Bought silver and found gold, how would you sell it? Would you sell it?

[billjustbill]

As posted in the Garage Sale finds, I found gold in bags of silver jewelry. More pictures of the $65 buy. ;>)

I keep hearing silver and gold prices are going to skyrocket... but I want to put in a solar panel project to generate off-grid power, and I'm trying to fund some of the costs with some money from my gold and silver finds. I'm a little worried that the solar panels, inverter, and battery costs are going to get in short supply or their prices will skyrocket...

The picture below shows a thin 14kt gold necklace that has a broken clasp, weighs 3.2 grams, and the 10kt. ruby ring weighing 2 grams, and a
3.5 carat Diamond Tennis Bracelet of 10kt gold, with 35 ten point diamonds.

How would you sell the tennis bracelet by itself? Asking price?
What would you do about selling silver and gold in the next 3 months?

Thanks,
Bill

 

[trdhrdr007]

I don't try to time the market. You don't make your money when you sell, you make it when you buy. If I have locked in a 100% or more profit by buying right I don't have a lot of interest in trying to squeak out a few more percentage points.

I don't buy the "skyrocket" theory. It's possible prices could double or triple. It's also possible they could be cut in half. There is little to no chance that either one is going to happen overnight. Price changes of 5-10% over a week/month are much more likely. Anyone that tells you they know with 100% certainty what will happen in the future is as full of it as a constipated circus elephant.

I don't know what to tell you about the better jewelry you have. I end up with pieces that should be worth more than melt, I just haven't figured out what to do with them.

 

[billjustbill]

Thanks 007,

When a guy is seeing things from "the middle of the road", I hear and see a lot. Here's one viewpoint that is far from that center view, but it is an interesting one.


http://www.moneyteachers.org/Silver+Explosion.html

Bill

 

[trdhrdr007]

Articles like that crack me up. Even if I bought into the whole "SHTF" or "doomsday" scenario accumulating precious metals wouldn't even make my top 10 list of things to do. People don't seem to understand that when it get's to that point it will be complete chaos......blood in the streets type stuff........and the people that have been hoarding gold/silver won't be able to buy a slice of bread from the people that hoarded food & the guns/ammo needed to protect it.

 

[Randy808]

As a buyer, we only care about the metal (gold). Unless the diamonds are at least .25k+, there is no resell value. Best to just keep them. It will also be subtracted from the total weight (of bracelet in this case). Fortunately, we are able to purchase for a greater price than any storefront or pawn shop. We test, weigh and pay!

 

[billjustbill]

Randy,

Out of curiosity, I took the 10kt. diamond bracelet, the 10kt. ring, and the thin 14kt. gold chain to three places....

A loan company that had a guy dressed as the Statue of Liberty, foam spikes and all, wearing a "We Buy" billboard. On that sign was the day's gold price on both sides as he paraded near the street (??) offered $100.99 for all three pieces. A pawn shop took the time to test all three with acid and offered only $80. The third place was a Jewelry store with a "We buy gold" sign in their window, paid $1 per 10-pt diamond, said the ruby was worth its gold weight, and offered a total of $185.00...... I really realized our town has a bunch of slimy cheaters/crooks running gold scams.....

How much different is your pay?

 

[cyberdan]

Randy,

Out of curiosity, I took the 10kt. diamond bracelet, the 10kt. ring, and the thin 14kt. gold chain to three places....

Can you post the kt and the weight (preferably in grams) and I can tell you the gold value.

I wouldn't really call them "slimy cheaters/crooks running gold scams" they are just business men that are tighter than others. I would call them crooks if something is 18K and they call it 14K or if it weighs 15gr and they say 12gr.

 

[billjustbill]

Okay... , maybe I was a bit harsh... toward the places...

The thin 14kt gold necklace that has a broken clasp, it weighs 3.2 grams,
The 10kt. ruby ring , 2 grams,
The 10kt Diamond Tennis Bracelet weighing 13.9 grams including the thirty-five 10pt diamonds....

 

[trdhrdr007]

It sounds like the store fronts in your area are like mine. They have overhead costs that dictate their buy prices...which generally puts them into the 25-50% of melt range. If your city is large enough there is generally a store front that will pay in the 80-95% range....but they aren't easy to locate. In the small town I live in I end up sending everything I find to a refiner.

 

[cyberdan]

They have overhead costs that dictate their buy prices...which generally puts them into the 25-50% of melt range.

There is a new store front gold/silver buyer in town. I wanted to test them out and see where they were in pricing. So I brought in a piece of sterling that weighs over 900 grams. The kid took one look at it and says it's too much for our store. I pressed him on it and he called his boss. They both said too much.

