Does anyone here buy scrap Gold jewerly?

Smittys · October 25, 2009 11:33PM

And if so where is the best place to sell to?

ttown · October 25, 2009 11:44PM

Here's a place locally that in a brick and motor with prices paid posted and a good BB rating. They insure up to $5000 on packages. They have an TV spot that show what the national dealers pay vs them which is twice as much. These are good people but you'd have to shop around for the best price I have no idea what scrap is bringing but at least they post what they pay.

Tulsa Gold and Gems

SportsModerator · October 25, 2009 11:52PM

I don't know about that ttown. Went to their site and checked .925 sterling. $8.76 per troy oz??????

ttown · October 26, 2009 12:11AM

Like I said they deal in scrap and I'm not sure what it brings but they do post prices and it give him a starting point. You know before you send what they pay which is fair. You wouldn't want to send in coins but jewelery maybe quite a bit different it always seems to sell at a discount.

mkman123 · October 26, 2009 12:22AM

I think a few members here mentioned a place called midwest refinery or something like that that pays like 90% of the value???? Someone chime in.

SportsModerator · October 26, 2009 12:26AM

http://www.midwestrefineries.com/silver.htm

95% on gold

jdimmick · October 26, 2009 11:33AM

Dont sell it to the motel buyers, lady came in friday with a heavy 18k chain they offered here 925 for it, I paid her 1600.00 and still made a few hundred bucks!!

Jim

MoneyLA · October 26, 2009 11:52AM

definitely DO NOT MAIL the stuff. once its out of your hands, the buyer has total control.

best to shop it around.

how much do you have? it might not be worth the gas to drive to more than one place.

I have a few advertising on my website, but unless you can have a face to face sale, I would pass on any sort of "thru the mail" thing.

standard thru the mail rip off goes like this:

1. you send in your gold
2. you wait
3. their check comes days later
4. you dont want their offer, so you send the check back
5. the same check comes back to you because the "return time" has expired

roadrunner · October 26, 2009 11:59AM

The dealer I work with pays 95% of spot and resells to the refiner for 100% of spot.

Note: that's what he's told me. I have not sold scrap to him.

roadrunner

MoneyLA · October 26, 2009 12:41PM

roadrunner, that seems awful generous. how can the refiner pay 100% of spot? what is he refining (product) that he makes a profit?

clouisejewelers · October 27, 2009 12:25AM

<< <i>roadrunner, that seems awful generous. how can the refiner pay 100% of spot? what is he refining (product) that he makes a profit? >>

I agree. My firm has been buying and selling scrap for 40 years and we have never encountered a refiner who will pay 100% spot on scrap. Why would you when most dealers pay spot for 24K maple leafs and pandas? No refining necessary, known purity and weight by a stable manufacturer and convenient size. Scrap needs to be melted and refined.

mkman123 · October 27, 2009 1:30AM

Midwestrefineries seems legit. Several members have done business with them, they don't seem like a scam. The prices they pay seem much better than most coin stores.

sneaky · October 27, 2009 4:29AM

Midwestrefineries has been around forever and has always got good reviews on these boards. I wouldn't hesitate to send them all my scrap even if I didn't know what it was worth, as they would get me my fair price.

I got about 85% from a local dealer so I was happy.

MoneyLA · October 27, 2009 4:39PM

sneaky, from checking around local dealers and pawn shops, 80% seems to be the norm, so your 85% is very good.

roadrunner · October 28, 2009 6:05AM

MoneyLA, I had my numbers slightly off. But this now makes more sense. After getting feedback from my dealer, he pays 94% for clean gold, gets paid 98% from the smelter with no smelting charges (gold only). He must provide a min. of 100dwt. So now everyone can make some money....except me. I've never bought or sold any scrap gold. Guess I just like the feel of round 1 oz gold coins....or rectangular if they encased in plastic.

94% sure beats the CASH4$GOLD guys and probably 99% of the local B&M's.

roadrunner

MoneyLA · October 28, 2009 9:07PM

thanks for the clarification. 94% is indeed excellent. I'm curious-- what does he mean by "clean gold?" never heard that term before?

clouisejewelers · October 29, 2009 2:36AM

<< <i>thanks for the clarification. 94% is indeed excellent. I'm curious-- what does he mean by "clean gold?" never heard that term before? >>

"Clean gold" means hallmarked pieces of a known purity. For me it is jewelry made by well known manufacturers that I think are honest about their karating. If it is stamped 14K, it is actually 14K. There are some local manufacturers that I know are crooked and have sold jewelry stamped 14K that was actually 10K and jewelry stamped 10K that was maybe 6K. They were the "price leaders" in this area in the early '90s and sold a ton of stuff. They were put out of business not by allegations of underkarating but copyright infringement. They were making unauthorized copies of Disney and Warner Bros. characters. The mouse's lawyers got all their ill-gotten profits and then some, but their bogus merchandise is still littered all over the Detroit area.

Does anyone here buy scrap Gold jewerly?

Comments