Where To Look For Inexpensive Sources Of Gold And Silver

Mia Nelson

Reselling precious metals is big business for many intrepid investors, but that doesn't mean it's out of reach for the average wage earner. Jewelry, old coinage and even vintage decorations have been made from gold and silver for centuries, all you have to do is learn where to start looking. Both gold and silver are available in some quantity from a variety of places, but some offer a better value than others. By starting your search on the cheap side you'll stand a better chance of coming away with a substantial profit for your trouble.

Everyday Sources of Silver

Being considerably less rare than gold, it stands to reason that you'll have an easier time finding viable sources of silver in your day to day life. One of the most readily available are the coins you carry in your pocket or toss into a container at the end of the day. In the United States, prior to 1965, most coins were struck from solid pieces of silver or copper. This means that coins from before 1965 will be nearly solid silver, with the exception of pennies, so check your pocket change before tossing it aside.

Another great resource for scrap silver is pawn shops, which often have innumerable necklaces, rings and other jewelry that can be had at an extremely low price. Be cautious though, because many pawn shops also buy and sell silver and gold. Take the time to compare the price of the piece and the price per gram to be sure you're not buying something above its actual value.

Finding a Veritable Gold Mine

Unlike silver, you're not likely to find a solid gold coin in the cashier's till at your local supermarket. However, it may be worth your time to visit some yard sales in your area on the weekends. Pay special attention to moving sales and estate sales or auctions. Many people simply don't want the hassle of selling off their jewelry to a gold buyer, but make sure you check anything you buy for a karat rating.

The karat rating of anything made from gold will tell you what percentage of its total volume is something else. This ranges from pure gold, at 24 karat, down to 6 karat gold which is only 25% gold. Larger pieces will be more worth your time though, so look for karat ratings stamped on the clasps of necklaces and bracelets, or on the inside of a ring's band.

While the price per gram of both gold and silver will vary from one day to the next, where you can find them and what you should look for has changed very little in the last few decades. Best of all, with the right gold and silver buyer, you can easily turn a weekend's searching into a few hundred dollars.