grams of 9 carat gold to sell today, you would make £168.80. With greater purity and/or weight you could stand to make even more.

Sell scrap gold in 3 easy steps

It’s that easy. In just 3 simple steps you can receive your payment:

Step 1 - Value your gold - you can value your gold, silver, platinum or palladium using our scrap metal calculators. Just work out your item’s weight and purity and enter them into our calculators which will calculate your value.

Step 2 - Pack your items - securely pack your items and send them to us via a Royal Mail Special Delivery tamper-proof envelope.

Step 3 - Get your money in 24 hours - we send your bank transfer on the day we receive your parcel.

When you’re ready to sell, please complete our simple seller’s form. If you have any questions about selling gold don’t hesitate to get in touch, or visit our head offices in Wolverhampton by appointment.

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Sell Scrap Gold As Recession Predicted For Quarter 1 2023

Published Monday 25th July 2022

Sell Scrap Gold as Recession Predicted for Quarter 1 2023

Many economists predicted a recession in 2022 as the economy suffered due to inflation and the cost-of-living crisis. This has been averted after the economy grew 0.5% in quarter 2 (Q2) 2022. However, this doesn’t mean that things are going to get any easier for UK households. 

Energy bills are predicted to rise again in October, and many economists forecast that a recession will begin in early 2023. A recession will concern many. How will they be able to pay their bills? Selling scrap gold could be part of the solution and luckily, at Scrap Gold UK we buy gold in a variety of forms.

Will there be a recession in 2023?

From ONS data, we can see that a recession in 2022 has so far been avoided. In May the UK economy grew by 0.5%, preventing a second consecutive quarter of GDP decline. However, a warning klaxon has been sounded, inflation may rise further and the cost-of- living crisis could escalate.

Should a recession come to pass, Brits will feel the pinch in their wallets. Inflation is at a 40-year high with energy prices skyrocketing as gas and oil prices continue to rise during the war in Ukraine. All this has meant people are struggling to pay their household bills.

The Bank of England has said it is not expecting a recession in 2022, however it does forecast a downturn between October and December, predicting a contraction of almost 1%.

A Financial Times survey of economists highlights that there is a high likelihood of a recession in 2023. As many as 38% of economists surveyed predicted that the economy will go into recession in the Q1 2023. 30% thought recession would come, but not until Q3 or Q4.

The definition of a recession is when GDP declines for two successive quarters. If the economy declines again in Q3, a recession could be confirmed as early as the end of this year.

Is now a good time for households to save?

Interest rates rose in June 2022 from 1% to 1.25%. Set by the Bank of England, the UK’s central bank, the institution decided to increase the rate in order to control inflation by curbing consumer spending. With a higher interest rate, the bank is hoping Brits will be convinced to save rather than spend.

However, as mentioned, household bills are uncomfortably high for many, and energy bills are predicted to rise by 40% in October, having already significantly increased following the war in Ukraine. Rather than saving, many households will be forced to spend their savings on paying bills.

For those that need an extra level of disposable income, Scrap Gold UK offer some of the best prices online for scrap metal.

There are many other reasons to choose Scrap Gold UK:

  • Family run business
  • Honest pricing and fair returns
  • 100% satisfaction guarantee or your gold back

Gold prices are currently buoyant. Today, 25th July, one gram of nine carat gold will fetch you £16.46, if you have as little as seven grams, you could make over £100!

Sell scrap gold to prepare for a rainy day

You can see how much your scrap gold can net you by using our easy-to-use scrap gold calculator. Just check the carat of your gold and weigh it to determine its weight.

With Scrap Gold UK you can sell your scrap gold in 3 steps. Just fill in our seller’s form and include it in your parcel before posting to get your money within 24 hours of receipt.

We welcome any questions you might have about selling gold, so don’t hesitate to contact us if you have any questions.

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Sell Scrap Gold To Boost Your Family Summer Holiday Funds

Published Thursday 16th June 2022

Sell Scrap Gold to Boost your Family Summer Holiday Funds

June may have started with the mercury high, but we all know how unreliable British summertime is. That’s why you may be planning a traditional summer holiday abroad later this summer. But, with inflation at historic heights, and the cost-of-living crisis biting hard, you may be struggling to free up the money you need to fund the holiday that you deserve.

