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Stopped by one of those Cash for Gold places today...:rofl:

M

mudpuppy

New member
Just for giggles, I had my little loot sack with me and an hour to kill, and was curious as to how they operate...I brought in 94 gr of 925 silver, and that little 1gr 10k ring...OK, I tell the guy, "listen, I know what this stuff weighs, and know todays melt price, and I got about 120 bucks worth of loot here in this sack, so I just want to know what you will pay for this stuff" He checks it all out and says 37 dollars! I said a long "daaaaaamn!" thanked the fellow, made some metal detecting chit chat, and walked out with my stuff of course, (he was packing a 40 cal on his hip, I wondered who he thought was robbing who here)...I could see them operating on a 20% margin, even 25, but dont 70% seems a tad harsh?
Mud
 
That is harsh, but a druggie dosen't care.
 
The few places I've checked for kicks, too, are about what you were quoted, Mud. One place here quoted me right at 50% of the melt price. I had 2 14k wedding band with no stones, so knowing the weight, I knew exactly what the melt value would be with the likes of ARA, as an example. HH jim tn
 
When you send it away to ARA.......... if you figure mailing, Insurance ,and ARA cut........... How does it compare on price....

Is it as much a gap as the offer they gave as it seems ???.......... Just curious.... Like I said never sold any of my Gold........... so I would be a newbie
 
I'm not Mud, butI haven't checked ARA for a while, but not to long ago they were paying 90+% of melt price. 98% actually rings a bell. Even after ins and postage, quite a difference between a reputable refinery and the corner gold/silver brokers. HH jim tn
 
I had a similar experience. I had a 12 gram gold class ring I found and brought it into one of the "cash for gold" places. The woman tried to deduct 5 grams for the glass stone in the ring. And then offered me about 40 percent of melt price. I went home, dug out the glass stone. It weighed 1.5 grams. I finally found a guy at a flee market that gives me 85 percent of melt price. I only sell to him and completely ignore all those rediculous ads on TV about how honest and fair this and that gold dealer is.
 
When I had some placer gold in a vial from my dredging and such, I had over a half ounce worth of it. I took it by one of the shops to see what they would give me for it. Gold back then, had just reached an all time high of $800 something an ounce. I was thinking I'd get at least $400 for my half ounce since it was probably 22k.

WRONG!!

Dude weighs it out, and he got the same amount that I did on my scale. He grabs his calculator and starts punching in numbers and whistles...says "wow you have a chunk here....I can give you $250 for it". Says me..."I don't think so bud..." and began grabbing gathering it back up. He offers me $275 as I get close to the door and I didn't even stop.

I was telling a guy I go to church with about it, whom is a watch repair guy. He tells me that he will check with his scrap gold buyer to see what he would give me for it. He calls me the next day and gives me a figure and I take my gold to him...to wait on the buyer to come up and get it. Well he calls me when he comes up and says "hey the buyer came up today.....he REALLY liked your gold...said it tested out at 22k and was the purest placer gold he had seen.....he said $400 wasn't enough for it and gave you $480 for it and will take any more of it you can dig up".

So thus I've sold all my gold to him ever since. Whatever spot market price is, is what he gives for it...sometimes more if it comes out of one particular area here.
 
Guys I sent my gold and silver in on 10/2010 to ARA. I got 98% on gold and 90% on silver payout. The weight was in DWT and unit price was $65.32 OZ gold. Market price was $1333.00 Oz and got 98%. Silver: Weight in Oz. and unit price in OZ at $19.81 got 90% on silver. Market was $22.01 at the time. I got way more than I thought I would get. I paid about $25 for a registered mail to Texas. Don't ask me how they figure it out I have now idea. I am a country boy that lives in the city. HH and don't get screwed by those ads on tv..... Z
 
One other thing...even though the sign said "CASH for Gold" they guy said they dont give you cash, they give you a check you have to take to the bank and cash! What a racket!
 
Hi Mud,
I went through that last year. :stretcher:
I went into 3 or 4 shops and just had to laugh at them. Then I called a few more and had to laugh again, especially those that advertise on TV. Checked some others out on the web. I found two that would pay 85%. One of those would also buy diamonds above a certain size. I wound up doing business with the one that buys the diamonds, too. :devil:

Giving up 15% isn't too bad, considering you can walk in and do a face to face transaction, especially if the guy doing the buying is personable, friendly, and likes to talk about metal detectors and treasure hunting, like the guy I found does.

HH
Mike
 
Thanks Mike. I got the stones back with the checks from ARA. I forgot to mention that.... No I don't work for ARA. And they are not related to me. Just thought you guys would be interested.....HH ....Z
 
ARA will quote at 98% return all stones. They used to hold it for 60 days if you wanted them too in case the price went up. Now I think if the amount is over $ 900.00 they have to issue a 1099. Best I have found to deal with. HH :fisher::minelab::teknetics::detecting:
 
I've heard mostly good things about ARA. I was going to deal with them but luckily I found a local guy who is fair, digs cash out of his pocket on the spot, and the deal is done.
I feel bad for people who go to these cash for gold places and get ripped off. Once when I was in one of those places a little ole lady came in with some gold items and layed them on
the counter. She must have been 80 years old probably had no idea how much she should get and probably got ripped off big time.
I did try calling some of the places I found in the yellow pages and from ads on TV but none of them would give me a percentage over the phone. They just want you to drive miles, in some cases, a lot of miles, hoping once they get you in their establishment they will get your gold too. I used to bring my gram scale and the latest gold prices with me just to let them know that even though I was born in the morning, it wasn't THIS morning.:argue:
 
are you guys refering to American Recycling Associates in texas i got some stuff ive been thinking about selling the local pawn shop is a rip off they only want to pay 50 cents a gram for silver and and 15 dollars a gram for 14k gold thanks hh
 
ez4sure said:
are you guys refering to American Recycling Associates in texas i got some stuff ive been thinking about selling the local pawn shop is a rip off they only want to pay 50 cents a gram for silver and and 15 dollars a gram for 14k gold thanks hh
Click to expand...

Yep, that's the place.
By the way, a pawn shop is probably the last place you would want to go to sell gold and silver items.
 
It seems Like you know about price's and such So I was wondering, could you find a bunch of silver coins to make up an ounce and sell it for the ounce price, or do you just have to find pure silver nugget's or piece's is it same as gold let me know thank you.
 
Thanks for the info!
 
In Denver there checks were no good. Big deal on the news for awhile.
 
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