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Posted: 8/13/2011 8:47:33 AM EDT
[Last Edit: 8/13/2011 8:48:30 AM EDT by Jman78]
I went through my jewelry box and found some junk gold ( clasp's, pieces of a necklace, old broken rings) and found a bracelet that i had found at work 10 or so years ago(no one ever claimed it). Looking at the bracelet and i wasn't quite sure if it was real or not.

So i went to my FFL guy who is a pawn broker and asked him to acid test it and all of the other junk pieces. Turns out that the bracelet is 14kt and the total weight of the junk gold was 22.7 grams and all of it is 14kt. My FFL guy offered me $500 ( felt like i was on pawn stars for a moment) and i declined his offer and thanked him for the acid test.

I went home and did the calculations for my junk gold and it came to $744 at a gold spot price of $1748. This got me to thinking about finally going ahead with the purchase of a DSA FAL. I'm thinking of holding off on selling the gold for a little while, cause i'm pretty sure that gold is not done bubbling up yet. So when i am ready to sell my junk gold, what would be the best way to sell it and get the closest to spot pricing on it ? I know that all of the "Mr. Gold buyer" type stores and mail in programs will try to rape me and offer 50% or less of the spot value. I have thought about ebay and that may seem like the best way to get as close to spot as possible.

So does anyone else have any better ideas on how to sell my junk gold for as close to spot as possible ?
Link Posted: 8/13/2011 8:50:59 AM EDT
[Last Edit: 8/13/2011 8:51:43 AM EDT by CozumelSteve]
Local coin shops/pm dealers. Call and ask what they are paying for scrap gold, then go with the highest.
Link Posted: 8/13/2011 8:57:00 AM EDT
Your FFL made you a great offer. Probably won't find a better one.
Link Posted: 8/13/2011 8:59:42 AM EDT
Originally Posted By DougR:
Your FFL made you a great offer. Probably won't find a better one.


A great offer is 67% of the gold's spot value ? I was thinking of closer to 90%.
Link Posted: 8/13/2011 9:01:59 AM EDT
By my calculations you have about 11 grams of gold, or .4 oz. Spot is $1746.30, so the best you can get is $700. If my Saturday math is half decent.
Link Posted: 8/13/2011 9:03:23 AM EDT
We buy at my store and, uh, we don't pay 90%. Maybe someone around you does. Best to shop around. I know some shops in our area pay 1/3 what we do. Good luck on it!
Link Posted: 8/13/2011 9:03:26 AM EDT
This thread is relative to my interests...
Link Posted: 8/13/2011 9:06:29 AM EDT
[Last Edit: 8/13/2011 9:14:12 AM EDT by raven]
http://www.tigermetalsexchange.com/main/
If you have 22 grams of 14k they'd pay $576.
Link Posted: 8/13/2011 9:07:19 AM EDT
Gold buying is fun, but it is not easy. One of our clerks took in a heavy necklace that she paid $1600 for. Passed all the tests, looked great. Problem was it was brass with a heavy gold plate. Oh well. So, yeah, we don't pay 90%. We also lose a % back to the cops from time to time.
Link Posted: 8/13/2011 9:10:07 AM EDT
Originally Posted By Jman78:
Originally Posted By DougR:
Your FFL made you a great offer. Probably won't find a better one.


A great offer is 67% of the gold's spot value ? I was thinking of closer to 90%.



Not if he plans on remaining in business.

Link Posted: 8/13/2011 9:18:00 AM EDT
Thanks for the advice and links everyone, still looks like ebay may be the best place to get as close to spot as possible. I think i could do a auction with a buy it now price of about $700, but i hate all of the fees that ebay has increased over the years and then add paypal() fees to that as well. Does anyone have any insight as to when Gold will crack the $2k level ? Or how much longer the bubble will grow until it pops ? I also picked up 3 1OZ Silver bullion rounds yesterday, i have been trying to get some silver from Apmex, but they had trouble processing my credit card. So i stopped by a local coin dealer and picked them up and avoided the extra fees for credit card and shipping.
Link Posted: 8/13/2011 9:23:32 AM EDT
Does anyone have any insight as to when Gold will crack the $2k level ?


I have no idea but George Soros does.
Link Posted: 8/13/2011 9:24:03 AM EDT
Originally Posted By Johnny_Reno:
Originally Posted By Jman78:
Originally Posted By DougR:
Your FFL made you a great offer. Probably won't find a better one.


A great offer is 67% of the gold's spot value ? I was thinking of closer to 90%.



Not if he plans on remaining in business.



