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.