The price of gold hit the £1,000 an ounce mark earlier this week, making now a great time to make as much as you can from your old gold jewellery.
When you sell your unwanted or broken gold for scrap, the fee you’ll receive in return is based on the weight of the gold and the purity of the metal. Unfortunately, ‘scrap’ gold doesn’t pay out at £1,000 an ounce – the rate is lower to reflect the fact the old pieces have to be examined, processed and brought back into the system before they can be reused, and this all costs money. However, when the main gold price rises, the scrap gold price does too to reflect the value of the precious metal.
Once your old gold pieces have been assessed and weighed, they are melted down, usually to be used to make new jewellery. It’s remarkable that gold can be used again and again without every losing any of its value or lustre. The gold wedding ring you are wearing now could well have been mined centuries ago and have had many other lives before it found its way on to your finger.
This is another one of the beauties of gold recycling – not only can you earn money, but you are helping the planet at the same time. The more gold that comes back into the system means that reliance on mining new metal is reduced, and gold mining is well known for the damaging chemicals it uses to extract the treasure from the ground.
So if you’ve started 2017 in need of a financial boost, now is the ideal moment to get rummaging around for your unwanted gold pieces to earn some extra cash while prices are high. Don’t forget, we also take old and broken silver jewellery for recycling too.