How to sell the scrap gold in a proper way? I need help!

[Kelly25]

Hi everybody. I sold my scrap gold to one company and didn’t get my payment during a long time. When I finally got it, it was smaller payment than it was before! And this company was advertizing on TV. So how can I trust now? Let me know about your experience and maybe some tips in selling scrap gold. I don’t want to go through that previous nightmare again. Thanks in advance.

 

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[GarryS]

Hey! You’re not the first one who trusted companies with “loud” advertizing and was disappointed. The reason is: companies that advertise themselves on TV pay lowest price and you pay for their advertizing, and salaries of their team. Try companies based in the web. But even they have some hidden charges and you will never find them out until your gold was sent. I was using SGB Scrap gold buyers http://www.scrap-gold-buyers.co.ukcause I prefer to trust companies that are ages in industry. The payment back is very fast and they don’t have charges they don’t show. Let me know if this info was useful for you. Cheers )

 

[cedarratt]

Your best bet is to sell it on Ebay or Mail it to Midwest Refineries. http://midwestrefineries.com/

 

[jewelerdave]

DONT send to Midwest, I have taken so much business from them its not even funny. Every time they a member has posted a refining statement from them its always looked fishy. Came in much under etc. More along the lines of a %10 loss than what they claim.

I buy one of two ways.
95% straight up based on karat.
Or.
98% based on refining, must be over 1 ounce of fine gold contained for me to refine it, But you get a good price. Oh yes, NO REFINING FEES

if you send me something that is fishy or not gold, I hold it back and send it back, that way you know whats good and whats not.

Agents of Midwest do a lot of the posts on here, People who have just a few posts and thats it and they always talk about how Great midwest is...

either way, I am a legit company, and a member. A member who looks out for others in the community on the board...not a faceless corporation.

Yes I am small. But keep in mind its better to keep an individual accountable rather than a larger faceless corporation.

Want to know how you keep a refiner honest, take your stuff, melt it into a bard, send half to one and half to another, And see who pays more...be amazed.

Below is my contact info and pics of what I deal in.

 

[jewelerdave]

I hear that.

I personal treat it as business. I buy and sell gold. I also change its form, refine it, alloy it, make it into new things.

Yes a lot of people get on here to pimp there own companies...but they cant do it honestly...why? they are a corporation, They go to posting board to posting board with a question...and the answer!

Stick to working with members and people you can have an individual relationship with. That's the best kind of business you can do.

If someone treats it like a get rich quick thing...RUN! Or tell you you will get lots of money but dont post rates...RUN. the gold business is So transparent anyone can figure out exactly how much the other party is making, and the work they do.

 

[jewelerdave]

I try to be an example.

So many people in the gold biz treat it like a get rich quick thing.

I get more business from the vast numbers of people who come to me by world of mouth than by takeing advantage of a single situation.

Sure, I could nab a few hundred bucks off lots here and there like some do, or a few % extra...but what a lot of people dont realize, there are regulars out there.

Example. A local jewelry store I buy from I make %5 after refining and selling the gold off. I do about $5000 a month in business with this one.
thats $250 x 12 = $3000 profit per year of one account and I have a good and loyal customer that just calls me up and gives me gold to process.
Likewise I have dozens of shops that do this.
people who find gold at garage sales.
people who metal detect gold.
people who mine gold.
It all adds up to huge amounts of money by working on a very thin % And by treating people right.

I also make it a point to educate people about what they have, whats good gold and not. Filled/plate etc. and how to be sharper buyers/finders.

It all adds up to a recipe of good business and success for all involved.

 

[cedarratt]

I did not have any problems with Midwest when I sent stuff to them a few years ago.

 

[PBK]

Check out the solid, common-sense information and suggestions at:

http://www.how-to-sell-your-gold.com/

 

[enamel7]

me thinks you had dealings with infamous "Cash for Gold". Strictly con artist. Wonder why they don't get shut down.

 

[Sand-duner]

There are currently 2 or 3 class action lawsuits against them for under-payment and melting gold before the seller has confirmed they are satisfied with payment. I don't expect them to be around much longer...

