Where to sell your gold?

[Crunchyhippo]

If you find a really nice gold item that can't be identified back to the owner, and you want to sell it, where do you go? Certainly not a pawn shop, I presume.

I was once told at a coin shop (which I assumed bought gold jewelry) that, because I detect regularly, I could fill out a form (which the employee gave me) that would classify my detecting efforts as a part-time job, thus providing me a bigger cut than someone just wandering in with a gold ring to sell. Has anyone heard of this?

 

[Terry Soloman]

I use a local jewelry shop/maker to sell gold nuggets, and rings, earrings I detect on the beach. I use a local estate appraiser to sell silver and gold coins. You can also offer the item to a better known auction house for best results if the item is heavy or rare.

 

[LawrencetheMDer]

No on pawn shops and coin shops; only way to sell gold at 95% is a refinery. I have used Midwest refineries and have sent over 25K of gold and silver to them. Wonderful fast return on the check and very pleased with their service. However, they moved to Florida last year and have not dealt with them since, but trust same company and same service.

 

[qtrs-xcite-me]

I tried Midwest refineries once, and they did not pay anywhere near 95%. On top of that, I was out postage costs. I now go to local gold/silver buyers and consider myself lucky to get about 75% of the current spot price.

 

[OBN]

I tried Midwest refineries once, and they did not pay anywhere near 95%. On top of that, I was out postage costs. I now go to local gold/silver buyers and consider myself lucky to get about 75% of the current spot price.

I ran a test on Mid-West a couple times. Here is one..

Gave the GF some gold to send in, want to see if we could figure out how they work, little disappointed in the return.
I got pictures of all, weight of each ring, total weight, fineness marks(K), acid tested of each ring, magnet test, and record of the gold price at 10am, 11am, 12am.

Gold opened Thursday the 19th at 1947.00 and by end of day price was 1972.00, they Paid 1948.00 ..which I figure falls into the timeline they processed the package.

My scales total weight was 32.83 grams...their weight was 1.05 Troy ounces.. which is right on.

This is where we differed and New acid was ordered / used.
My Gold fineness, acid tested and marked... (5) 10k rings 27.02 grams and (1) 14k ring 5.79 grams
Theirs total 0.38 troy ounces = 10.77 24k gold -------- which equals out to 9k gold on each ring.

I figured 10k for all would be $859.00 minus 5% $42.95 equals $816.05
The check was for $703.00

At one time I thought they were buying the gold out right and paying 12k for all under 3 ounces, I was wrong. 🤦
All I can figure is they are using a Handheld XRF Gold Analyzer to get the purity of each piece of gold, than totaling. Or one of the rings was not real? Which I doubt since I rubbed them hard and test each twice. And I remember someone here posting most gold rings are not what they are stamped and can be a little less...........and since none of the 6 were marked with a (P) Plumb.

Last year I did the same, gave the GF a batch to send in.. it came back 10% + commission 5% (15%) under what I had estimated, this time it was 13% + commission 5% (18%) . Will I use MidWest again.. ? 🤔

I don't feel cheated for I see they are there to make money and if I am right on the Analyzer gun the check was fair. But I am going to start looking around for a better source locally. If I can get 90% of what the gold is marked (K) I see me going that way.

Fineness marked,....(5) 10k rings 27.02 grams and (1) 14k ring 5.79 grams

 

[ConceptualizedNetherlandr]

Seems they lost a ring or more depending on weights. A fake is possible. Did you ask them? I would have wanted to hear their explanation if it were me. Dropping out the one 14k does not math out. What were the other individual weights?

 

[OBN]

Seems they lost a ring or more depending on weights. A fake is possible. Did you ask them? I would have wanted to hear their explanation if it were me. Dropping out the one 14k does not math out. What were the other individual weights?

They have done this before, both their weight and mine came out the same..
My scales total weight was 32.83 grams...their weight was 1.05 Troy ounces.. which is right on, the Same.
They just paid out 9k on all of the rings. If you send in less then 3 ounces they buy the gold outright at the purity they decide on..

..................................................................32.83 = 1.05 Troy oz......................................................0.380 is 9k

 

[pepperj]

Gatewestcoins pricing sheet

 

[ConceptualizedNetherlandr]

They have done this before, both their weight and mine came out the same..
My scales total weight was 32.83 grams...their weight was 1.05 Troy ounces.. which is right on, the Same.
They just paid out 9k on all of the rings. If you send in less then 3 ounces they buy the gold outright at the purity they decide on..

View attachment 2253332View attachment 2253333View attachment 2253334View attachment 2253335View attachment 2253336View attachment 2253337View attachment 2253338View attachment 2253339

..................................................................32.83 = 1.05 Troy oz......................................................0.380 is 9k

Issues I find:
Your individual weights do not add up exactly to the group weight, but that difference is negligible and easily understandable given how electronic scales round. Matters not at all.
You say '0.38 troy ounces = 10.77 24k gold' but it should be 0.38 x 31.1 = 11.818 grams pure Au.

