Price to expect for 14K gold?

lkenefic

How much should I expect when Kitco spot price is ~$1100 per oz??

Thanks in advance.

Leo

Smittys

look at kitco precious metals store, check out thier buying price.
If you get that be happy on 14K
Link to Kitco buying prices

But if you sell Republic metals corp will pay the best.

lkenefic

Thanks Smitty! I didn't know you posted over here... I'll have to call around and see what the best price is I can get on some 14k I'm selling... thanks again for the info.

Leo

gecko109

At gold $1100, I would expect to be able to get $550/oz of 14kt quite easily. The math is as follows:

$1100 x .585 = $643.50 x .85 (85% of melt is acceptable) = $546.98

Smittys

<< <i>At gold $1100, I would expect to be able to get $550/oz of 14kt quite easily. The math is as follows:

$1100 x .585 = $643.50 x .85 (85% of melt is acceptable) = $546.98 >>



Republic pays 98.5 % of melt !!!!
plus 14k unless marked with a P for plum, is usually about .56

gecko109

98.5% of melt? Time to raid the wife's jewelry box!!!

Thats an EXCEPTIONAL price indeed!

Smittys

<< <i>98.5% of melt? Time to raid the wife's jewelry box!!!

Thats an EXCEPTIONAL price indeed! >>


I couldn't believe it but it was true. Plus 24-48 hour turnaround

refinerychic

It is true!!! The best kept secret in refining!!! I'm exaggerating, however, it is true. Many businesses are unaware of us because up until a few years ago we were only refining for mines and refineries. A few years ago we opened a division we call RMC2 where we work directly with coin dealers, jewelers and others, giving the same accountability the big guys have enjoyed for years.... and remember, our 98% is their 99%....

As far as Kitco goes, in my experience Kitco's prices are 1) 10 - 15 minutes behind real time pricing, and 2) something of an advertisement. I have heard from many vendors that when they call Kitco to lock in on the pricing that Kitco is showing at that exact moment, they are given a lower price and told that they can have that nice, higher price shown if they are sending in very large quantities.

Has anyone experienced this with Kitco? I have always suspected this since the prices they show are typically higher than the Comex.

refinerychic

How much should I expect when Kitco spot price is ~$1100 per oz??

A good expectation for 14k would be as follows:

Plum 14k gold would be 58.3% pure which is derived by 14 (karat) divided by 24 (karat, the purest form of gold) = 14/24 = 58.3%, your piece will be 58.3% pure if it is Italian or German. In that case, with gold trading at $1100/oz, $1100 x .583 = $641.30, so an oz of 14k scrap gold would yield $641.30, or to get the price per gram, divide this figure by 31.1035, $641.30/31.1035 = $20.61/gram. For a price per dwt, divide this figure by 20, $641.30/20 = $32.06/dwt.

Remember, that only applies to Italian and German 14k. In my experience, most all other "14k" jewelry, originating in the U.S., Russia, Mexico, Cuba, or anywhere varies between 12 and 13.5 karat actually, because all too recently the market had an abundant supply of gold jewelry and less demand. So to compete, many manufacturers discounted their prices and reduced the amount of gold content also. 12k, 12/24 = 50% purity, and 13k, 13/24 = 54% purity. Most of the 14k lots of jewelry scrap that I have seen assay between 56 - 56.5% gold content. Therefore, for a fair estimate of what your 14kt gold is worth at $1100/oz, $1100 x .563 = $619.30/oz, or $19.91/gram, or $30.96/dwt. This would be a fair estimate unless the particular lot you buy is severely under-karated. Some of the most under-karat jewelry that I have seen is handmade American, often unstamped.

gecko109

"Some of the most under-karat jewelry that I have seen is handmade American, often unstamped. "

Im having trouble understanding this last statement. If the piece is not stamped with a kt value, then how could it be "under-karat"? Thanks.

refinerychic

Im having trouble understanding this last statement. If the piece is not stamped with a kt value, then how could it be "under-karat"? Thanks.


I see a lot of jewelry that was handmade or custom made domestically, often by an artist or in a boutique, not by a manufacturer or by a jeweler per se, that the purchaser was told was crafted out of 14kt, or 18kt..... these pieces are quite often 12 or 13 kt when they are supposedly 14kt,

you know what is particularly interesting about that plum Italian or German gold jewelry? It has to be plum by law, so 14kt has to be 58.3% gold OVERALL. Typically solder and links are only 8kt or 10kt, so to compensate for this the manufacturer will usually over-karat the chain so it will average out to 58.3% if it were to be melted.

DuPapa

I see Spot @ 1153.. So I hop in my car and go a little store front "We Buy Gold" "Top Dollar Paid" place 2 miles from my home and asked what "top Dollar" was for 14k.
I have 116 grams of undamages jewerly stamped 14k.

They quote $16.00/g... Spot for 14k is $21.57/g

Hello Republic, here I come...

diamondman

just curious, but to deal with RMC2, what is the Min. weight requirement, also the way I read the web site, you must also have a vendors license and have a storefront?

is this correct? just curious.

DuPapa

<< <i>just curious, but to deal with RMC2, what is the Min. weight requirement, also the way I read the web site, you must also have a vendors license and have a storefront?

is this correct? just curious. >>



Me too.... That is how I'm reading it also.... good-bye Republic... there I go?

refinerychic

Wait!! Don't leave so soon... you just arrived! LOL. There are no minimums, however, because we are paying for your Fedex shipping, if you send anything less than $5000 of value, we lose out, so I ask that you try to send at least $5000. Or, if you want to pay the shipping and send less, that is fine too. Due to the Patriot Act and the heightened compliance measures that have arisen since that awful day, we cannot work with the public, the law is "Know your customer", for that reason we can only buy from those that are licensed to deal with precious metals in any capacity, that could be a dentist, jeweler, coin dealer, etc., you do not need a storefront, but you do need to be licensed to buy/sell precious metal goods. That way the U.S. government has some assurance that our customers are indeed on file with all the appropriate agencies and also that they are obeying all hold periods for jewelry and bullion. Are you still there??????

dbcoin

gecko - is this for real?

apology

DuPapa

I clicked on your sites "find a buyer" link that recommends your certified RMC2 buyers.

Is there a standard % fee certified RMC2 buyers charge to be in the middle or do they set their own terms?

gecko109

<< <i>gecko - is this for real?

apology >>




Only if you want it to be!

Smittys

<< <i>

<< <i>gecko - is this for real?

apology >>




Only if you want it to be! >>



Same old Gecko answer

refinerychic

I clicked on your sites "find a buyer" link that recommends your certified RMC2 buyers.

Is there a standard % fee certified RMC2 buyers charge to be in the middle or do they set their own terms?


What area are you located in? We have buyers all over FL, in the DC metro area and the tri-state area. They pay a fixed price per gram/pennyweight, based on the karat that the jewelry is stamped, not a melt and assay. They pay 71% of spot for 18k, 55% of spot for 14k and 39% of spot for 10k. If you like the fixed price per gram/dwt option more than a melt and assay, you can still mail it in at our expense and we can pay you at those prices, one day turnaround.