?'s on selling scrap gold.

[Heimdhal]

My mom asked me to sell some of her scrap gold. Shes got a bracelet, 14k, weighing in at 20 grams. At current spot price, that puts it around 445$ worth of gold.

I've got some dealers at local shows Ive sold to in the past for people, but havent done so in a while now. What is reasonable to expect for scrap gold these days? How much % under spot, etc?

Thanks guys.

[cedarchopper]

My mom asked me to sell some of her scrap gold. Shes got a bracelet, 14k, weighing in at 20 grams. At current spot price, that puts it around 445$ worth of gold.

I've got some dealers at local shows Ive sold to in the past for people, but havent done so in a while now. What is reasonable to expect for scrap gold these days? How much % under spot, etc?

Thanks guys.


My local market maker dealer pays 90% of spot for "scrap".

[StackerKen]

Im glad you brought this up Heimdhal thanks

My step daughter told me recently that she was going to a friends house for a "Gold buying party"
where some guy comes to the house and people bring gold jewelry to sell.

I told her "NO don't do it!! it's a its a rip off!!!"
Well she went anyway and later told me I was right. The guys tried to low ball her bad.

Now, I was wondering where she could get a good price for her unwanted gold jewelry and how much to expect for it.

From what I have read on this thread, 14k should fetch about 20 bucks a gram?

what about 18k ? Is there a chart or something ?

and what about Platinum? Is Platinum jewelry pure platinum?

Thanks in advance for your help guys :)

[gunDriller]

My mom asked me to sell some of her scrap gold. Shes got a bracelet, 14k, weighing in at 20 grams. At current spot price, that puts it around 445$ worth of gold.

I've got some dealers at local shows Ive sold to in the past for people, but havent done so in a while now. What is reasonable to expect for scrap gold these days? How much % under spot, etc?

Thanks guys.


25% under spot at one place locally for 14K.

10% under/ 90% of value sounds like a great deal !

[StackerKen]

Im sure most of you already know this
But I figured I'd post it anyway

- 18kt: 75% gold

- 14kt: 58% gold

- 12kt: 50% gold

In the past, most platinum jewelry was about 85% pure platinum, or per the Federal Trade Commission (FTC) to be called platinum, jewelry must be made up of 850 parts per thousand.

But that could change soon
http://jewelrymaking.about.com/od/aboutmetalandstones/a/070205.htm

[SLV^GLD]

Heimdhal: If it were me and my mother was selling and I had the money I'd buy it off her at current spot times the carat divisor.

[Saul Mine]

http://midwestrefineries.com/ The only refiner I have dealt with.

[Heimdhal]

Thanks for all the info guys.

@slv

I thought about buying it from her myself, but we are kinda low on funds at the moment. I might be able to work something out though, its not a bad idea.

@Stacker

Ive heard those parties are a total rip and they always seem to prove as such. I had a cousin that went to something like that, sold a good 1,500 worth of gold or thereabouts only to find out a week later that I could have got her twice the price at the local coin shows (this was back when I still actualy went to them). I think they gave somewhere around 40% spot.

I thought of doing standing out front of all those "we buy gold" places and offer 20% spot price, just cause Im so sick of these people. :P

[StackerKen]

http://midwestrefineries.com/ The only refiner I have dealt with.


Thanks Saul

at the link it says


Midwest Refineries pays 95% of the amount of pure gold contained in your order.

that means they pay 95% of the spot price?

[willie pete]

Here's a quick and easy Precious metals calculator

http://www.dendritics.com/scales/metal-calc.asp

[Saul Mine]

http://midwestrefineries.com/ The only refiner I have dealt with.


Thanks Saul

at the link it says


Midwest Refineries pays 95% of the amount of pure gold contained in your order.

that means they pay 95% of the spot price?


They pay based on the spot price of the day they process your batch. You typically get a check about two weeks after you ship. The weight they find is always a little less than you thought you were sending because you are not sending clean metal, and because purity is always 1/2 K less than stamped. I have melted some metal myself and gotten the same results. Up to 10% of the weight of sterling is dirt or tarnish.

[Steal]

calculator I usualy use is down now. Here is another http://www.midstatesrecycling.com/karat_kalc

Could sell it on ebay. Out of all the sells I have had there, scrap gold was the most frenzied. No mater what, every time, between 4-20 offers to buy it now at such and such price. Usually said would let auction ride. Did not know what I know now. Echeck out the back door only way to go. otherwords, paypal/ebay fees around .09% off the top. 14k was selling back then at $11 -12 gr.Hell, I remember buying 5 necklaces at wallyworld that were on sale (14k) and selling a week later as scrap when price jumped. Made $75 on each one. Should have held on to all that scrap, had about 430 grms. Did get a power seller status out of it in a month, and have kept it. Of course, I was able to spend a few grand then on some $10 pr oz silver, so guess it all balanced out. Sounds like a $395.00 not scrap, buy it now ring to me. I guess hallmark is visible?