"tried" to sell my gold today :ausflag:

[lazyaussie]

went to an Aussie refinery today & asked to have my gold & silver refined so i can sell it was told i didn't have enough i needed to have 200 grams of gold or more i had 103.4 grams.
after that they said they would buy it "as is" so they weighted all the different k gold & silver up
24k-3.4 g
22k-7.4 g
18k-7.8 g
14k-5.9 g
9k-55.6 g
unmarked gold-23.6 g
& 400 g of 925 silver
& offered wait for it A GRAND TOTAL OF $600 AUSSIE DOLLARS
i did a quick check on gold prices today & even if all the gold was 9k it should add up to all most $1500 aus with $200 aus for the silver i don't know if i added wrong or if they were ripoffs but needles to say i"v still got my gold & silver to sell another day.
lazyaussie

 

[#1RAMROD]

LOL!

 

[Lou from downunder]

Hi Lazy,

yeah, that sucks!
I'm assuming it was SBA, for small parcels they only pay $5 per gram for 9ct.

I've got about $5500 worth of gold and silver, at todays prices.
If I use them I will lose over $500 in fees and charges.
Their refining fee has gone up from $200 to $250 and I believe they charge extra for silver if sent in with the gold.
Also they only pay 95% of the spot price.
On top of that they hold your gold for 7 days with the price locked in on whatever it is on the 6th day.

Gold Bullion Australia on the Gold Coast, on receipt of your parcel, will analyse what you've got straight away and will pay you the next day.
No refining fees and they pay 99% of the spot price, so I would only lose about $50.
Also, if the gold price drops overnight, you can hold off on payment for a few days in case it improves. You just email them when your ready and they will lock in a price and send payment.
Sounds to good to be true?
Unfortunately your probably right!
On one of the prospecting forums that I belong to, our most senior member strongly advises that I steer clear of them.
A mate of his had an ounce of alluvial gold disappear while in their hands.
Seems the only way to be sure they dont get into you is to take your stuff in personally, that way they cant claim that some was lost in transit or whatever. Its almost worth flying up, make a short holiday out of the trip.
Financially you'd be no worse off.

Lou.

 

[Roscue2]

n/t

 

[doindadiggin]

Hi lou mate i heard of a guy going around buying gold and silver from detectorists but only heard of him the once ,come to think of it it would be a good way of making a bob when the prices go down, also if you sold to that guy on the gold coast jupiters casino is across the road for a flutter .terry

 

[lazyaussie]

you assumed right Lou i guess i"ll have to find a bit more gold before i sell that home refining kit you were talking about is sounding better & better every day actually it might be a great idea to start up a little money spinner buying scrap gold & refining detectorists nuggets & jewellery for a small fee.
it"s funny i was trying to sell the gold to go up to the gold coast at Chrissie now i might have to go up there to sell my gold .
Lou have ya hit the other side of the bay yet ??
Roscue2 it"s called double dipping it"s all about greed.
terry are the beaches up there still all ripped up my dads up there he said some of the beaches had all the sand washed off em with the goodies just sitting there to be found
lazyaussie

 

[Lou from downunder]

Hi Lazy,

the problem with the home refined product is that even though it comes up 99.5% pure, SBA still wants to refine and assay it to be sure.

The other problem with that mob up on the GC is they want a minimum of 300 gms. I'm ok but unless you get busy you wont have enough.
But they do pay $10 per gm for 9ct for small parcels which is better than SBA.

As for the other side, have'nt had a chance yet. Been working 6 days a week for a couple of months with no let up in sight, social commitments have taken up most of the time I have left. Last few hunts I've gotten nothing. My average of one gold per hunt is getting shot to bits, cant complain though, I was having bit of a dream run for a while there.

If I had the time I'd be tempted to race up to Port Fairy on the west coast.
Heard that they've suffered much sand loss due to huge tides and huge seas....... but work, commitments, etc etc etc..... sigh!

Lou.

 

[doindadiggin]

Hi lazy yes the beaches are still ripped out some ,but what they did at mooloolaba was bulldoze sand from the low tide banks up onto the eroded banks, so i had a hunt yesterday and all i got was a heap of sinkers and some bullet cases no coins at all strange that .terry