In this article, we will explain how you can sell scrap gold to release funds to afford the break you’ve been looking forward to.

What is scrap gold?

You might think that you don’t have any scrap gold to sell at home. However, scrap gold is more common than you might think and comes in various forms.

Scrap gold can include broken or unwanted jewellery, gold coin collections, gold family heirlooms, old watches and even dental gold. And we accept other precious metals not just the yellow metal. We buy gold, silver, platinum and palladium. For a full list of the items we buy click here.

How are prices faring at the moment?

As an overall trend, prices have been rising consistently, and at times dramatically for more than a decade. Our live prices gold chart shows that the price of pure gold at the time of writing on June 15th, is £48 per gram. At the beginning of the year 5th January, pure gold was priced at £43 per gram.

On 14th June last year gold was priced at £42 per gram, so, in the space of a year gold prices have risen £6 per gram. At the moment, gold prices are relatively stable and not rising particularly noticeably, however gold is still trending upwards in the long term. And gold tends to rise during times of economic uncertainty, as it is seen as a hedge against inflation by investors. Therefore, it would be unsurprising if gold were to rise in the months to come.

Sell your scrap gold today

Selling your scrap gold is an easy process and you can release cash in as little as 2 hours from us receiving your package.

At Scrap Gold UK you can sell your gold in three simple steps.

Firstly, value your gold using our scrap gold calculator. We also offer calculators for silver, platinum and palladium. You will only need to know the weight and purity of our gold and we’ll calculate the value of your metals.

The second step involves delivery. Package your items and send them via the Royal Mail Insured Special Delivery service, include our seller’s form in your package and post. We recommend packaging your items securely in a jiffy bag and sending via a Royal Mail Special Delivery tamper-proof envelope, which allows you to insure your package for contents up to £2,500.

Finally, you will receive your money by secure bank transfer. This will usually be processed on the day we receive your parcel (excluding weekends and public holidays).

Any questions? Get in touch

We’re always on hand to help those looking to sell scrap gold. Get in touch with us if you have any questions about your gold. Perhaps you are unsure of its purity, or you’d prefer we value it for you.

We’re also happy to meet you face to face, so feel free to book an appointment to join us in our head offices in Wolverhampton.

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Beat Inflation By Selling Scrap Gold

Published Tuesday 31st May 2022

Beat Inflation by Selling Scrap Gold

With the UK Chancellor Rishi Sunak declaring that inflation is causing everyday Britons “acute distress”, it seems like the cost-of-living-crisis isn’t going away any time soon. Sunak confirmed to Reuters that he is waiting for the Bank of England to “take decisive action”, hoping that confidence can be returned to consumers before long.

However, with inflation reaching a 40-year high of 9% in April and with dire warnings from the Bank of England to expect double digit figures by the end of the year, it’s difficult to imagine an imminent resolution. Regulated energy prices are also set to rise by 40% before 2023.

Because of these conditions many scrap gold owners are considering selling gold to ease the pressure of the economic crisis. In this article, we explain why now might be a good time to sell scrap gold.

Gold prices and inflation in step

Inflation rose to 7% in the 12 months to March 2022, this is the highest level since 1992. By comparison, the gold price has risen 9% in 2022. From a point of £43 per gram on January 5th to £47 per gram at the time of writing (May 26th), gold has risen steadily during the economic crisis. Gold investors have long recognised the unique quality of gold to act as a hedge against inflation.

Imagine you had 5 grams of 24 carat gold to sell at the time of writing. By inputting these figures into our scrap gold calculator you would see that you would make £235 from a sale. At the beginning of the year, you would have made £215. Just a few months can make a difference to the profit you could make.

That’s why it can pay to keep an eye on live gold prices to time your sale just right. Our price chart is updated every five seconds.

How to sell scrap gold

To sell your unwanted scrap gold now, simply fill in our sellers’ form. Have you got unwanted jewellery just lying around the house; an old coin collection just gathering dust? Or perhaps you have a silver cutlery set cluttering the living room? If so, try our silver price calculator. To learn more about what you can sell click the link.

In just three steps you can sell your gold and receive payment on the same day.