The answer seems to be that no single ring was determined to be worthless, but the two which you weighed at 3.50 and 3.36 10k were either stolen from you or determined to be worthless by them. They do seem to include their weight in how much they received. Together they add up using your weights and 10k to be 0.092T Au

The difference between your calculateable total AuT and what they claim is 0.091. hauntingly similar.

It seems to be about those 2 rings. The question is: what is fact about them? If I were to send rings off for scrap I'd use a bolt cutter or some such on them to see what is in there. Shouldn't affect the melt value. Then you would be sure what you sent them.

I would expect them to make a notation that 2 rings were poo. I'd still send them an email and ask them to check their notes.

 

[OBN]

Issues I find:
Your individual weights do not add up exactly to the group weight, but that difference is negligible and easily understandable given how electronic scales round. Matters not at all.
You say '0.38 troy ounces = 10.77 24k gold' but it should be 0.38 x 31.1 = 11.818 grams pure Au.

The answer seems to be that no single ring was determined to be worthless, but the two which you weighed at 3.50 and 3.36 10k were either stolen from you or determined to be worthless by them. They do seem to include their weight in how much they received. Together they add up using your weights and 10k to be 0.092T Au

The difference between your calculateable total AuT and what they claim is 0.091. hauntingly similar.

It seems to be about those 2 rings. The question is: what is fact about them? If I were to send rings off for scrap I'd use a bolt cutter or some such on them to see what is in there. Shouldn't affect the melt value. Then you would be sure what you sent them.

I would expect them to make a notation that 2 rings were poo. I'd still send them an email and ask them to check their notes.

I no longer use Mid-West ... for the few times I used them I was never happy with the return and I'm not the only one who has had issues with the gold, now silver they seem to be better.

I now have a local dealer who will pay 80% of what the gold is stamped and cash. And I do have another that will melt and pay 90% cash on it purity/weight, but he's almost a 4 hour drive. I'm a holder anyway so only if the GF needs help do I sell a few for her. I figure gold will be 6 grand in a few years, maybe then I'll do a dump.

 

[ConceptualizedNetherlandr]

I further checked the math and it works out perfect at 10 and 14 k for the rings without the 2 missing. 10.89k average. That 8.65 K is arrived at by considering the weight of the missing rings. That also maths perfect. I suspect quality jewelry is very precise regards composition. The notion that it varies a lot and always low is probably BS. MW uses that fake BS to scam, apparently.

I'd wager huge money the 2 rings were stolen buy MW or were determined to be poo and not included in the payout. Again I say I would have expected an explanation about that with the settlement. The numbers ( yours and theirs ) are dead nuts on, and if they melted everything together ( a really dumb idea) something would have shown up in the numbers.

What are the odds of such a coincidence?

Think about it. Jewelers buy their gold from bigger houses who have a reputation to uphold and do not need criminal liability. And what reputable jeweler is going to melt up a weak batch to sell subpar gold?

My guess is MW doesn't test ( unless they have an XRF) , melt, nor assay good looking stuff, just sorts it knowing it will be perfect as marked. 2 small rings in the pocket as profit or they were actually bad. Really dumb to show fake accounting dead nuts accurate numbers that 2 rings evaporated in their handling. Looking at the photos it is easy to believe that the sizes of the lighter rings is appropriate to their weight.

If you look around the interwebs it looks like the former long term owner working out of his house in MI was OK but handed over the biz to his 'corrupt' SIL who is running it now in FL about the time you had your transaction. The new guy has some serious bad detailed feedback.

But who knows what is real or true now a days.

 

[russau]

If there is so much profit in this fir the guy that does the buying of gold and the smeltig of it , why not start up your own business and what would that it take to accomplish this feat I know it would take time to get assablished BUT ??

 

[Crunchyhippo]

I now have a local dealer

A local dealer of what?

 

[OBN]

A local dealer of what?

A Precious metal dealer who buys gold and silver..

 

[ConceptualizedNetherlandr]

If there is so much profit in this fir the guy that does the buying of gold and the smeltig of it , why not start up your own business and what would that it take to accomplish this feat I know it would take time to get assablished BUT ??

You first! And bring TP in case it works out

 

[oldmxrat]

I've had great experiences with cashforgold (.com)
They pay shipping (both ways if you don't like their offer) and always seem to come in right around 90-94% of my calculated melt value.

 

[mike b]

NYC 47th st. Booth 17, don't blink, be tough. I've gotten 98.5% now closer to 95.5.

 

[Crunchyhippo]

I've had great experiences with cashforgold (.com)
They pay shipping (both ways if you don't like their offer) and always seem to come in right around 90-94% of my calculated melt value.

This sounds reasonable. Of course, it's all academic since I've never found gold. One day, 11 years from now, when I finally find something made of real gold, I'll need to have a way to sell it.