First time Leofinance poster here.
This is my first post in a while but I felt a new energy after deciding to invest in, I guess you could say, scrap gold. I decided to start a new adventure after reading all I could about the hobby. I don’t plan on investing a ton of money, but maybe I can turn a small profit in the end.
After my research, I purchased a metal testing kit that included a rubbing stone, and acid solutions in order to test any gold or other metals I would purchase. It’s a neat little set that set me back about $15 USD. I played around with it on some of my own pieces of gold until I got to technique down correctly.
Then I found a while back, this neat little scale at a yard sale. I tested it is well with some thing that I knew was exact weight. I had some old lead measuring weights with grams stamped in the side to balance scales and decided to use those.
I also purchased a used jewelers loupe from the senior sale. I think I spent a total of two bucks on both items. Not bad I don’t think. Then of course I needed to spend a little money on a battery ha ha Ha ha ha.
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I read a ton of stuff on how to buy scrap gold. Of course the market is flooded with people trying to buy on eBay. Persistence paid off and I won my first auction of gold scrap!
A single pair of solid 14 karat gold earrings. The earrings weigh 1 g. Current market value for 1 g, melt value, of 14 karat gold is $34.46 USD. I won the auction for $19.15 USD free shipping.
Not bad for my first but. The earrings melt value is roughly 44% more than what I had paid for it. Now, from what I had researched, paying more than 60% of the value is probably not a good investment. I guess I’m a little over that 60%, but that’s OK I’m sure gold value is going through the roof in five years. Otherwise I wouldn’t be doing this.
So I’ll be stashing these away in my fire safe and inventorying my purchases. I don’t think I’ll be making them that often since it is so hard to get a good deal on eBay. Never hurts to throw a lowball bid out there and see if you get lucky. I got lucky on this one maybe because it was an off hour.
Looking forward to my next scrap gold purchase and my next post on Leo finance!!
If anyone has any links or advice for a first timer, as far as craft Hall goes, please drop them in the comments for me. I appreciate any advice I can get.
Thanks for using the #silvergoldstackers tag.
We have a member who is into buying up scrape Gold.
And I don't mind wearing scrap gold like a mis-matched set of earrings. Lol!
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Thanks! I would think if the jewelry were in good shape, then maybe they could be worn or worth a little more than scrap value. Well, for now I think I'll just stash them away and build my collection.
I wasn't sure if the tag was a good one to use or not, I have actually read a few posts about gold and what not there. Hopefully I am able to connect with a few others that enjoy this kind of thing.
Welcome to LeoFinance :)
If eBay is saturated and the margins on scrap gold are too low, have you got any other sources lined up?
Perhaps physical markets/sales in your city?
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Not much in the lines of yard sales right now since it's so damn cold here. I would like to try my hand at canvassing something like that in the spring. I am eying up other places like let it go and offer up. I have to be careful not to get bamboozled though. Lol. Thanks for the welcome here!
You are on your way to a precious metal adventure my friend!!!! Have fun, and before you know it you will have a nice investment!!😀
I figured why not. It can't hurt that much as long as I cover all the bases and don't fall for fake gold. I think I'll post about the progression of this adventure as I build my investment.
Thanks for the welcome aboard. 😊
That sounds wonderful, I will watch for your next post, take care!!😀
Gold is like no others, my friend! Welcome to #silverglodstackers!
Thank you! Happy to be aboard. Guess I should join the silvergoldstackers community and post there?
I've got gold fever! Lol
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