I completely understand that he has to make a buck as well, and i support him with many FFL transfers and referrals, but im not looking at giving away my gold either. To bad he rarely has any nice firearms for sale. I also don't want to be a schmuck like those "customers" on Pawn Stars who try and negotiate and take the "generous" offer, which is usually half of the value of the item. Some people don't realize that their laziness is costing them alot of money, and that they could even throw the item on ebay or craigslist and get alot more money for there item.
Link Posted: 8/13/2011 9:24:27 AM EDT
http://www.aragold.com/

We use ARA to process our gold. They take 2% for the refining, no other hidden costs. They also use a chemical process to refine the gold so they can recover any stones.

ARA will either return any diamonds and stones to you or you can ask them to bid on the diamonds. We have done about 7 transactions with ARA and have been satisfied.



Link Posted: 8/13/2011 9:28:01 AM EDT

Originally Posted By Johnny_Reno:
Originally Posted By Jman78:
Originally Posted By DougR:
Your FFL made you a great offer. Probably won't find a better one.


A great offer is 67% of the gold's spot value ? I was thinking of closer to 90%.



Not if he plans on remaining in business.



Industry standard for gold buying is 50%. Most reputable companies pay 50%, a few will go as high as 60%. Then you figure the dealer will lose anyehere from 2% to 10% in payment to the gold refiners.
Link Posted: 8/13/2011 9:29:47 AM EDT
Originally Posted By substandard:
http://www.aragold.com/

We use ARA to process our gold. They take 2% for the refining, no other hidden costs. They also use a chemical process to refine the gold so they can recover any stones.

ARA will either return any diamonds and stones to you or you can ask them to bid on the diamonds. We have done about 7 transactions with ARA and have been satisfied.





Thank you for the link. My gold has no stones in it, but i have always wondered how people that send in PM with stones, A. get the stones back and if the company switched them out for fakes or B. never even consider the stones in the offer they receive and blindly take the offer without consideration to the value of those stones and Diamonds.
Link Posted: 8/13/2011 9:34:37 AM EDT
I've been wondering the same thing.

My parents owned a Jewelry store that carried a lot of Black Hills Gold Jewelry when they retired and closed the store in the early 70s they kept all the inventory.

If I were to buy gold now I would probably be paying the so called "spot price" plus a hefty markup, I wouldn't sell mine any differently in this sellers market.

That means I would probably be selling to some Joe Blow and not a "Gold Buyer".



Link Posted: 8/13/2011 9:36:53 AM EDT
I use Midwest Refineries in Waterford, Michigan.

They allege to pay 95% of spot. Very good reputation as far as I can tell.

http://www.midwestrefineries.com/
Link Posted: 8/13/2011 9:39:18 AM EDT
I'd try a couple of local dealers. See what they offer, sell to the highest.
Link Posted: 8/13/2011 9:41:06 AM EDT
Another +1 for ARA.

I mailed a small amount Jewerly that was delivered on the 7-18. On 7-22 a check was written for the Gold and Stones were being returned.
ARA now has the option, to have any recovered stones bid on by an outside source. I will be using ARA again.

Link Posted: 8/13/2011 9:49:35 AM EDT
Local gold buyer here buys it at like 93% of spot.
Link Posted: 8/13/2011 9:51:34 AM EDT

Originally Posted By Jman78:
Originally Posted By substandard:
http://www.aragold.com/

We use ARA to process our gold. They take 2% for the refining, no other hidden costs. They also use a chemical process to refine the gold so they can recover any stones.

ARA will either return any diamonds and stones to you or you can ask them to bid on the diamonds. We have done about 7 transactions with ARA and have been satisfied.





Thank you for the link. My gold has no stones in it, but i have always wondered how people that send in PM with stones, A. get the stones back and if the company switched them out for fakes or B. never even consider the stones in the offer they receive and blindly take the offer without consideration to the value of those stones and Diamonds.


We have talked to a local jeweler and he told us the retail mark up on diamonds is "high". He never gave us a precent but we got the impression that it was considerable.

So the whole sale value on diamnds isn't as great as the retail pricing. Most of the gold we have bought and scrapped have small diamonds that have little whole sale value. On average we have about .50 carats of diamonds per batch of gold. ARA has bought some of our diamonds, average price about $40. Size matters, the small "chip" diamonds have very little whole sale value.
Link Posted: 8/13/2011 9:52:58 AM EDT
Originally Posted By Jman78:


I completely understand that he has to make a buck as well, and i support him with many FFL transfers and referrals, but im not looking at giving away my gold either. To bad he rarely has any nice firearms for sale. I also don't want to be a schmuck like those "customers" on Pawn Stars who try and negotiate and take the "generous" offer, which is usually half of the value of the item. Some people don't realize that their laziness is costing them alot of money, and that they could even throw the item on ebay or craigslist and get alot more money for there item.




Half the retail value would be a huge offer from a pawn shop. You can do better with gold.
Link Posted: 8/13/2011 9:54:57 AM EDT
I'm interested as well––I have several Pounds of GOLD hanging around the house collecting dust.
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