Posted: 2/16/2008 7:47:16 AM EDT
| I have an ounce of gold I want to sell. How does one do such a thing. The bank said take it to a jewelry store. I would rather not mail it anywhere. |
What exactly does "spot price" mean? I have heard the term before but never understood what it meant. |
Bullshit to the Nth power. ANY coin shop in the Yellow Pages will trip over themselves trying to get their hands on gold coin or bullion from a private individual who is going to leave with cash-in-hand and leave no papertrail leading to their door. Coin dealers cream their jeans for this kind of walk-in inventory. They can hide it from income taxes easier than anything. Edited to add: and pay close heed to what stormwalker said about checking spot prices. It is a seller's market right now. |
spot price it what the metal is currently trading for on the market. look it up on the day you want to sell at KITCO.COM or any other precious metal web site and it will tell you what the metal is currently trading at. by the time you drive to the store/coin shop it will have changes a few cents or even a buck or two in either direction. spot price is the "snapshot" of what the metal is currently trading for on the open market. dealers will sell to you at spot price +1% if it's a reputable shop, or up to spot + 5% if it's a sham market place. but will usually buy from you at spot - 1% or at best spot. a dealer that you have done business with for a long time may give you spot +1/2% - 1% if your lucky. price of doing business |
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You are not going to get spot price at a shop, if you a REAL lucky you may get 85% of spot. You have was is called "scrap" gold, your value also depends on what k your gold is. Its like trying to sell a gun @ a gunshop... If bluebook is $100, they ain't giving you $100. |
bullshit www.apmex.com |
if you look at the link I posted above you'll see there is a ask and bid price. Between them is the 'spread' which is $1.00 for this company (for gold). Hardly 85%.  BTW, Platinum is over $2,000 an ounce!! Damn. |
What you want to do is call around to coin shops and ask if they deal with bullion coin a lot, or if they know anywhere local that does. Most coin of pawn shops would be willing to pay you something for it (assuming it's a major type of coin) but places that deal a lot in bullion coins (like 1-ounce and such coins, made from precious metals) will tend to pay better prices. ---- Jewelry you can take to any pawn shop, but jewelry usually has a far bigger spread between the buy and sell prices. ~ |
The pawn shop I used to work next to currently pays $250 an ounce for bullion gold and $5 an ounce for silver! I was in there the other day listening to the owner talk to some customer about buying coins and the owner was saying "Yeah, gold is around $300 an ounce, and silver just above $5 an ounce......But we can work something out with you." 
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Quoted: I have an ounce of gold I want to sell. quote] 1oz of busted jewelry? 1oz coin? 1oz bullion (bar)? More info would help! Scrap Jewelry: Depends on the purity of the scrap percentage-wise (ie: karat) You will be lucky to get within 75-85% of true value. Coinage: Hold yer horses! US gold coinage was about 90% gold, but though it's not pure gold it may have great numismatic value. Check the coin books or you may get the shaft. Bullion: Englehard, Canadian, or anything else marked .999 or .9999 is pure gold and one ounce of it is worth current spot price. If you can find some one that will pay you spot minus 1%, then you need to haul ass to see him! Best you can hope for in todays world is spot minus 10% Stormwalker, If I come to NV with all my bullion and scrap what % cut do you want for taking me to your guy that pays spot or spot minus 1%? |
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Reputable bullion is easy to sell, and nearly any coin shop will buy it for 97% of spot or better, even if they're wrapping it in sandpaper before insertion. Good shops will pay 99.5-100.5% of spot. Don't sell it on eBay, as the fees will eat you up. Even a good pawn shop will pay 80% for bullion. Jewelry is another story. Hallmarked jewelery that will acid test easily or looks good, will get you about 1/3 to 1/2 of melt for gold. The large recyclers of jewerly are paying the pawnshops about 91-93% for gold, but pay with a check. Many pawnshops like to cash out on their 'scrap' gold for their own reasons, and these guys will pay the pawnshops about 85%. Platinum, on the other hand, is much more difficult and costly to recover from scrap, and the pawnshops only get paid about 60% of spot for them. So, your shy 1oz ring will probably be worth about $1000 assuming no alloy, and a pawn shop will pay significantly less. Most pawnshops I know take platinum in at the same cost as 14K gold, maybe 18K if they're feeling generous. I know a lot of the vendors at gunshows also take gold in on trade. I know I have no problem treating it as cash when trading for goods, which is fairly common for guys that like guns. Most of the gunshows around here have coin and bullion vendors set up anyways. Not a bad way to spend a Saturday morning... running around a gunshow and selling off some gold! |
If you read what I typed, you would see that I said "shop". I deal with the local metal shops on a business level, I know what they pay. |
There are local PM guys who are near as good, but not close by everyone. You must have a lame 'shop' or go to the metal recycler. PM are not like selling a gun at a gun shop like you refer to. |
 Gold, not liquid since the Greeks. Call the coin shop, if you are selling, expect to get 1% less than spot, if you are buying expect to pay 2% more than spot. If it is a coin that has some value other than bullion, you may get more. |
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Kitco price list that they will buy from you: online.kitco.com/bullion/completelist.html 1oz Gold Eagle $952.13 |
Pawn brokers are known to lie. GR |
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I have a pawn shop and buy gold often. Keep in mind 10K is only about 33% gold and so on. The acid test is real easy and is a must. I have some 14K brass that taught me I can't tell gold just by sight or the carat mark inside.  Of course we are going to make a profit, otherwise I would not buy it just to pass it on for free. Pure gold is up around $900 and oz, but 14K is half that and 10K is one third. Thanks for calling all of us liars. |
Actually 14K is just over 58% gold and 10K just over 41% gold. But what's a few percent among friends? |