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Here are photos of my 14K wedding band hoard. $3K worth of gold

Discussion in 'Purchasing Precious Metals' started by glockngold, Aug 9, 2010.



  1. glockngold

    glockngold Gold Member Gold Chaser

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    Right after the board moved, I had posted a thread asking if you all thought it was a good idea to start hoarding 14K wedding bands.
    In my area coins were scarce or the premiums over spot were high. (still are)
    I promised to let you know how it works out If I followed through.

    I have a we buy gold place that is willing to save for me yellow gold, stamped, no stones, 14k wedding bands. My plan is to keep it simple. It saves the dealer the expense of sending to the refiner, & I pay cash of course. I stop in every 2 weeks or so & pick up what ever he has.
    He does the deal in dwt (pennyweight) so I had to learn that language.
    20dwt per ozt (troy ounce)
    So far I have 98dwt divided by 20 = 4.9ozt of 14K gold.
    14K = 14/24 or 58.33%
    So 4.9ozt of 14K = 2.85 ozt (troy ounce) of pure gold
    I have paid out $3303.
    The dealer charged me between 32.96 and 34.23 per dwt depending on spot.
    My average buy price has therefore equaled $1159 per troy ounce of gold.
    Keep in mind that much of this time gold has been flirting with $1250 spot)

    Here are some photos:

    [​IMG]

    [​IMG]
     
    321AU, breycor, Bryzantium and 3 others like this.
  2. Thin Shadow

    Thin Shadow New Member

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    Nice gob of gold! I've picked up a few of those (4) myself. Three 14K and one 18K. Strangely enough, when I was married, I never had a wedding band. Now, I have four. With all those rings, you might want to think about going to Vegas and opening a wedding chapel.
     
  3. Strawboss

    Strawboss Intergalactic Silver Guru Gold Chaser

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    Thats really sad looking at all those rings and thinking of all the broken relationships they represent.
     
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  4. killer2021

    killer2021 Silver Member Silver Miner

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    lol yup. If im looking at it correctly, one of those rings is dated '75! another is '01.

    Marriage in this country has been on the decline for quite some time now.

    Marriage is WAY down from 50 years ago. Divorce rate peaked in the 1980s but slowly declined thereafter. You can't get divorced if you don't get married in the first place.
     
  5. Silvertooth

    Silvertooth New Member

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    Hey! I have the exact same electronic scale!
     
  6. glockngold

    glockngold Gold Member Gold Chaser

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    Yep, my field of other people's broken dreams. Remember that undertakers don't go around killing people. They make their money by picking up the pieces.
     
  7. Dude

    Dude Midas Member Midas Member

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    Wait a minute, my initials are on one of those. Is that wife of mine in your area hurtin' for cash or does she not love me anymore?
     
  8. Irons

    Irons Deep Sixed Mother Lode

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    I knew a middle aged car salesman who had about 6 or 7 wedding rings partially melted and made into a medallion! You could tell it was melted rings,
    he said it was his personal statement on marrige, and any man who got married was a fool who would end up like him. Funny Guy but very bitter.
     
  9. ToBeSelfEvident

    ToBeSelfEvident Gold Member Gold Chaser

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    Those rings will be a wonderful form of stealth wealth if TSHTF.

    Nobody will think twice about a guy selling a ring. A guy selling a 24k 1-oz Buffalo might get a little scrutiny from unsavory types.
     
  10. StateofJefferson

    StateofJefferson Silver Member Silver Miner

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    1. You are smart to be buying gold.

    2. But how liquid is this? When you want to sell, there will be very few buyers for gold in the form of wedding rings.

    Just thinking about liquidity but you are way ahead of most people who are not buying gold at all.
     
  11. glockngold

    glockngold Gold Member Gold Chaser

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    Perhaps. But in a true SHTF it may be that those Krugs or GAEs will be worthless to the guy that has the last seed corn in town., or box of ammo.
    What if the zombies have already looted the 5 local coin shops & the owners are dead or in hiding?

    The average schmuck doesn't even know what a gold coin looks like let alone a numismatic. But most know that a wedding band has had value in the past.

    And if society keeps on stumbling along like it has, any coin shop or pawn shop will buy a ring at a time, or I can sell bulk to a refiner.
    Diversity is the key here: Guns & ammo, real estate, food, fuel & water, 90% silver & .999 bullion, gold coins, & whatever.
    At least, ... that's how it seems to me.
     