Makes me feel good that my cash flow is better then their's. It didn't phase me at all to buy it. (good thing I have a high payout on my ATM)

They are one of those stores that has a stupid kid standing on the corner spinning a sign. sometimes I can't even read the sign because of the spinning and twirling.

 

[cyberdan]

a) 14kt gold necklace that has a broken clasp, it weighs 3.2 grams

b) 10kt. ruby ring , 2 grams

c) 10kt Diamond Tennis Bracelet weighing 13.9 grams

Lets assume gold is $1238 and the gold is actually what it is marked and I will not discount for the weight of the stones.

a) $74.37
b) $33.20
c) $230.74

a grand total of $338.31 (if the stones were gold)

here is a simple formula if gold is $1238
1238 divided by 31.1 (grams per ounce) divided by 24 (karats in pure gold) = $1.66 (as long as gold is this price 1.66 is your magic number)

if you have a 14K bracelet that weighs 20gr this is how you calculate fine gold value: $1.66 X 14 X 20 = $464.80

 

[conpewter]

They have overhead costs that dictate their buy prices...which generally puts them into the 25-50% of melt range.

There is a new store front gold/silver buyer in town. I wanted to test them out and see where they were in pricing. So I brought in a piece of sterling that weighs over 900 grams. The kid took one look at it and says it's too much for our store. I pressed him on it and he called his boss. They both said too much.

Makes me feel good that my cash flow is better then their's. It didn't phase me at all to buy it. (good thing I have a high payout on my ATM)

They are one of those stores that has a stupid kid standing on the corner spinning a sign. sometimes I can't even read the sign because of the spinning and twirling.

900 grams of sterling, wouldn't that be just over $500? now 900 grams of gold I can see someone balking at.

 

[cyberdan]

900 grams of sterling, wouldn't that be just over $500? now 900 grams of gold I can see someone balking at.

Yes, you are right. Must not have even a little pile of cash.

 

[billjustbill]

a) 14kt gold necklace that has a broken clasp, it weighs 3.2 grams

b) 10kt. ruby ring , 2 grams

c) 10kt Diamond Tennis Bracelet weighing 13.9 grams

Lets assume gold is $1238 and the gold is actually what it is marked and I will not discount for the weight of the stones.

a) $74.37
b) $33.20
c) $230.74

a grand total of $338.31 (if the stones were gold)

here is a simple formula if gold is $1238
1238 divided by 31.1 (grams per ounce) divided by 24 (karats in pure gold) = $1.66 (as long as gold is this price 1.66 is your magic number)

if you have a 14K bracelet that weighs 20gr this is how you calculate fine gold value: $1.66 X 14 X 20 = $464.80

Thanks for your time and insight. On Ebay, there appears to be quite a range of prices for 10kt gold diamond tennis bracelets with 2+ carrats. Would you sell the bracelet by itself rather than at scrap prices?

I saw that silver is up to $19... I 'heard' that September will see a lot more price increases for precious metals. Anything to that?

Bill

 

[baylorhall]

Here is a good site for figuring out the value of your silver or gold.

http://dendritics.com/scales/metal-calc.asp

 

[Marbleguy]

Don't sell to Cash4Gold..

Times being what they are I avoided paying a dentist $300 and ripped three loose molars out of my jaw with a pair of pliars. The molars were more than gold capped. Most of each tooth was replaced with gold. I could've used each tooth for a fishing sinker they were so heavy. I sent them off to Cash4Gold,waited two weeks. The check arrived yesterday for $5.47. Check stup says DWT weight 2.40 and KARAT grade DENTAL and UNIT PRICE $2.28. I immediatly websearched 'Cash4gold ripoff' and read the complaints from other screwed customers. Three teeth heavy with gold and I get a check for enough money to buy one pack of cigarettes.

 

[tattooedmomma]

You have like 10 days to get your gold back. There are court issues going on with that company I will see it i can find the lawers email

 

[tattooedmomma]

Sarah Goodman
BALESTRIERE LANZA PLLC
225 Broadway Suite 2900
New York, NY 10007
Direct +1-212-374-5400, ext. 132
Facsimile +1-212-208-2613
sarah.goodman@balestriere.net
www.balestriere.net

It was from a year ago, hopefully they still have an investigation going

 

[Marbleguy]

Thank you,tattooedmomma..

I will immediatly contact the firm. I doubt I'll get my gold teeth back but I would love to help put cash4gold out of business. I still have the un-cashed check from cash4gold for $5.47.