Selling Scrap Gold Questions

[Indian Steve]

I dug through my gold jewelry pile and picked out all of the broken pieces, single earrings and other scrap. I ended up with 30.1 grams of 14k and 10.3 grams in 10k. I removed all of the stones. I took it by a local gold dealer just to check out what they would offer. He looked at every piece and tested most of it. He found a couple of earrings that were marked but didn't test right. He offered $400 for everything. I brought it all home. I had checked melt price online after I got home and reweighed and at /www.silverrecyclers.com/Calculators/gold_calculator.aspx I got $831.79 for the 14k & 203.59 for the 10k. The site said that it was .5642 troy ounces of 14k and .1381 troy ounces of 10 k. Am I doing something wrong or was he really offering me over $600 less than melt? I have seen several post on here about sending gold to refiners that pay 90% & up for scrap but I didn't pay attention as to the actual names because I really didn't plan to sell any of my gold. Times have changed and I could use some extra cash. Can any of you much smarter than me people recommend a refiner to send it to and can anybody estimate what I might get? I remember that sellers had to have a tax number to sell to some refiners and I do have a tax number so that is no problem. Thanks Again. Tnet members are great!

 

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[ARC]

Yes ... they tried you... "hard".

As they say in the ghetto.

Your online calculations are correct... the offer of 400 is an insult.

Accept no less than 90%... and try for more.

 

[Indian Steve]

Thanks AARC! I know that I am not too bright but didn't think that I was that dumb. Now, I will go have fun and post on the local facebook yardsale page warning others about this guy. I told him, after his offer, what prices that I got online and he said that I must be crazy. He said he would barely break even at $400. I talked with one of his employees a few weeks ago and was told that guys buyer pays 98% of spot.

 

[ARC]

Thanks AARC! I know that I am not too bright but didn't think that I was that dumb. Now, I will go have fun and post on the local facebook yardsale page warning others about this guy. I told him, after his offer, what prices that I got online and he said that I must be crazy. He said he would barely break even at $400. I talked with one of his employees a few weeks ago and was told that guys buyer pays 98% of spot.

You were smart enough to realize something wasn't right.

And yeah... the term to describe these types... "Shiesty".

Good luck.

 

[stewielouie]

I see your in Virginia, Rockys in Weyers Cave is the best price around other than sending it to the refinery. I took some over the summer and got close to 87% of scrap value. Refinery will get you more. MIdwest is where I would send it if I was gonna do the work to get the absolute most out of it.

 

[Indian Steve]

Thanks stewielouie!

 

[jochart]

I use Elemetal Direct, they pay 98% on gold and 90% on silver. Their main office is in Dallas, but I use the branch in Los Angeles. They're the best I have found. I box everything up and send it to them UPS. Elemetal will send the boxes and packing. They email me an assay sheet, then direct deposit the money in my account. Hope this helps.

 

[Indian Steve]

Thanks jochart!

 

[goldenwonderbear]

The largest refiner in the San Diego area gets %15 refining fee for gold. There's one I can send my gold scrap to that charges %10 but you have to have at least 1 Kilo. Where do they refine so cheaply? Names? Thanks.............hal

 

[SanMan]

A lot of people use ARA or Midwest.

I use a place here in Los Angeles.
They are down in the jewelry district.
They only take in precious metals from businesses.
Parking cost me $16 last time I went.
When I'm not in a hurry, I use ARA in Texas.

 

[goldenwonderbear]

Thanks for the help. .....................hal

 

[Indian Steve]

Thanks to everyone for their help and suggestions. I have wrote all of the info down in my notebook for future reference.....if I can only find my notebook when needed.....

 

[Indian Steve]

I have one more question. I have a bit of gold filled jewelry. Is it worth sending to a refinery or would I be better off selling as a gold filled lot on Ebay?

 

[SanMan]

I have one more question. I have a bit of gold filled jewelry. Is it worth sending to a refinery or would I be better off selling as a gold filled lot on Ebay?

ebay.

Clean them up, take some nice pictures, sell them,.... buy more metal detecting stuff.

 

[Drmad7]

Local gold places usually pay no more than 60% of spot unless you haggle. I get 85% because I told them I can get that from a refinery in Florida. So if I need quick cash or something electronically tested, I go to them.

 

[niffler]

I just used Midwest Refineries for the first time last month, they pay 95% on gold and 90% on sterling silver. I was very happy with the $5500 check I got back, but USPS shipping with $5000 insurance cost me $80!

 

[captain flintlock]

I usually get around 80-85% from my local gold/silver buyer. I’m totally happy with that. I personally have no desire to send my stuff out anywhere and the refinery is too far to make a trip out of.

 

[trdhrdr007]

If you live in a big enough city there will be a buyer that pays over 90% of melt. Get on the phone & call around. If I want to sell somewhat locally I drive to Atlanta (90 minutes) where they have a monthly antique show. There's a bunch of buyers but I found one that pays 95% on gold & 90% on silver. When I first started I sent a few batches to Midwest. I'm not going to get into a long explanation but I've found they weren't the best place for me to sell to.

 

[Everester]

I feel kind of jealous looking at how high the gold buys pay in your areas. The highest I have found where I live was 67% and that was checking with over 20 different buyers around me.

 

[trdhrdr007]

I feel kind of jealous looking at how high the gold buys pay in your areas. The highest I have found where I live was 67% and that was checking with over 20 different buyers around me.

I live in a relatively small town and it's the same here. You might try figuring out who else in town is buying gold/silver from thrifts, estate sales, etc. In other words, figure out who your competition is & ask them where they resell. You will eventually find the guy like me that will pay more than the we buy gold places.