question on selling your gold jewlery finds?

cmalo1985 · Jun 15, 2012

hey guys still kinda new at this lol had my ace 250 since december and i was wondering if any of you can help me out... i found a gold ring weighd 2.0 pennywts and the pawn store i sold it to gave me $50 bucks did i get ripped off cause i just did sum research n it shows im supposed to get about 100 can any of u guys let me know if i got screwed or not any input would be greatly appreciated

savant365 · Jun 15, 2012

Pawn shops are only going to give you 1/2 of what something is worth to begin with. I found a coin and jewlery shop that will give me 80% on anything I bring in. they weigh and test everything right out in front of you to. I don't know where you live but do a little research and I'll bet you can find somewhere better then a pawn shop.

cmalo1985 · Jun 15, 2012

im from ny i went to a jewlers before the pawn shop and they offerd me 35 lol i was like hell no lol then took it to this pawn shop and he offerd me 50 so i took it. glad i didnt sell it to the jewlers lol. i just found it wierd cause wen i took a 1 oz silver coin i found they gave me full value but then wen it came to the ring they offerd me that low ball number

signal · Jun 15, 2012

It wouldn't make sense for *anyone* to pay you "full value". They have to make a profit somehow, so I would say if I were selling gold 80% give or take of the spot price is fair. They are assuming some risk, gold fluctuates a bit, and anything can happen the next day.......

savant365 · Jun 15, 2012

I see now that you're on Long Island. I've never been there but I'll bet there's a lot of coin/jewelery shops to choose from. Keep shopping around you'll find a better one.

cmalo1985 · Jun 15, 2012

i wasnt expecting full value for the item i was just shocked oneplace offerd me 35 and i got 50 basically right next door lol. just wondering how u guys make ur deals thanks alot for the advice. just was so shocked they gave me full value on a 1 oz silver coin then hit me 35 bucks for the ring wen full melt value is 100 guess i wont be goin back to that place lol

Tom_in_CA · Jun 15, 2012

The mail-order direct outfits will always pay the most percentage of spot-market (around 90 or 95% spot market of gold, and 98% of spot market for silver, or something like that). The rest is "their cut" for the refining. As opposed to the brick-&-mortor store front places , or pawn shops, and other such physical store-fronts, will, as savant says, pay only about 1/2 of spot market (d/t their overhead is higher, and they've got "middle-men" above them for several steps).

You can do some keyword searches on outfits like ARA. There's others, with varying reviews and stipulations (eg.: some have to have a minimum shipment, some will take one type, but not another type, etc....)

cmalo1985 said:
hey guys still kinda new at this lol had my ace 250 since december and i was wondering if any of you can help me out... i found a gold ring weighd 2.0 pennywts and the pawn store i sold it to gave me $50 bucks did i get ripped off cause i just did sum research n it shows im supposed to get about 100 can any of u guys let me know if i got screwed or not any input would be greatly appreciated

cmalo1985 · Jun 15, 2012

thank you so much tom i will def look into that thanks for the advice.....

Don57 · Jun 16, 2012

I dont know where on Long Island you are but I have dealt with quite a few dealers in western Suffolk County . I found one that tops all others . He buys all jewelry , collctibles and other stuff . He has been in business over 25 years . IM me if you want his info .

jerseyben · Jun 18, 2012

Assuming it was 14k, full melt (half karat under) would be $90. MOST places will give you 75% or $67.
Yes, you could have done a bit better but now you know better for next time. Nothing you can do about it after the fact.

cmalo1985 · Jun 18, 2012

jerseyben said:
Assuming it was 14k, full melt (half karat under) would be $90. MOST places will give you 75% or $67.
Yes, you could have done a bit better but now you know better for next time. Nothing you can do about it after the fact.

thats exactly y i asked lol this def is a learning experiance just trying to get all my kinks out early lol. thanks for you reply. wasnt planning on doing anything after the fact about that ring but jut learn from my mistake althought it wasnt as bad as i thoughht lol thanks again everyone for the great advice.

gunntekk1 · Jun 18, 2012

ok, the thing is these people try to give as little to you for yourgold as possible, so they can make more from the refiner, you don't have to sell it, but are you willing to travel all over town and wasting gas to get the price you want. 9 out of 10 times you are expecting a ton of money for your item and it ain't worth it. go in prepared, find someone to weigh the item, and gt to this web site Precious Metal Calculator from Dendritics fill in the blanks and get the melt price. Now you have a bargaining tool, if their price is a fairly close price go for it. Don't waiver, alot of the buyers have a set price, so if they want it bad enough they will haggle.

cmalo1985 · Jun 18, 2012

thanks alot for that site that will def come in handy for me thanks sooooo much. i have 2 jewlers and 2 pawn shops right down the block from my house so i drive to those 4 places within a block from oneanother and take the better price lol so not wasting that much in gas lol.