question about gold

[vickilynn]

I know this may not be the right spot for questions..... but it is the busiest , so I figured I would try here first.
If I have a bunch of scrap gold to sell to a refinery , whats the best way to figure out for myself a appox value ?
Thank you kindly Vickilynn
Ps not trying to get rich just.. stay warm

 

[Chug And Red]

Try this link, weigh each item then use the gold calculator!!! good luck Chug!!!



http://www.silverrecyclers.com/Calculators/gold_calculator.aspx



search other posts to find the best place to send your items to!!!


http://forum.treasurenet.com/index.php/board,308.0.html

 

[vickilynn]

That is a mega cool site THANKS .....
what do you think this means ....14 k 58 T no stones heavy ring?

 

[Blind Squirrel]

Got Photos?

 

[Mackaydon]

14k is 58% gold; perhaps that's what the '58' represents.
Don....

 

[baylorhall]

I sell my gold to ARA in Dallas. They pay 98% of the spot price. I know Cyberdan mails his there as well. I have been very pleased with their price and service.

 

[allen]

try a local jeweler or even pawn shop.
most refineries rip you off IMO !!

 

[Cool Hand Fluke]

10K is about 38% pure
14K is about 56% pure
18K is about 75% pure
22K is about 92% pure
24k is about 99.9% pure

I believe it takes 31.5 grams to make 1 ounce of gold. If you have 14K jewelry just divide by 1/2 the ounce value to get a good estimate on its worth. You can get one of those digital scales at Radio Shack to get an accurate weight of the gold you have. I think they run around $25.00.

 

[steelheadwill]

I sell my gold to ARA in Dallas. They pay 98% of the spot price. I know Cyberdan mails his there as well. I have been very pleased with their price and service.

If they pay 98%, no need to look elsewhere.
That's as good as you'll get

 

[KYshooter]

try a local jeweler or even pawn shop.
most refineries rip you off IMO !!

I would never take gold to a pawn shop. Almost never to a jeweler ... made that mistake once.
Both are used to making 100%+ mark-up on the items they take in.

98% through ARA is the way to go.

 

[testing123]

Have you considered eBay?

I tried Midwest last year and wasn't fully satisfied due to the many variables that you only learn after the fact...

First, you need to keep in mind that even though your jewelry is stamped 10k or 14k, it may in fact contain less gold than indicated. Your 14k gold chain may only be 13.7k, etc. This will lower the amount of payment you're expecting.

There is also 2-4% loss when melting (quoted by Midwest on the phone). This will further lower the amount you receive.

Obviously the "settlement" date has an impact. Mine had "2/23/10" for a settlement date printed on the invoice, but then had a handwritten "4" over the "3." Gold was lower on the 24th than it was on the 23rd. Not sure why they delayed settlement by a day, but I have a theory...

Also, their scales will vary from yours as well. Your 20.4 grams may be 20.1 grams on their end.

And don't forget the cost of shipping to them as another added expense. That cost another 1%.

I sent in 4 sterling spoons with a gross weight of 3.31 troy ounces (according to my scale). 3.31 x .925 = 3.06 troy ounces of pure silver. 3.06 x the 90% pay rate = 2.75 troy ounces of pure silver. The settlement spot price was $15.75. $15.75 x 2.75 = $43.31. Their scales showed 3.01 gross troy ozs and somehow they ended up paying $36.00.

I also sent in some gold jewelry... and got 9% less than I expected using their payment % model and gold market price indicated. They didn't break out what piece of jewelry received what amount.

So, just keep in mind all of the unknowns and variables when sending metals in to be refined. It may, in fact be better to suffer through eBay's fees and come out the same, or maybe even a little ahead.

Just wanted to share my first experience with refining. Next time I'll reduce my expectations by 15%.

 

[Toby1858]

Man! I just wish I could find enough gold in the ground to have the option to sell it!!

 

[augusthog]

Man! I just wish I could find enough gold in the ground to have the option to sell it!!

LOL, it will come......

 

[West Jersey Detecting]

I created an Excel spreadsheet that automatically calculates the value of all of your coins and precious metals. For coins all you need to do is enter the quantity of a modern silver coin in the correct column, for other precious metals just enter the weight in the correct field.

Click on "Update" and the melt value is automatically calculated based on the day's last trade. The built in formulas will calculate the purity of the metals and current values.

I added some additional features such as key dates to watch for, etc.

Below is a screenshot. I am interested in getting some feedback so if anyone would like to try it send me a PM.

 

[vickilynn]

You have all been very helpful .... but being blonde still confused about a few things like watches and stones seems hard to calculate? Do I take the watch apart?



does this seem correct? for 2.6 0z 14 kt I know there will be fees deductions for three medium stones 8 small stones and the watch

2.6 Ounce (oz.)
14 K
$1,842.56
+0 % = $1,842.56 should ! expect $ 700 - 800 ?
thanks so much in advance ! your kindness matters ! vickilynn

 

[crankyolman22]

Those figures look pretty close to me. I figured spot at $1344 and I figured about $1744 probably figure about $1500. I've been using midwest but lately they seem to be a little low on the numbers, but only about 2%. They were still paying 90-95% of spot. a pawnshop or jeweler at best will only give 40-60% and many of them will try to cheat you on that. Midwest requires the metals be separated so the watch would have to be taken apart, I also remove the stones so I don't know what they do about them. Maybe next time I will try ARA and see how that goes.
Hope this helps.

 

[Bulldog1948]

I sell my gold to ARA in Dallas. They pay 98% of the spot price. I know Cyberdan mails his there as well. I have been very pleased with their price and service.

I just had to commend you on your absolutely Beautiful avatar. I don't know where you snapped it- but it is totally awesome.
Bulldog1948

 

[baylorhall]

Thanks! I wish I could take credit for it! I found it online and fell in love with it.

 

[mikeinOC1]

Hi Vickilynn. Just my two cents (or more) . I would vote with many of the other who have replied to your post. Go with the ARA folks in Dallas, Texas all the way. This family operation is super fair on their settlements - at least for gold jewelry. Nikki from ARA was very helpful and informative. ARA is far far better than Midwest Refineries - in my opinion.

I was really disappointed by Midwest last year. Even taking into consideration what others here have said regarding purity of the gold jewelry sent in my guess is that their settlement amount to me was proably at least $100 or so less (10-15%) than what I would have received from ARA for the same weight of material. That feeling is based on Midwest's higher percentage cut and all the variable Testing123 mentioned in his experience with Midwest.

Perhaps Midwest is better than the pawn shops, most jewelers and the rip off cash for gold crooks but I think I generally I will stay with ARA. I like ARA's refining methods and they seem more upfront about where they may derive any extra profit above their basic 2% off the pure gold content from their refining process . They indicate they take some of their profit from the other metals that comprise the gold jewelry that is less than 24 K. I think Midwest throws in too many 'claimed' variables that makes it easier for them to squeeze out alot more from sellers than their supposed 5 % cut off the gold content - without really being as upfront as ARA.

Now if I can only find a real good jeweler who will provide reasonable cost verbal or written appraisals and maybe willing to offer better purchase price than the pawnbrokers for a few choice rings I still have - I would be very happy. Anyone in the southern California area have any jewelers they trust ? I know there have to be a few old timer So Cal jewelers who would be as fair as the people at ARA. I have a few rings that contain decent quality stones ( diamond & emerald) along with a platinum/18k band which at the very least I would like to get appraisals for.

 

[allen]

I shouldve added if you need the
money pretty quick take it to a
local jeweler or pawn shop.
I know you want get more from
those two places i mentioned,
but sometimes if you are in a bind
thats the way to go.