What is the best way to sell gold? Some scrap,most not.Recommendations anyone?

[diggummup]

Hi everyone.I have several ounces of gold jewelry that I need to sell for the highest price that I can get for it.I'm in a bit of a bind.I have a little of everything,10k,14k and 18k.Some of it was found,most of it was not.Some of it is scrap most of it is not.I have been researching completed listings on Ebay and noticed that on average the 10k goes for $6-7 a gram and the 14k goes for about $10 a gram and the 18k goes for about $15 a gram.Is this more than Midwest Refineries pays? Does anyone know what the average pawnshop pays for gold? Any help or recommendations would be greatly appreciated.Thanks in advance.

 

Amazon Forum Fav 👍

Diving for Pleasure and Treasure - Grab it through Amazon!

[SHERMANVILLE ILLINOIS]

Dig,
no on the pawn shops, pay low.

Midwest will give you an honest scrap price deal.

E-Bay, if you have the time, get lucky with a
buyer, you could make out better.

Just my opinion.

have a good un..........

 

[bk]

The first thing I would do is separate the 10k from, the 14k, and the 18k. Then if you have access to a balance, weigh each group to the nearest 0.01 gram. Then call around to precious metals dealers and ask what they are paying per gram for each karat weight that you have. By doing it this way, you know exactly how much you should get before you actually sell it. Most importantly, you know how much gold you have so the person buying it doesn't try to tell you that you have less than you actually have.
If the scrap gold has any non-gold attached to it such as stones, it would be to your advantage to take them out before you weigh the gold, otherwise the person buying the gold will have to subtract that weight from the total. For some reason, sometimes those stones can be very heavy when their weight is subtracted from the total weight. If you know what I mean.

 

[diggummup]

Thanks for the reply Shermanville.I'll probably use Ebay.I got a month or so to come up with the funds.I guess I should list the "good" stuff seperately and list the "scrap" in a lot then? I'll be selling all my silver rounds and Morgans and silver coins too I guess.I can't win for losing!

The first thing I would do is separate the 10k from, the 14k, and the 18k. Then if you have access to a balance, weigh each group to the nearest 0.01 gram. Then call around to precious metals dealers and ask what they are paying per gram for each karat weight that you have. By doing it this way, you know exactly how much you should get before you actually sell it. Most importantly, you know how much gold you have so the person buying it doesn't try to tell you that you have less than you actually have.
If the scrap gold has any non-gold attached to it such as stones, it would be to your advantage to take them out before you weigh the gold, otherwise the person buying the gold will have to subtract that weight from the total. For some reason, sometimes those stones can be very heavy when their weight is subtracted from the total weight. If you know what I mean.

Yeah,I know what ya mean,I have a digital scale that weighs to the hundredth of a gram and have already seperated and weighed each piece on it's own.Your right,I guess calling around should be my first step.
With the exception of a Egyptian styled ladies cocktail ring with a very large citrine mount,the stones are limited to a few, very small diamonds and a few, very small emeralds on a couple of the scrap rings.Most are solid with no stones.Bracelets,anklets,pendants,earrings and a necklace or two.Thanks for the reply BK.

 

[galaxy51]

If you have some gold items that need a faceted stone I might be interested as I do a little hobby faceting. My wife looks at stones I have done and doesn't seem to understand that it is hard to find gold articles to fit them into. The correct way is to buy the gold first and then cut the stone to the size that will fit into your gold jewelry. Send me a PM if you are interested.

 

[Peg Leg]

Ha dig,
I would remove all the stones and deal with Midwest. There is a charge when you sell something on ebay and you have to be very very carefull who the buyer may be. Midwest will send you payment within 5 working days. I have had problems with Ebay but never with Midwest. Its your stuff so you do what you think is best,
Peg Leg

 

[diggummup]

Pegleg-Well,I sold my first lot on Ebay.It was mostly broken stuff and charms and single earrings.I didn't want to put the good stuff on yet.
The total weight was-
18k-2.96 grams
14k-11.62 grams
10k-5.58 grams
For a total of 20.16 grams,it sold for $204.00 and $4.95 shipping.Did I do better than Midwest? Maybe a 1/4 of a gram of stones,tops.There is a refinery down here called Republic Metals,I wonder if I should call them up and see what they pay.I just worry about shipping a large amount of gold through the mail to Midwest and then not get what I expected.What should I ask them as far as what they pay? Regarding spot price that is.

 

[dave-enc]

Dig
We have used midwest several times and they are top notch company to deal with. When we send ours we send it insured. they will send you a detailed report of all the assayed results. Turn around time is very fast. we remove the stones from ours too, but we pretty much only turned in non stone jewelry last year. I just did a fast calculation for what you got on ebay and it was within a few dollars.
hh
dave+bobbie

 

[diggummup]

Thanks for the added info.Dave and Bobby! I just might use Midwest next time.I don't like the Ebay charges not to mention the Paypal charges,seems they keep going up.

 

[JohninCT]

Forget Midwest and any other refiner. You will lose money due to refining processes and other losses. Go to Kitco and check their buy prices, plus they have an easy system to work with, and pay high and the right amount quoted. No taking away some of your sent in gold because of loss due to melting and other wonderous loss methods. I tried Midwest and lost $200+ dollars on a shipment. I made a mistake and listened to some here that promoted them, but also found a person here worked for them at the time. I should have known better as I have been dealing in precious metals for over 30 years. I gave it a shot and got shot. Go to a reliable big company like Kitco and you won't get robbed.  Also I checked on what you sold and Kitco would have paid you $210 with no deductions, the only cost would have been your shipping which wouldn't have been much, probably about $5 at most. Send in a like amount to Midwest or any refiner and see what you get. And you do have to pay the shipping to them also. Believe me it won't be the same amount. There is also Gathiersburg Coin (might be spelled wrong) in Virginia, which buys precious metals a high prices, but I haven't dealt with them but have hear they are very fair and equal in price to Kitco. They Burn me once and I get the message. Never twice.

 

[DFX-SE Gregg]

John >>>>Kitco told me they do not deal with public sellers! There are a few others like that also! Did receive a nice response back though from them and another company. Midwest gave me the best price but sold scrap local to avoid shipping/insurance charges.
DFX-Gregg

 

[JohninCT]

They have a site online and they have a buy prices column which shows which quantitys are the mininum they accept. They do buy from the public, just not in 1 or 2 pieces. Their mininmum weights to send in are not large, but they just don't want to handle 1000 sellers selling a 10 grams of gold. Save it up and it doesn't take long before you have a nice little pile. Some of you guys can keep promoting Midwest, but I know you are getting beat there. Gaithersburg Coin is another fair dealer in buyng metals. But whatever, it isn't my gold that is getting beat on anyway.

 

[DFX-SE Gregg]

John the last ring I found i actually sold to a local coin dealer, it worked out better than most of the pirates I spoke with! If you want the worst it is a place called >>>>Goldkit.com<<<<<<<<complete crooks and rude to boot! Guy tells me this>>>Quote>>>>>>>>>>>"I am the nicest guy I know and the most honest too!<<<<<<<<<<<<Sickening he offered me $10 bucks for something I sold for $55!!!!!!!!

DFX-Gregg