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Is there a market for scrap gold jewelry?

pcgs69pcgs69 Posts: 4,256 ✭✭✭✭

Is there a place or anyone who pays over melt for gold jewelry? Some is junk, some wearable, mix of 10k to 18k.

Comments

  • RobMRobM Posts: 524 ✭✭✭
    edited December 8, 2021 8:48PM

    No. Not unless there are pieces that are from notable designers or time periods that command a premium. But the vast majority of gold jewely is only worth it's actual gold content, minus refining costs. Scrap sells on eBay for around 95% of spot. I have found that the best way to recycle gold though is to find a reputable refiner that will deal with the public to process it for you. They typically pay as high as 95-98% or so.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    You will not get melt plus for that type of gold jewelry.... Usually five to eight percent back of melt from a refiner. Cheers, RickO

  • OPAOPA Posts: 17,103 ✭✭✭✭✭

    Unlikely, but if you find someone, from this Planet, that is willing to offer above melt for what you have indicated, pass him on to us.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • rte592rte592 Posts: 1,379 ✭✭✭✭✭

    If you cant wear the piece...is tough to get close to spot.

  • RobMRobM Posts: 524 ✭✭✭

    @rte592 said:
    If you cant wear the piece...is tough to get close to spot.

    Why? It is still gold. The refiner isn't separating the broken earrings from the never worn necklace still in its 1980s home shopping network packaging. It all gets melted together. In that market there is no such thing as broken gold. You could take a 10g 14k gold ring, smash it with a sledgehammer, and get paid ~$300 for it from refiner. You might get half that from a jeweler or pawn shop and even less if you mail it in to one of those cash for gold outfits.

  • USASoccerUSASoccer Posts: 445 ✭✭✭

    eBay...

  • RobMRobM Posts: 524 ✭✭✭

    @USASoccer said:
    eBay...

    I agree to a point, but with new 1099-K reporting threshhold it can be unwieldy for those not running a business and not keeping receipts for anything they have ever bought. Not to mention the transaction fees. Maybe easier to mail off or hand carry to a reputable refiner and get a check in a few days. Years ago I was getting 98% or so from ARA in Dallas, but I don't think they deal with the public anymore.

  • rte592rte592 Posts: 1,379 ✭✭✭✭✭

    @RobM said:
    . Scrap sells on eBay for around 95% of spot.

    You need to figure in your time...then the 13% sellers fees when it's all said and done.

    A refiner is the best bet, but usually a person doesn't have enough to make it worth the refiners time.
    Could be wrong as I dont sell.

  • rte592rte592 Posts: 1,379 ✭✭✭✭✭
  • RobMRobM Posts: 524 ✭✭✭

    @rte592 said:
    This pretty much sums it up.

    https://www.cascaderefining.com/how-to-sell-gold

    Except they only seem to be paying 75-80%. I am fairly confident 95% or more is possible.

  • OPAOPA Posts: 17,103 ✭✭✭✭✭

    @RobM said:

    @rte592 said:
    This pretty much sums it up.

    https://www.cascaderefining.com/how-to-sell-gold

    Except they only seem to be paying 75-80%. I am fairly confident 95% or more is possible.

    On a volatile market (sellers) like were having, that's the going rate for small lots.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • coinercoiner Posts: 430 ✭✭✭

    Small lots will get you much less.
    Look to a typical cash for gold to pay you around 65%.
    If they pay more they probably wont be in business long with average volume.

  • RobMRobM Posts: 524 ✭✭✭

    I am not making any recommendations here, but there are refineries stating on their public websites that they are currently paying at least 95%. Check out midwest refineries or gold refinery of san diego, as examples. And when these businesses mention small quantities, they are expecting each piece to have karat stamping because they aren't individually assaying someone's 4g earring.

  • coinercoiner Posts: 430 ✭✭✭

    10k assay the worst. One assay I had was as low as 35%. Should be 41.6%

  • pcgs69pcgs69 Posts: 4,256 ✭✭✭✭

    I used Midwest before and the payout wasn't expected for several reasons

    • nobody knows the actual purity of the gold until it's melted (like mentioned above, 14k could really be 13.7k, etc)
    • Midwest told me some gold is lost during the melting process
    • since nobody knows what the actual yield is, they could pay you less than 95% and nobody will know but them
    • the printed date on the invoice was crossed off by hand and written on as the next day. Gold dropped from the printed date to the hand written date. Not sure if they wanted to keep a few extra dollars, but that didn't settle well.
  • rte592rte592 Posts: 1,379 ✭✭✭✭✭

    @coiner said:
    Small lots will get you much less.
    Look to a typical cash for gold to pay you around 65%.
    If they pay more they probably wont be in business long with average volume.

    I've said it before.
    My local gold and silver shop pays 25% back of spot...that's 75% of assayed material.
    They deal in volume and probably pay a bit more than others.

    They send material to the refineries in volume and probably get 95% of what they estimated they have.

  • rte592rte592 Posts: 1,379 ✭✭✭✭✭

    @pcgs69 said:
    I used Midwest before and the payout wasn't expected for several reasons

    • nobody knows the actual purity of the gold until it's melted (like mentioned above, 14k could really be 13.7k, etc)
    • Midwest told me some gold is lost during the melting process
    • since nobody knows what the actual yield is, they could pay you less than 95% and nobody will know but them
    • the printed date on the invoice was crossed off by hand and written on as the next day. Gold dropped from the printed date to the hand written date. Not sure if they wanted to keep a few extra dollars, but that didn't settle well.

    These are the results I expect to hear from people who actually go through the process of sending material to a refinery.

  • RobMRobM Posts: 524 ✭✭✭

    When I sent 14k and 18k gold chains to ARA around a decade ago, both times only a little more or less than a troy ounce of material, they paid me close to what i expected. One settlement came back at right around 98% of expected content, the other was maybe 95%, which was a little less than expected, but I was still satisfied with the payment. They were probably comingling small individual batches together to make the melt process more efficient so there is always the possibility of the average content coming up a little light. But even at 90%, you are way better off than other methods of selling your gold. The refiner also get to pad its profits with the silver and other metals they extract from the gold.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,746 ✭✭✭✭✭

    Ask this on the BST forum, and we might make us a market or have a different conversation. It really depends on who's selling. I've been known to pay better than pawn shops. I traded rings and chains at the pawn shop recently for a siding brake. Got less than the refiner would pay me ( 25%) as well as a precise number on what that pawn shop pays. This helps me in the coin shop. ( learning the ropes in biz ) . I saved 60% off the price of a new brake.
    In essence, I would have preferred sending it in to the refiner for more. But convenience (locality) saved me time; while the brake is costing me labor.

    At the end of the day , all my money is spent working.
    I'd prefer free stimulus checks.

  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    Ive bought from many members here over the years. Ive not been on the boards a much in the last two years though. I'd be a buyer at 95% of melt. I refine the material myself to 999+ fine gold. Or if I dont have the time I melt/assay the material Ive gathered and ship to my refiner, however to use him I need 10ozt of pure to get paid well.

  • USASoccerUSASoccer Posts: 445 ✭✭✭

    I believe even with the fees eBay will pay you the most

  • Mowreygold.com

    We pay 95% on gold. There is a $50 assay fee. 1 day turn around. We send you an e-check you print and take to your bank.

    We have been doing this since 1899. We also sell bullion and deal in diamonds

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