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Cashing in on my F75 finds
- Thread starter amcoins44
- Start date
X
Xdigger
Guest
My wife takes care of that for me. She wears it.
Ytcoinshooter
Well-known member
For any precious metals you have to your homework first so you go in knowing the spot melt value for the net amount of gold &/or platinum. Once you establish that remember you shouldn't accept an amount more than 10% below spot. That 10% (sometimes less) is split up between the person with a metal buyers license and the refiner it will go to. If a piece is really nice consider selling it privately. Silver jewelry isn't worth much as scrap, pile it up and have something nice custom made for your sweetie (or yourself). One of my best friends has been a jeweler and metal buyer for over 40 years, his advice a well as his custom work has been invaluable to me. Forget pawn shops, totally a rip off. Some people have had good luck with mail order services that buy you gold. I wouldn't do that. Lastly the more weight you have the better the price you'll get. If you are just holding a few gold rings to scrap you may want to wait until you have more unless you really need cash now. KITCO.com is your friend, watch the markets. You could always sort your other metals - junk finds of brass, copper, aluminum etc and cash in when you have weight. I'd be at a loss without my scale, acid test kit and other gear like a Gemoro tester for diamonds, white sapphires and Moissanite. CZ's offer no reactivity on my device.
Shop the offers, don't be hasty.
Good luck.
Shop the offers, don't be hasty.
Good luck.
Thanks for someone finally answering my question. I have visited three jewelers that advertise buying gold, etc. Three values were within $100 for three gold rings and a platinum ring. I have not yet visited a "precious metals buyer" who advertises to get rid of the middle man, and even advertises to serve metal detectorists.
Any advise on jewelers vs "metal buyers?"
Thanks, Andy
Any advise on jewelers vs "metal buyers?"
Thanks, Andy
Ytcoinshooter
Well-known member
It's all about how close to spot value you get regardless of who buys. Andy, most jewelers have metal buyers license - depending upon the regulations of the state they do business in. Many make at least one trip a month to the smelter / refiner. Like I said 10% should be sufficient but weight is everything. Lets turn it around...If you were the metals buyer the greater weight the more $'s in your pocket on the percentage. There is not much incentive to buy small amounts at a small spread / percentage so you might only offer the detectorist 75 - 80% of spot. The other side is the prolific water hunting guy who comes in regularly to sell his gold finds and establishes a relationship with the jewelry / metals buyer for terms they agree upon. Best advice is don't be in a hurry to sell. The jewelry trophies are nice to look at and recall the thrill in finding them. Knowledge is king so go in knowing what you have is really worth.
Happy Hunting
Happy Hunting
Mike Hillis
Well-known member
Good advice from Ytcoinshooter.
You are selling your gold for scrap value so you need to know the scrap value of your gold prior to selling it.
I went all around my city asking the gold buyers what they pay. What I found out was that they are all over the place. Some of them are nothing more than crooks seeking to take advantage of the un-informed. Surprisingly, the fanciest places were often the worst crooks. When I say crooks I'm talking places that would only offer 55% of spot. Real crooks taking vantage of people.
There are some places that offer different value depending on the karat. They might offer only 60% for 10k, but 75% for 18k. Stuff like that.
The best deal in my city is 15% off spot for walk in / walk out gold sales. All day every day. (Place is a nice hole in the wall with a armed guard and everything. They'll even escort you to your vehicle if you feel unsafe. I like them.)
To put that into perspective. A 14K, gold chain weighing 15 gram = 8.77 grams of 24K gold. Using 1500.00 an ounce spot price.....1500 divided by 31 grams per ounce = 48.39 per gram. 8.77 x 48.39 = 424.38.
15% of 424.38 = 63.66 for the gold buyers pocket.
424.38 - 63.66 = 360.72 for my pocket.
Since the measurement scales are always slightly different, and the spot price in use may be slightly different..., you will most often not get exactly what you calculated, but it should always be close....within 10-12 dollars of what you expect.
Also, some will weigh the gold in grams, some will weigh the gold in pennyweights. So you need to be familiar with both measurements. However, as long as you have already calculated the gold scrap value, it doesn't really matter. What matters is that the dollar value being offered meets your expectations.
Good luck.
HH
Mike
You are selling your gold for scrap value so you need to know the scrap value of your gold prior to selling it.
I went all around my city asking the gold buyers what they pay. What I found out was that they are all over the place. Some of them are nothing more than crooks seeking to take advantage of the un-informed. Surprisingly, the fanciest places were often the worst crooks. When I say crooks I'm talking places that would only offer 55% of spot. Real crooks taking vantage of people.
There are some places that offer different value depending on the karat. They might offer only 60% for 10k, but 75% for 18k. Stuff like that.
The best deal in my city is 15% off spot for walk in / walk out gold sales. All day every day. (Place is a nice hole in the wall with a armed guard and everything. They'll even escort you to your vehicle if you feel unsafe. I like them.)
To put that into perspective. A 14K, gold chain weighing 15 gram = 8.77 grams of 24K gold. Using 1500.00 an ounce spot price.....1500 divided by 31 grams per ounce = 48.39 per gram. 8.77 x 48.39 = 424.38.
15% of 424.38 = 63.66 for the gold buyers pocket.
424.38 - 63.66 = 360.72 for my pocket.
Since the measurement scales are always slightly different, and the spot price in use may be slightly different..., you will most often not get exactly what you calculated, but it should always be close....within 10-12 dollars of what you expect.
Also, some will weigh the gold in grams, some will weigh the gold in pennyweights. So you need to be familiar with both measurements. However, as long as you have already calculated the gold scrap value, it doesn't really matter. What matters is that the dollar value being offered meets your expectations.
Good luck.
HH
Mike