  12. Dude

    Dude Midas Member Midas Member

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    I could just hear the OP:

    Oh, please, I need that seed corn. Here, I'll give you the only thing I have of value, my gold wedding ring...
    (repeat 500 times).

    Actually, maybe we ought to be buy a few handfuls of good looking fakes....
     
  13. TheMadHatter

    TheMadHatter Gold Member Gold Chaser

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    Personally, I think you are getting hosed...... You are pretty much paying spot on 24k for scrap. You could do much better on ebay for fractionals.
     
  14. Siwy

    Siwy New Member

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    Agreed. Should be getting some kind of discount for scrap...
     
  15. keepitlow

    keepitlow Seeker Seeker

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    When I sold scrap in L.A during the first gold bubble in the 80's I got 94% of spot. Around here was told a gold buyer would pay 86% of spot. (But never sold any.) The L.A. price was from a refiner in the jewelry district when I was in that biz.

    When I asked a local coin shop what % of spot they pay for gold they pretty much threw me out of the store. I guess if they could not steal it they were not interested.
     
  16. Irons

    Irons Deep Sixed Mother Lode

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    With so many sheep lining up to sell grandma's dental gold and antique jewelry for 35% of it's actual value I'm sure they don't have time to deal with somebody who knows what they are talking about.
    The couple of people who know I have gold always ask if I'm about ready to sell it. People just don't get it. At all.
     
  17. AgShaman

    AgShaman Seeker Seeker

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    Location:
    North Idaho...The Silver Valley
    I think it could be a good deal if you had a friend that was a goldsmith and you planned to supply him/her with the material to make some pieces for yourself, perhaps to give as gifts to your family and thought you could avoid the huge mark-up in the retail jewelry business by supplying convertible pieces....other than that, it's a tough call since I don't think a rural type opinion may apply to your location.....a street in New Jersey's Atlantic City...who know's?

    Curiosity will not kill this Cat!
     
  18. glockngold

    glockngold Gold Member Gold Chaser

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    This is just something I am trying as a part of my plan. Not for everyone of course.
    To relate that people selling scrap will not get their money's worth, ignores the fact that all those folks that buy scrap, sell it to someone eventually.
    Anyway, time will tell.

    Perhaps.
    Here is a list of the last 10 closed ebay auctions for $5. GAE
    I omit any with collectable value for dates or grading.
    Cents omitted, & we'll ignore any shipping.

    $164.
    $202.
    $149.
    $121. (bezel dammage)
    $142.
    $165.
    $163.
    $139.
    $150.
    $142.

    Total for (10) $1537. per troy ebay
    My average per troy $1157.

    Yes I'm sure you can do better if you wait it out & precision snipe.

    And of course GAE's are guaranteed by the United States government. ;)
     
  19. 5150female

    5150female Destroy them with lasers! Gold Chaser

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    I think you are very clever. Good job.
     
  20. JayDubya

    JayDubya Gold Member Gold Chaser

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    hear, hear!
     
  21. charlie1023

    charlie1023 Seeker Seeker

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    Jeez I thought I was missing something or was the only one thinking this as well...I would be shooting for a better discount based on this being scrap for the most part...just my 2 cents
     
  22. Wyldwil

    Wyldwil Seeker

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    hmmmm...."glass half empty"???
    Nahh....I'll bet those people are all a lot happier now!!
     
  23. Hasenfuss

    Hasenfuss New Member

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    Here in excerpt from a firsthand witness of Argentinas economic collapse, which also prompted me to take a look at gold rings. Local dealer says he pays 70% of spot for scrap, said he would sell to me for 80% of spot, if I was interested.

    Someone hit me in the head please because I messed up about the gold issue.

    Everyone wants to buy gold! “I buy gold. Pay cash” signs are everywhere, even on TV! I can’t believe I’m that silly! I just didn’t relate it to what I read here because they deal with junk gold, like jewelry, either stolen or sold because they needed the money, not the gold coins that you guys talk about. No one pays for the true value of the stuff, so big WARNING! Sign on people that are buying gold coins. Since it is impossible to determine the true mineral percentage of gold, small shops and dealers will pay for it as regular jewelry gold. What I would do if I were you: Besides gold coins, buy a lot of small gold rings and other jewelry. They should be less expensive than gold coins, and if the SHTF bad, you won’t be losing money, selling premium quality gold coins for the price of junk gold. If I could travel back in time, I’d buy a small bag of gold rings. Small time thieves will snatch gold chains right out of your neck and sell them at these small dealers found everywhere. This is VERY common at train stations, subways and other crowded areas.