Calculate the value

Using our scrap calculator, you can easily calculate the value of your precious metal. Simply determine its purity and then weigh it using a set of household scales. Input the values in our easy-to-use calculator and evaluate our price.

1. Securely pack and post your items

After completing our sellers’ form and enclosing a copy with your items, we recommend posting via Royal Mail Special Delivery tamper-proof envelopes. If you either cannot determine the purity or weight of your items or would rather we provide a valuation, we have the capacity to do so at our head office in Wolverhampton. We also accept face-to-face appointments, please call us on 01902 623 253 to make an appointment.

2. Receive your payment within 24 hours

You will receive your payment via bank transfer on the same day we receive your parcel.

If you have any questions about selling scrap gold, please don’t hesitate to give our dedicated team a call on 01902 828 400, or contact us today. Our Customer Service Team is always happy to help.

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Sellers Beware: Get Yourself The Best Price For Your Gold

Published Tuesday 5th April 2022

Get Yourself the Best Price for Your Gold

Gold prices rocket

The value of gold generally rises in times of global and economic instability. 2022 has certainly continued this trend.

The Russia – Ukraine conflict has fuelled economic volatility, compounding the effects of Covid, and rising inflation. But true to form, what has been such a huge negative for many people had a positive effect on the price of gold. The price of gold has risen, starting the year around £43 a gram and currently sitting around £47, meaning now may be a good time for you to sell scrap gold.

It may be time to dust off your unwanted gold

With the gold price riding high at the moment, it may be worth considering whether to hold onto old gold that you don’t use, whether it be a necklace, ring or collection of coins you’ve been wondering what to do with.

But before you jump in to sell your gold at the first opportunity, it’s worth considering that when gold prices increase so too can the number of disreputable operators.

The gold market is upside down: sellers beware

The common phrase ‘buyer beware’ refers to the idea that the buyer has less information about the goods or service they are purchasing than the seller. However, when it comes to gold, the opposite can be true.

It is the seller who is likely to have less information about the gold than the buyer, therefore, it is the seller who should be wary.

Purity is the gauge on which a gold buyer will base the price they quote you for your scrap gold. A reputable buyer will be able to test the purity of your gold and in turn offer you a fair price. To accept their price, you will need to be able to trust that what they tell you is true.

We want you to get the best price possible!

We don’t want to scare you away from selling your gold. The market is full of reputable and honest buyers. We simply want you to be aware of any potential barriers stopping you from getting the price you deserve.

In this climate, when gold is doing well, it is more likely that you will come across a buyer who will give you an unfair price. To ensure you’re well informed, we’ve summarised some of the most common tricks a gold buyer may employ to pull the wool over your eyes.

The typical tactics

A dodgy buyer will use crafty methods to fool you into thinking you’re getting a good price. One classic tactic is to list the spot price of gold rather than the price they are willing to pay. They might also detail the price they are willing to pay in ounces. This is designed to confuse you as selling scrap gold means you will probably only have grams rather than ounces to sell.

Beware of potential buyers that do not publish their rates before you send in your items. “Best price guaranteed” is no substitute for a genuine guide price!

You will rarely get given a value anywhere near the spot price. However, Scrap Gold UK pays you 95% of the gold spot price. To be clear, the spot price refers to the current value of gold on the investment markets.

Moreover, Scrap Gold UK is an established business that offers honest pricing. We also provide a 100% guarantee or your gold back!

A great way to become just a bit richer

Selling your unwanted gold can be a simple way of generating some much-needed cash.

At Scrap Gold UK, we will always make sure you get a fair price, whether your gold is hallmarked or not. This is because we check the purity of the yellow metal. And if it contains the correct level, we will pay you the market price.

Say goodbye to your unwanted gold today

We operate an easy-to-use service. If you want to find out the value of your gold, you can use our gold calculator. If you enter the weight and carat of your precious metal, we will generate its value.

For example, 5 grams of 18 carat gold would get you £169.90 today (5th April).

When you are sure you want to sell your item, complete the sell your gold form. Our team will generate a reference slip for your parcel, and you can attach this before posting your gold to us. We recommend you pack your items in a jiffy bag with the sell your gold form. They should also be placed in a Royal Mail Special Delivery tamper-proof envelope (available for free from your nearest Post Office).

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