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How you go about selling your scrap gold really depends on exactly what it is you have for sale. If it is scrap in it’s traditional sense; for example the bonnet of a McLaren F1 – coated in gold for it’s heat reflective qualities, you may be quids in but you’ll have difficulty crowbarring it into a little plastic envelope.

Large quantities of such materials will be most cost-effectively processed by a specialist precious metal recovery company. Electronic components can contain traces of many precious metals, so there’s a possibility you could end up with more than you bargained on.

However if your idea of selling scrap gold is broken jewellery, odd earrings, dental fittings and even gold teeth then there are many options available to you.

There appear to be more and more companies every day fighting over your unwanted trinkets and theoretically this ought to be good for the seller.

There is certainly no shortage of companies willing to buy your gold at the moment. Former celebrities seem to be queuing up to cash in on their trustworthy images in tv commercials for gold buyers at them moment.

Before you decide to despatch your gold to the company with the friendliest celebrity or best sounding offer, be sure to assess the value of your scrap gold yourself. Our website has a simple gold valuation guide that breaks down this process into simple steps.

In summary, you’ll want to split the gold into groups based on the purity. (9ct, 18ct, 24ct, etc) and weigh each individual group separately. Most jewellery in the UK is hallmarked somewhere unobtrusive, if there is no hallmark it might be worth checking with a jeweller before sending anything away, or you can buy fairly inexpensive gold testing kits. Obviously you want to use the most accurate scales you can gain access to.

In addition to reading the terms and conditions on their website, if you have decided to use a postal gold service pay special attention to the insurance value placed on the package you send them. If the value doesn’t meet your valuation be sure to ask the post office for additional insurance before sending anything.

Knowing the value of your gold before you despatch it to your gold buyer of choice gives you the confidence to haggle if you do not agree with their initial valuation. Many postal gold companies will not give you any indication of the price they will offer you (apart from the obligatory “we pay more” claims and guarantees). Be prepared to haggle with these people, often the initial valuation is not the maximum they are prepared to pay, they are simply chancing their arm so to speak.

Always remember that you can get a valuation from a local jeweller, in some cases they will offer to buy the gold from you. If the value they place on your gold is within an acceptable margin of what you calculated using our guide then you may save yourself a lot of stress posting your gold off into the unknown.

Brian Aitchson offers unbiased information and commentary on MyPrecious.co.uk regarding all aspects of Selling Scrap Gold including up to date Scrap Gold Prices

The recent rise in popularity of Gold Parties has given me flashbacks to simpler times when they made bikes that braked when you pedalled backwards, a computer memory upgrade was 16KB, and your packed lunch at school came in a virtually unbreachable plastic tupperware container. The same could not be said of the lidded beaker that briefly contained orange squash until you accidentally back-pedalled a little abruptly.

In later years I realised that obviously these parties are little more than an excuse for a girls-night-out, the ladies congregate with bottles of wine and sour cream dips, shooting the breeze whilst the sales rep pedals their snake oil. If you’ve ever wondered where the decorative candle holders, plastic rotary cheese graters and acrid scented candles come from – in my experience they generally show up a week or so after one of these soirees. The key to the success of these parties is the unwritten obligation of the attendees to buy something to show support for the party hostess.

The latest party trend that has made it’s way across the Atlantic however is a different kettle of fish entirely. The Gold Selling party just seems a step too far to me. Gather 15 of your closest friends and their collection of unwanted jewellery and take it in turns to have your gold tested, weighed and bought from you. Having been convinced that the price of gold is at an all-time high and now would be the sensible time to sell, you are then put on the spot, subjected to the unspoken participation obligation and before you know it you have been parted from your formerly prized possessions for a little over half their actual value.

As it happens, actually hosting one of these parties is a pretty lucrative proposition in itself. According to the Gold Party companies websites the hostess can expect to receive an average of about 300 in commission and a contribution towards refeshments of 40. Not bad at all for an evenings work.

The main problem I see with gold buyers adopting the party plan idea is quite simply that there are many places that you can sell your scrap gold jewellery, with gold prices readily available too. It may all seem like fun on the night, but later realising you got 160 for 280 worth of jewellery is not really the same as regretting spending 20 on a hand-carved indonesian hardwood back scratcher, and your mood is unlikely to be improved when you discover the party organisers windfall.

If you are invited to attend a gold party, make sure you know approximately what your jewellery is worth before you attend. Remember there is absolutely no point in cashing in on the record high price of gold today if you only actually receive 2006/7 prices. At the very least you will be able to make an informed decision, if you are offered closer to 80% of your perceived value, you may consider that acceptable (after all the buyer does need to make some profit). If you are not comfortable valuing the gold yourself, take it along to a local jeweller or pawn broker beforehand. The old adage about always getting three quotes may save you money and possibly a friendship.

Brian Aitchson offers Free Information and opinion on his website regarding all aspects of Getting Cash for Gold including advice on how to Sell Scrap Gold