Selling Scrap Gold.

[Alex Lemas]

I'm getting ready to sell some of my scrap gold. I bought a scale that measures troy oz, grams, oz , etc. All of the gold I have is marked by the K and most of it is 14k Will scrap dealers give me a price say, we pay this much per oz for 14 K gold? I also found a site that converts the K wt gold to dollars at the latest price. How much are the spreads between gross price and what the scrap dealers will pay. Thanks.

[rodzm]

I'm getting ready to sell some of my scrap gold. I bought a scale that measures troy oz, grams, oz , etc. All of the gold I have is marked by the K and most of it is 14k Will scrap dealers give me a price say, we pay this much per oz for 14 K gold? I also found a site that converts the K wt gold to dollars at the latest price. How much are the spreads between gross price and what the scrap dealers will pay. Thanks.

Your best bet is to send it out to a refinery such as Mid West Refineries. You should be able to get 95% of gold value, instead of a lowball offer a dealer may end up offering you

[Montecristo]

If you are willing to do some leg work you should be able to get 85% at a local jeweler or coin store.

This, of course, depends on the amount of competition in your area. The buyers around here have an abundance of competition and they are paying extremely high.

Go to at least 3 different places. Don't let the scrap out of your sight. Remember just because something is stamped 14k, doesn't mean it is.

Tell them you are checking prices, be up front, tell them what you are looking to get percentage wise and that you will not be selling until you've visited a couple more dealers. Allow them the choice if they want to bother with you or not. At 85% they aren't making much and are taking the risk gold will drop before they accumulate enough to sell. Not all dealers will want to buy at that price.

Sending to a "refiner" has it's drawbacks and by no means is it always your best bet.

[cpthnsolo]

You should be able to get 95% of gold value

From what I've read 90% is more likely. Keep in mind that a lot of 14k is actually 13 or 13.5K and you lose a nearly negligible bit of weight from dust/grime and any springs in the clasps. If you have more than a few ounces than MidWest may be a good idea, but if you don't have very much to begin with I would go with a local. I have a guy here in town who pays 85% of spot for solid scrap with no stones and will give me 90% if I have an ounce or more. Long story short you need to call around and ask what the locals pay. Just make it clear up-front that you know what you've got as many people will cheat you if they think you're clueless.

Good luck :)

[Fiat Metaler]

it depends on how much you have and who you send it to.

check out Market Harmony also. the owner posts at Real Cent.

I think his rates are the same or very slightly better than Midwest, but i haven't checked in some time.

[slackercruster]

Your best bet is to send it out to a refinery such as Mid West Refineries. You should be able to get 95% of gold value, instead of a lowball offer a dealer may end up offering you

+1

Sold them lots of scrap, very happy with service.

[fasTTcar]

I pay 90% to GIM members.

Email - daniel@londongoldbuyer.com

[cpthnsolo]

I pay 90% to GIM members.

Email - daniel@londongoldbuyer.com

I have purchased from fasTTcar and he's a straight shooter when it comes to selling so I'm sure buying is the same. That is all...

:cool:

[Wellsburg]

Some local thief set up a gold buying kiosk at our local mall. They are paying 44% of spot, I checked them out. But, imagine that they are likely paying thousands per month for the space, plus employees, plus insurance, etc.
Local jewelry stores pay about 65% of melt. I surveyed some of them and I know several of them very well. Occasionally, they call me to ask what a sovereign should weigh, or how much to pay for silver dimes, or French 20 Francs, even wheat cents. (I am a part-time dealer in a small town).

Legitimate scrap dealers will pay 80% to 85% from the public if they are well financed and moving major volume, they are difficult to find and you may be waiting for an hour for your turn in line. At these gold prices, everyone is cashing in. The old ladies with a bag of crap that needs sorted takes a good bit of time as they have 10K, 14K, sterling, plated all mixed in together. Then they have a ring with a pearl in it and the store employee must extract the pearl or stone before testing and weighing the gold, tedious and time consuming, actually painful to watch because I want to get in and out. My stuff is cleaned, sorted, and pre-tested. There should be a special line for people who know what they are doing (me). Incidentally, my favorite local shop pays me 92% of melt , but I am taking them $2 or $3K per week, and I am a small timer.

Keep in mind that they must pay for shipping and insurance to a smelter, pay a "melt fee", an "assay fee", and gold price may move against them between the time they buy and the time they ship. Plus, they may not get paid for several weeks if the smelter is backlogged, so you must allow them some meat left on the bone or they can't operate at a profit.

[krusty67]

Hello everybody, new member here...I appreciate all the great information.

I took some old sterling flatware to one of these traveling guys who sets up in a local motel and sends out flyers claiming "highest prices paid". I weighed my silver on my scale ahead of time, and had looked online to see what melt value would be (approximately.) I was willing to allow the buyer maybe about 20% for their time and trouble. He offered me what amounted to $15 an oz for my sterling, or about 40% of melt. I took my stuff and left, and never showed him the two 14k wedding bands that I also had in my pocket! I will try the refiner that was mentioned above, thanks!
-Krusty

[golddigger]

Do any legit dealers paying 90%+ spot pay cash without ID?

[CopperSilverGold]

Most dealers in this area will pay around 70%, maybe 75% of spot. Some things come into play:

1) They are required by law enforcement to hold the item for a period of time (typically 2 weeks) in case the item gets reported as stolen, so they take all the risk. If the item is stolen, the shop is out the item AND the cash.
2) The spot price could drop alot in the 2 week waiting period or by the time they have enough to send in
3) As others mentioned, just because it's marked 14K doesnt mean it's 14K. I believe most 14K jewelry is under that, and more likely 13.5K or even 13K.
4) You get to watch them weigh and test the items in front of you versus sending it off to a stranger. With that method you pay for shipping, insurance, certified mail, etc and then have to wait for it to be tested and a check to be mailed. Some will will let you lock in the spot price but that is a risk to you and to them since it could go up or down by the time they receive and assay it.
5) Of course they overhead such as rent, utilities, advertising, wages, etc so expecting them to pay 85-90% is to me asking too much. Do you complain because a grocery store or clothing store is making 30-40% on an item? I don't because I understand how business works and the hidden costs that the average person doesn't think about.

So depending on your situation, you can do cash and carry at 70-75%, or take the risks with shipping and such and get a possible higher payout. IMO, the convenience of cash and carry is worth it and in no way do I think someone paying 70-75% is lowballing or ripping someone off.

[HistoryStudent]

I would not sell any gold silver platinum at these govy hammered prices.

Period.


Wait things double later.

[CopperSilverGold]

I would not sell any gold silver platinum at these govy hammered prices.

Period.


Wait things double later.

The sheeple dont know any better and hear what's on tv, so they think it's best to cash in now and get fiat. :bear_w00t: