Selling gold for melt value

[lisfisher]

Hello,

I'm very confused with how this works. If I have a 14k gold ring that weighs 11.2 grams and use the below calculator to figure out the value, it comes to around $250.00. So over the weekend I had brought the ring somewhere and they weighed it in pennyweights, it was somewhere around 7.25 pennyweights. Based on the pennyweights they offered $94.00, but when you use the calculator below it comes to much more. I don't get it. Not even sure what a pennyweight is or why you can't just sell your gold based on what carat it is and how many grams it weighs.

Scrap Gold Weight Conversion and Melt Value Calculator

 

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[Johnnybravo300]

Every shop you go to might offer you different amounts. Some don't pay squat. I would recommend you shop around and find a buyer that appreciates what you bring him.

 

[lisfisher]

Yeah that's what i am doing, i was just confused with the $94.00 offer vs roughly $250.00 on the gold calculator, that's quite a difference. I guess like you said, some shops don't pay squat.

 

[DeepseekerADS]

Even Christ had to drive the money changers from the temple!!!

Not all thieves hide in the dark!

 

[Johnnybravo300]

Some shops want way too much for their gold and don't pay much for it when they buy it. Other shops are more fair but getting 100 percent of what you want might be tough.
With gold prices where they are there is usually room for some back and forth but it's worth too much to give away that's for sure! Haha
A pennyweight is just another weight measurement and it's all the same. He was offering you around 35 percent gold price which alot of people would take. They always start low like that.

 

[lisfisher]

Why do these shops weigh in "pennyweights" and what does that mean? Why not just weigh in grams??

 

[bakkhoe]

They probably use pennyweights, which is a legitimate way to measure, to keep un-informed people from comparing, or looking up values. Most people who do not deal in jewelry or precious metals will not know what the "dwt" measurement is. A pennyweight is approximately 1.55 grams, so if the buyer tells you the weight or you see it on the scale and don't know, You might think the value is less..... since the pennyweight number is much smaller than the grams number for the same weight. Most people do not know how much their jewelry weighs Also make sure that the carat is taken into consideration. If it is 14k, then it is only 14/24 or 58% gold, with the rest probably silver and copper.

 

[Rawhide]

14k is about 50% gold for one thing. Two if the ring is in intact, it is worth 3 times melt value. Coins are two times melt value. I will make a bars later when I get enough to do so

 

[basssmann]

Hi, I buy and sell gold on the side... I have searched locally, and out of state, and you would be amazed, how much of difference you will get for your gold..
I had the same amount of 10K and 14k gold, quoted at 4 places... see below

1. $680 local jewelry place
2. $780 cash for gold
3. $1,080 my send to place in florida for years
4. $1,331 my honey hole place now..... Express Cash Gold

I have been dealing with them for 6 batches of gold and sterling silver... Express Cash Gold in Salamanca, Ny
they will send a fed-ex over night pack to put your gold and silver in, they get and start evaluation the next day, within 24 hours of them getting it, they email you
a quote, you accept, check go's out that day.... They test your gold, because there are many fake pc. marked 14k Italy, that's junk plated from Mexico, I had
some rejected and they sent back to me... I bought a cheap test kit of ebay for $14, and now I test mine before sending... I'm indirect contact with the owner now, so, if you mention Ray Terwilliger, sent you, you will get extra care... Great Place

I'm very confused with how this works. If I have a 14k gold ring that weighs 11.2 grams and use the below calculator to figure out the value, it comes to around $250.00. So over the weekend I had brought the ring somewhere and they weighed it in pennyweights, it was somewhere around 7.25 pennyweights. Based on the pennyweights they offered $94.00, but when you use the calculator below it comes to much more. I don't get it. Not even sure what a pennyweight is or why you can't just sell your gold based on what carat it is and how many grams it weighs.

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Scrap Gold Weight Conversion and Melt Value Calculator[/QUOTE]

 

[0121stockpicker]

Here is a pennyweight value calculator.

I've been told by a number of pawn shop owners that they definitely use pennyweight instead of ounce calculations to confuse the seller.

 

[0121stockpicker]

http://coinapps.com/gold/pennyweight/calculator/

 

[tamrock]

I always check this site you can weigh in several ways. The buy your gold shops some weigh in pennyweight other weigh in grams. I've got over spot on eBay for gold very often, but that depends on the piece being unique over just a piece of gold. I always check and mark each piece before I head to the scrap buyer. I just did that today on some miscellaneous rather unappealing gold pieces and then turned around and bought more undervalued gold on my next stop with the cash I got from the scrap buyer. Scrap Gold Weight Conversion and Melt Value Calculator

 

[cyberdan]

Hi, I buy and sell gold on the side...
1. $680 local jewelry place
2. $780 cash for gold
3. $1,080 my send to place in florida for years
4. $1,331 my honey hole place now..... Express Cash Gold

yes, pay outs are all over the place. but, on number 4 what was the bottom line on their fees? my refinery melts everything into a bar and then assays it (I believe an XRF machine) then pays me 98%

I hope your gold value was around $1360 if not my refinery in Dallas would have paid more. Only problem you must be a business. No problem they have a form to fill out and apply.

 

[Metal Detecting Stuff]

OK, your gold is worth $263 melt, so $94 is taking advantage of you. ARAgold.com pays 98%, so your payout would be around $250 after shipping to them. Check with a local coin dealer or jewelry store, if you can get at least 85-90 % of melt locally, it's not too bad a deal. Use the calculator to figure melt, then take 90% of that value for your target price.

The corner gold stores make a killing on unsuspecting sellers, that's why they are popping up on each corner.

Wayne

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