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Melted gold - illegal to sell?

Discussion in 'Gold Silver (All things Metal)' started by Usc96, Feb 25, 2011.



  1. Usc96

    Usc96 Gold Member Gold Chaser

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    Was at the local gold place today and a couple came in with what appeared to be almost an ounce lump of gold. The story was the husband went to town on his class ring with a blowtorch. Now I understand that it might be hard to value, being as most class rings are 12k to 18k, but I was truly surprised when I heard the gold store employee spout off that it was illegal to sell melted gold.

    Any chance this has any relation to reality? I can see law enforcement wanting a way to track all purchases, and a lump of gold that was formerly a ring would be hard to track.

    I've heard this same clerk pass off nonsense as fact in the past, so everything I hear him say is suspect to me.
     
  2. jogslvr

    jogslvr Gold Miser Gold Chaser

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    Nonsense, melted so-called nuggets are sold all the time. And btw, most class rings are 10k so I doubt they'd get much of an offer for their gold blob. One of my early wives had my class ring melted down as a birthday surprise gift pendant. I wanted to kick her ass and did eventually. :-)
     
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  3. Argent Dragon

    Argent Dragon Site Support Site Mgr Site Supporter

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    He's an inexperienced twit. What he meant was that he doesn't want to take the time to properly value it. Lots of dealer want the 'easy' buy and be able to give a quick estimate (always lower than spot by about 5-10%). It's his choice to only purchase 'stamped' gold if that's what he's comfortable with. Chances are that he doesn't trust his testing equipment.
     
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  4. Wellsburg

    Wellsburg Seeker

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    I call BS. The employee evidently does not know how to test for 10K or 14K purity and is lazy.
     
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  5. Silver Buck

    Silver Buck Gold Member Gold Chaser

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    My local pusher has offered me melted gold in the past.

    I'll pick some up if I ever get the chance again (just to have something a bit different).
     
  6. Gcubed

    Gcubed Banned

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    First problem, no way of knowing that it was a homogeneous melt. Ergo, no way to do a reliable counter top test for purity. Second problem, most dealers are subject to holding times for the scrap that they purchase. The scrap must be maintained in its original state for inspection by law enforcement officers. Lumps of melted gold just might arouse the suspicions of law enforcement officers. No, the guy wasn't necessarily an inexperienced twit. JMHO.
     
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  7. latemetal

    latemetal Gold Member Gold Chaser

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    If I had a PM buying business, I turn down mystery gold too. No fibbing, just no sale!:bandit:
     
  8. mc68386

    mc68386 New Member

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    No, it's not illegal, but I would recommend letting the melted gold solidify before trying to sell it.
     
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  9. ~BS

    ~BS Gold Member Gold Chaser

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    not illegal, but any smart buyer would test the item and also offer you less than what the gold content is.
     
  10. C4talyst

    C4talyst New Member

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    The answer is no; it's not illegal.
     
  11. Mr. Shiny

    Mr. Shiny Silver Member Silver Miner

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    Illegal? No.
    Wise? About as wise as being a pawn shop and buying firearms with the serial ground off, you know damn well that lump o' gold is stolen. It's the classic way of 'fencing' stolen gold, you can provide seven forms of I.D., mug shot, fingerprints, retinal scan & DNA and never be linked to the property.

    It's much easier to tell the customer "Cain't do it, it's illegal" than "Cain't do it, 'cause you stole some jewelry and melted it, and in spite of that fact you went through all that trouble, it's still stolen"
     
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  12. Usc96

    Usc96 Gold Member Gold Chaser

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    To play devil's advocate, I wonder how a pawn shop receiving plain vanilla American eagles can assist the cops in any way? Say someone reports a theft of ten gold eagles. Two or three show up at the local pawn shop. How can the cops and the pawn shop owner conclusively prove they belonged to the crime victim? Do they interrogate everyone selling eagles? Just the shady looking sellers? Do the cops follow up with every seller asking for affirmation of where they got their generic American eagles?

    Not the same as a lump of gold that resembles a former class ring, but difficult to prove a crime nonetheless.
     
  13. latemetal

    latemetal Gold Member Gold Chaser

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    Slightly off topic, how do dealers buy nuggets and flakes of gold from prospectors?
     
  14. Gcubed

    Gcubed Banned

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    Usually by weight. ;)
    Seriously, knowing of the placer source helps a bit with the purity factor. Large quantities of fine stuff are purchased on a melt and assay basis.
     

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