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How to liquidate 10,K 14K, 18K etc gold jewelry?

jmski52jmski52 Posts: 22,297 ✭✭✭✭✭

I have a friend who made it a practice to buy gold jewelry off ebay whenever she finds something that's ugly and seems worthwhile in terms of the gold grams in each piece. I think it's mostly rings, but there may be some necklaces etc.

My question is, what is her best option if she wants to sell some or all of it? Can you give me some suggestions, be it the names of some refineries, or any other reasonable buyer? I'm guessing that she should expect some discount to spot.

I'd like to let her know what some of her options might be. Thanks, jmski

Q: Are You Printing Money? Bernanke: Not Literally

I knew it would happen.

Comments

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭

    I believe there is a refiner that was mentioned on the forums many times before that paid 98% of melt!

    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭

    Midwest Refineries, Waterford, Michigan.

    http://midwestrefineries.com/

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭

    Good luck !!! :)

    Timbuk3
  • jmski52jmski52 Posts: 22,297 ✭✭✭✭✭
    edited September 17, 2018 4:25PM

    Thanks!! Any others??

    Since I only transact in coins & bullion, I appreciate any input from experiences in the raw metal realm.

    Weiss? What say you?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    To submit to midwest refiners, actually any refiner you are required to be a business. Also requires AML and Patriot Act paperwork. Can be a headache for small hobby scrappers to liquidate sometimes. I found this out when I first was doing the same thing. I was able to work a deal with local coin dealer that I now work for, where I would sell for 95% of the assayed amount once I had 5oz asw or more.

  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    Actually they might have changed their requirements, found this on there.

    Bulletin
    Effective immediately, all individual and general public customers must include their driver's license number, state of issuance, and date of birth within their shipment.

  • jmski52jmski52 Posts: 22,297 ✭✭✭✭✭

    Does Kitco buy unrefined metal scrap? To make things a little more complicated, she's in Canada.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭

    why not just sell it on ebay

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    @bronco2078 said:
    why not just sell it on ebay

    Time
    Effort
    Uncertainty
    Stress
    Kooky Buyers
    Returns, etc.

    Recall, the stuff is "ugly" but was a good deal ("worthwhile ")

    Such items tend to be fun and easy to buy, and difficult and irritating to sell.

    Liberty: Parent of Science & Industry

  • bronco2078bronco2078 Posts: 9,964 ✭✭✭✭✭

    @Baley said:

    @bronco2078 said:
    why not just sell it on ebay

    Time
    Effort
    Uncertainty
    Stress
    Kooky Buyers
    Returns, etc.

    Recall, the stuff is "ugly" but was a good deal ("worthwhile ")

    Such items tend to be fun and easy to buy, and difficult and irritating to sell.

    ya but something tells me if gold was going up then they would get sold on ebay. Its funny how people only start nickle diming about 5% or 10% after they for some reason watched spot go way down while they did nothing :D

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    Yep, it's (naturally) more fun to sell on Ebay for a profit, after fees and time spent, than it is to give up because tired of waiting and Cut Losses and sell for less than paid, and have fees and hassles add to the angst.

    Liberty: Parent of Science & Industry

  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    Could just have me melt it into a bar for a cool paper weight.

  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭

    Midwest will accept from individuals. DO NOT have to be a business.

    bob :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • cohodkcohodk Posts: 18,548 ✭✭✭✭✭
    edited September 18, 2018 2:27PM

    Sell to refiner.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • SmudgeSmudge Posts: 9,208 ✭✭✭✭✭

    @bronco2078 said:
    why not just sell it on ebay

    That is where she bought it. Her luck may be worse than the seller's.

  • tommy44tommy44 Posts: 2,190 ✭✭✭✭✭

    Try a coin show. Where does she live? Here in Atlanta there are usually two strong buyers at our monthly show.

    it's crackers to slip a rozzer the dropsy in snide

  • jdimmickjdimmick Posts: 9,583 ✭✭✭✭✭

    Refineries and last point sale points are out, because, they normally only buy from established dealers. There are a few places like this that do buy from public, but your going to get the public price, most likely at around 90-92% of melt.
    Your other option is to find one of the places that pay stronger than typical pawn and gold buying shops to get close enough. For example : Pawn shops and gold buying shops around here pay anywhere from 50%-60% of melt, there are a few of them that will pay like 70-75% (but you have to know who they are.) We pay 78-80% over the counter to the public, but like up in Raleigh there are a few otc buyers at my level to even say 83%.

    best thing is to know how to calculate it , and go try a few places in your area.

    don't call, lots of places tell you good numbers on the phone, they stick it to you when you come in.

    jim

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,793 ✭✭✭✭✭

    Send it to me. :)

  • CoinCrazyPACoinCrazyPA Posts: 2,899 ✭✭✭✭
    edited September 20, 2018 7:50PM

    @AUandAG said:
    Midwest Refineries, Waterford, Michigan.

    http://midwestrefineries.com/

     From the website:                 
    

    Serving jewelers, goldsmiths, dentists, dental laboratories, industries and companies generating precious metal scrap, physics departments, pawn shops, metal detector hobbyists, and the general public.

    Positive BST transactions: agentjim007, cohodk, CharlieC, Chrischampeon, DRG, 3 x delistamps, djdilliodon, gmherps13, jmski52, Meltdown, Mesquite, 2 x nibanny, themaster, 2 x segoja, Timbuk3, ve3rules, jom, Blackhawk, hchcoin, Relaxn, pitboss, blu62vette, Jfoot13, Jinx86, jfoot13,Ronb

    Successful Trades: Swampboy,
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,793 ✭✭✭✭✭

    I'm open to the general public :joy:

  • jmski52jmski52 Posts: 22,297 ✭✭✭✭✭

    For my own stuff, I'd make the drive to Omaha. For her stuff, I think that US Customs and/or Canadian Customs might decide to give her a hard time either coming from Canada or going back.

    Martin Armstrong had a recent blog post about the hunt for taxes that is worldwide. I mailed a $3.50 paperback book to her a few months ago, and the Customs fee was $16.00. Leads me to think Trump may have a point about tariffs.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
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