 

[Silver Searcher]

Oh come ON, guys.....
from my post above:

I can't help but notice that two brand new members that registered four minutes apart from the same country, with strangely similar syntax and grammar make their first posts in this category, and the second one posts a company link......

I agree Rando.....very,very fishy and I am sad to say from my country to

SS

 

[Tattooguy67]

Just to put my opinion into the mix, good call on the first 2 posts Jewlerdave and Rando, does sort of sound like 1 person being "2" doesent it, and SS don't feel to bad about them being your true countrymen, i swear i detect a Russian accent here!


Chuck.

 

[allen]

What about just taking it to a local jeweler or pawn shop?

 

[allen]

But if you need the money quick...

 

[jewelerdave]

But if you need the money quick...

I respectfully disagree!

Even if you need money quick, Higher payers such as my self are a phone call and a fedex away.

We live in a day and age where you can have anything, particularly something small, anywhere thats populated in less than 24 hours.

Send via fedex, I get it, If a rush, that day I put back out 95% either fedex as a check, or if you need CASH and the next day, I put it in a bank account such as wells fargo or chase or any of the big ones as cash, so its available for withdrawal, Or, I do a wire and you have it the same day too!

Either way, there is no need to be uneducated about any of the process, even the getting paid part.

Bullion is as transparent of an industry as it gets. If someone cant treat you honest from the start, Just dont deal with them. Deal with guys like me who do!

 

[allen]

an example of what I mean by real quick; My wife hit
the curb in my car and blew out both front tires, payday
was four days away, no money in the wallet, pawnshop
was only about half mile away, Big O tires was less than
that, and I had to be at work in a couple of hours, who
is the better deal, you or the pawn shop?
Just saying..

 

[jewelerdave]

For such a situation there is always an alternative to getting screwed.
Also. one does not always have to sell to a pawn shop, a short term loan could be used in such cases.
You may have to pay $20 in interest till payday...but its better than getting half or less!
Pawn shops can be a valuable asset when used for pawn...but never to sell too. Like any loan, pay it quick to avoid interest and fees.

The point is, to be smart about it, not let yourself get taken advantage of.

Also its a good idea to have savings, friends who you have a good relationship you can trust, and as well most employers if you need will give you an advance if needed.

Many of life's problems can be avoided by following the old Scout motto...Be Prepared!

 

[allen]

Even though I make decent money, I dont
have a checking account so the pay day loan
was out of the question.
I know I didnt get as much as I couldve out
of the " junk " gold, but it came in handy and
im glad there are guys like Jerry ( the pawn shop
owner ) who was close by and virtually saved me
from been late to work, which evens out the money
id loss from selling the gold at a higher price.
So I think I came out even .
Have a beautiful day !!

 

[SimonB]

Well, send 3 pieces of gold to 3 different companies CashMyGold, Postal Gold, Money4Gold and Cash4Gold. You get quite unusual results. CashMyGold offered £38.57 for the gold I bought for £729, Money4Gold gave me the notice that 9ct gold I just bought is not gold and it cost £10.95 to send it back! Money you get from scrap gold buyers who advertize on TV and in high-class magazines is lower and lower just because it is YOU who have to pay for their advertizing. The market is developing all the time. The price for gold changes and you have to keep a record about it. Btw, SGB http://www.scrap-gold-buyers.co.uk have good reputation

 

[pepperj]

Well, send 3 pieces of gold to 3 different companies CashMyGold, Postal Gold, Money4Gold and Cash4Gold. You get quite unusual results. CashMyGold offered £38.57 for the gold I bought for £729, Money4Gold gave me the notice that 9ct gold I just bought is not gold and it cost £10.95 to send it back! Money you get from scrap gold buyers who advertize on TV and in high-class magazines is lower and lower just because it is YOU who have to pay for their advertizing. The market is developing all the time. The price for gold changes and you have to keep a record about it. Btw, SGB http://www.scrap-gold-buyers.co.uk have good reputation

Oh My GOD, ANOTHER one..



Why don't you guys just cowboy up and pay for your advertising like everyone else?

Or just do a honorable thing