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A Bunch Of Gold Booty...Opinions???

M

Mike (Virginia Beach)

New member
What you see here is a pile of 14K stuff from my collection. Specifically, 10 rings, 2 charms, and a chain. These are basically the non-diamond 14K rings that neither friends nor family were particularly interested in. I've sold quite a few things in the last couple of years (almost $1000 worth this summer) and still have quite a few 10K bands and 10K and 14K diamond rings. But these are just sitting in the ring case, not doing much for anybody.

I've been told that for the 50 pennyweight that you see here (which is 77.5 grams or 2.5 ounces) that a refinery will melt that down and extract the pure 24K gold from it. And it takes quite a bit of 14K to get an ounce of 24K and of course they have to get their "piece of the action" too, which is to be expected. So in trade for 50 pennyweight of 14K I can get 1 ounce of 24K, in a number of different forms. I would be considering the 1 ounce American Eagle "$50" piece or, more likely, the new $50 Buffalo. Both are worth the price of an ounce of pure gold, now at around $585. The coins actually sell for a little under $600. So far the only selling I've done has been good deals to mostly friends and co-workers...nothing like this. Anybody think this is a good deal? Anybody think it's NOT a good deal? Any opinions and/or advice appreciated.

Here's a link to the coins...the Eagle and Buffalo are the first two on the left...

http://www.apmex.com/shop/buy/goldbullion.asp?orderid=0

Here's the pic of what will be going in trade...
[attachment 35661 Bling.jpg]
 
Actually mike,
If I calculated correctly. 50dwt on the gold calc at $585oz =$853.12. Now if you were to sell to someone like midwest I believe you would get around $785 give or take. So that means you are defin paying the price for them to smelt that gold. Might want to shop around. Of course if they are in the ball park with another company that will do the same thing, then maybe go for it.

john
 
Yeah, but that gold price calculation based on $585 isn't for 14K jewelry...that's for pure gold...24K, right? So to calculate the value of 50dwt of 14K you would have to know how much 14K it takes to make an ounce of 24K. Which I don't. But the amount of non-gold mixed in to make 14K from pure gold has to be removed. This proposition was relayed to me from a jeweler who checked with his "metals guy" as a favor for me. I will be dealing with him directly but at the moment I only have his phone number and have yet to talk to him so I will have some questions for him.

Here's more info than you ever wanted to know about gold. Some interesting stuff in here:

http://en.wikipedia.org/wiki/Gold_as_an_investment#Buying_physical_gold
 
No,
Use that tool i told you about. I put in $585 for market value, then 50dwt at 14k . That means to make 1.4583 oz's of pure gold it takes 50dwt. It even tells you the amount per dwt, g, oz, etc..
total pure oz's should be troy oz's. Here is the link. This is jewelers software for computing gold.

http://www.goldcalculator.com/

john
[attachment 35668 septgold028.jpg]
 
Mike, my father you to buy gold bullion, I think gold id a little over price at this moment and you might want to give it some time. I used to be an investment adviser for 8 years and gold has gone a little too high. Love gold but watch oil. If oil goes up more again then quickly buy the gold, but if oil prices decrease rapidly, hold on because gold may come down some. Take the jewels to a consignment shop and see what happens for a month, try to get a modest price for the jewels, after a month, then decide to buy if you dont sell anything through consignment. Just my opinion for what its worth.

Gary
 
i took some of my 2003 and made this and 2004 and made this

also made three killer silver ones for my kids

then when people ask u, "what do u do with all the rings" your wife or can stick out her arm...............my girlfriend never takes hers off.

low tide's wife has gold one tooo


just a thought
 
I sell locally here and heres what I would get for 50dwt of 14k
Spot /585 divided by 31.1 troy oz x .56 (14k) x 92% = 9.69 a gram x77.75 grams =753.47 I like to do it this way because I know what spot is the day I sell if you send to a refinery they are at least going to get 5% and take as long as 7-10 days HH RonC
 
If you use this precious metal calculator you will know the value at current price http://dendritics.com/scales/metal-calc.asp

$852.03 thats the value for 50 dwt of 14k gold
 
they pay 94% of spot price at the time your gold is processed. No hidden or extra fees, no gimmicks.
if they don't happen to have what you're looking for, at least you'd know you got a fair shake, and can then invest your $$$ as you see fit.
(perhaps a bling bling which you might lose in the surf):cry:
 
They've got a handful of "fees"
Midwest pays a flat 94% of spot price, no gimmicks, no minimum amounts. No hidden costs.
If there was a better company to deal with, I'd be there. I'm very much satisfied with Midwest.
 
50 DWT equals 2 1/2 ounces. So, multiply the price of gold by 2'5.
Now, multiply that amount by .585 for 14K, multiply by.417 for 10K
Next, if you want midwests pay price. Take that amount times .94. That should be the amount you will receive.
They do a detailed assay of your gold, which is printed out and mailed to you, your gold may be slightly below the stamped ratings. many 14K rings are somewhere between 10 and 14 K. but they disclose a very detailed statement on your gold.
Give them a try, send in an ounce of junk rings, see how they treat you.:thumbup:
 
and to be honest its hard to trade gold I find (for me anyhow) but I know for a fact that if you sell the stuff the way it is you would be real lucky to get a duce out of it............ I would try that midwest place and thewn go from there .............good luck .
 
...lots of good info there from everybody. I loaded the program from protech and appreciate the help with the formulas. It DOES sound like the quote I got is a bit high. And also like I need to talk to Midwest. I'm not really interested in getting anything made out of the gold because my wife and daughter (and myself!) have more jewelry than we know what to do with as it is. (Which is not a BAD thing!) But what I don't have is some nice gold coins. So I think I will sell for top dollar and then buy for bottom dollar. Seems like a good plan. :)

Thanks again to all! That's what I love about this place...we can all learn SOMETHING from each other. :thumbup:
 
By the way when you talk to gary. Start talking over his head about computers, tell him i told ya to. He will get a kick out of that. They are good people!!!
 
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