    So, my advice, if you are preparing for a small economical crisis, gold coins make sense. You will keep the value of the stuff and be able to sell it for its actual cost to gold dealers or maybe other survivalists that know the true value of them. In my case, gold coins would have been an excellent investment, saving me from losing money when the local economy crashed. Even though things are bad, I can go to a bank down town and get paid for what a gold coin is truly worth, same goes for pure silver. But where I live, in my local area small time dealers will only pay you the value of junk gold, no matter what kind of gold you have. So, I’d have to say that if TSHTF bad, gold jewelry is a better trade item than gold coins.

    Rest of article here-http://www.rapidtrends.com/surving-argentinas-economic-collapse-part-1-3/
     
    Last edited: Aug 11, 2010
  24. Disambiguater

    Disambiguater New Member

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    You should be getting a bigger cash discount, here is why....

    Unless you or your dealer friend have it refined, the jewelers average on 14kt currently is .561, not .583.

    This is how big buyers pay-out to allow for short karating or solder (which is 9 carat) from ring sizing or chain joints.

    You figure your rings are all .583...maybe, maybe not.
    The only 14kt .583 guaranteed, will be marked 14kt p.
    The p stands for Plumb which is a registered guaranteed mark for exact purity. Or rings with a registered trademark or recognized company name stamped on them.

    Simply... a ring marked "14k" may not always be exactly .583

    I prefer bullion and coins combo for now and future use, everyone remembers Morgan Dollars and silver coins.
     
    Last edited: Aug 11, 2010
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  25. ttazzman

    ttazzman Gold Member Gold Chaser

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    i would certainly want a better margin for buying scrap......but it seems to be a good way to buy small amounts of gold.......also you could possibly sell some of those as jewelry "value added" and get more than gold spot etc.........

    buying scrap i would think you face some risks such as disambiguater states above and plating and missmarked etc.....

    just some thoughts
     
  26. ToBeSelfEvident

    ToBeSelfEvident Gold Member Gold Chaser

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    Bottom line, glockngold has diversified into a form of PMs that is well understood by the common man. If TSHTF, he is more liquid than those of us holding bullion.
     
  27. 6L6

    6L6 New Member

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    How significant an issue are fakes when buying gold bands from the public? It would seem that rings are just as likely as coins to be counterfeited with a gold plating over base metal.

    I would want to acid test any rings I bought from the public. This would really slow down and complicate the transaction, which is the main reason I usually decide not to put an ad up on craigslist as a gold buyer. In my locale, there aren't any craigslist gold buyers, so it could potentially be lucrative.

    Am I being too cautious? Can the jeweler's stamps generally be trusted?
     
  28. glockngold

    glockngold Gold Member Gold Chaser

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    This is for me just a piece of the puzzle. And I hope society never turns Mad Max & my kids can just toss out those Aldis soup cans when I kick the bucket.

    Should the time come that I need to liquidate the 14K bands, there are several refiners that have good reputations for paying out 90 - 95% of spot.

    I have heard that there is more of a problem with jewelry being stamped with a higher value k than it really is. Remember in my situation, I am already buying from a shop that is saving only stamped supposedly good stuff for me. This is new to me & I am still learning, but all the rings he has sold me, have passed the acid test once I got them home.

    Yep, that's the no pain, no gain part. The acid test stuff takes practice. And there is actual math involved.

    Walk into the local jewelry shops that have the gold buy sign out front. Hand them a piece that you are certain of quality & weight. Base your buy offers on that.

    Education overcomes fear of the unknown. That's why we're all here.

    Jewelry Stamps can be bought on ebay. So seeing a marking is just a positive sign, not a guarantee.
     
    6L6 and Weatherman like this.
  29. Irons

    Irons Deep Sixed Mother Lode

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    You make a very good observation, have you heard of hollow ropes? Lots of the blingy jewelry out there is thin as heck and hollow, doesn't weigh hardly anything.
    Lady at work was going to sell her "unwanted gold" and I offered to bring in my digital scale. Mistake.
    Her pile of bracelets, ear rings, and necklaces weighed about 6.5 grams. She was spitting nails.
     
  30. fasTT

    fasTT Seeker Seeker

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    Out to lunch
    Buy all he has.

    I will buy it from you for 90% of spot.

    Send me a PM if you can pull it off.
     

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