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Why do buyers offer low price for gold?

Discussion in 'Gold Silver (All things Metal)' started by joegold, Apr 7, 2012.



  1. joegold

    joegold New Member

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    So I got some gold melted into some solid blocks. I called a few places here in Canada and they are offering much lower prices for what it is worth :( I have over 200 grams of 22K gold which in todays market is worth $47-$48 a gram, more or less. The buyers are offering $36CDN!!!!!!! Can someone explain this? Thanks in advance.
     
  2. glockngold

    glockngold Gold Member Gold Chaser

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    dude, is your real name Haberny,?

     
  3. Eyebone

    Eyebone Gold Member Gold Chaser

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    70% is common for "junk".
     
  4. curmudgeonista

    curmudgeonista Banned

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    ROTFLMAO

    Seriously, though. locate a refinery in Canada and contact them. You're not going to get spot, but you'll do better going direct than through a middle-man who's going to have to send it to them for the same below spot return anyway AND make a profit off of you. The downside is, you'll have to wait a while to get your money and, if it's anything like here in the US, you'll have a paper trail that may have tax implications.

    Spot is an indicator, not a guarantee of value. Your gold is "worth" what someone will pay for it. Right now that appears to be CAD36 per gram, or about 25% below spot. Not sure if anyone other than a refinery would offer any better on an amorphous lump of melted gold. Keep us posted, noob.
     
  5. ~BS

    ~BS Gold Member Gold Chaser

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    melting junk silver into blobs of faceless .900 metal or gold jewelry into faceless blobs of 14k metal is folly.

    A jewelry store is going to want their cut. They're not going to take your blobs of metal without consideration of a profit. You'd probably get paid 80% of melt max.

    If you have enough blobs, you could send them to a refiner yourself and get maybe 95% of melt.
     
  6. joegold

    joegold New Member

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    Thanks for all the help fellas!!!!!! One other question, how do I clean my gold bars? Some people say to just dump it in a beaker with nitric acid. It that the correct method?
     
  7. earplugs

    earplugs Gold Member Gold Chaser

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    cuz gold is honest money and a store of wealth.... :hmpf:
     
  8. glockngold

    glockngold Gold Member Gold Chaser

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    Actually Joe, the best way to clean gold bars is with an air orbital sander with an 80 grit pad. (PS.. does your Mom know you are using the computer?):cheerful:
     
  9. keef

    keef Gold Member Gold Chaser

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    Cheap bastards! I will give ya $36/US dollas and some lint I found in my shop vac.
     
  10. joegold

    joegold New Member

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    You should be a comedian!!!!!!! Why do people reply with a stupid answer to a simple question??????
     
  11. Gcubed

    Gcubed Banned

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    They may have thought the simple question was...? ;)
     
  12. Gcubed

    Gcubed Banned

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    What do you want to remove, slag remnants, heavy oxidation, something else?
     
  13. Someone_else

    Someone_else Silver Member Silver Miner

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  14. Gcubed

    Gcubed Banned

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    A rookie will end up with a big mess at best. Leave it to the pros or be prepared and willing to invest it the PROPER equipment. It is VERY easy to get injured.
     
  15. fasTTcar

    fasTTcar Seeker Seeker

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    Occupation:
    Scrap gold buyer and coin dealer
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    I am in the process of introducing melt and assay services in the next couple weeks at my office in London, Ontario. Drop by and i can melt, assay and payout within 15 minutes. If you are not in SW Ontario, FedEx works great.

    I can get you into the 90 percentile+ easily, same day payout in Canadian dollars with no BS.

    Give me a call 519-686-6671 during business hours or email - daniel@coincanada.ca
     

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