dealers buy prices gold

greatnortherncoin · August 24, 2011 7:57AM

how much back from spot is your dealer paying for gold

dimples · August 24, 2011 8:06AM

Sold some gold jewelry at my local coin dealer last Saturday at 20% back which I thought was fair. I know know the clasps were not gold and he sells to the refinery at 95% After they get done assaying the hell out of it He'll make 10%.

mrcoin3 · August 24, 2011 8:51AM

<< <i>Sold some gold jewelry at my local coin dealer last Saturday at 20% back which I thought was fair. I know know the clasps were not gold and he sells to the refinery at 95% After they get done assaying the hell out of it He'll make 10%. >>

20 back? Heck, I'll give ya 15% back

dimples · August 24, 2011 9:57AM

I used to sell to midwest refinery at 95% but after assay the yield was always about 17-18% back of spot. They told me just because it's stamped 14K some chains and jewelry assay out to only 12 -13K. This is jewelry that my mother bought from many trips over seas on vacation. I believe they are probably right. So when you look at the final results it's easier to sell locally.

Anyone also see this using Midwest Refineries?

greatnortherncoin · August 25, 2011 8:18AM

so 90% of spot is fair

morgansforever · August 25, 2011 1:26PM

Hit a local B&M today, and had my brother walk in
and say what's it worth, with a 1 oz. AGE. $950 was his best
price. Same ol crap he told me, bring in more and the price
goes up, the volitility of gold, rent, advertising, etc.
Wish I could buy gold for 46% back of spot, geez.

FullCameo · August 25, 2011 1:47PM

<< <i>I used to sell to midwest refinery at 95% but after assay the yield was always about 17-18% back of spot. They told me just because it's stamped 14K some chains and jewelry assay out to only 12 -13K. This is jewelry that my mother bought from many trips over seas on vacation. I believe they are probably right. So when you look at the final results it's easier to sell locally.

Anyone also see this using Midwest Refineries? >>

They are no different than a scrap yard. They will do/say anything for an extra buck.

CoinCrazyPA · August 25, 2011 1:59PM

My local BM I use pays $50 back of spot on an ounce and sometimes spot for American Gold Eagles when he's out.

BigRick · August 26, 2011 2:13AM

Depends on what you are calling gold.

1 oz AE's? maybe $10-$20 back of spot. Jewelry? maybe 10-20% depending on the purity.

SilverBaron · August 26, 2011 2:27AM

...... 1 oz. AGE. $950 was his best price. .....

WOW ......... I would never go back, and would sure let folks know not to

do biz with this guy!!!

mkman123 · August 26, 2011 2:29AM

959 for an oz if gold? Your local store needs a competitor. The one I went to before I moved paid spot + 10-25 for eagles and charged spot +50+.

roadrunner · August 26, 2011 4:57AM

One of my local shops pays me about $15-$30 over spot for AGE's. But I also have some vest pocket types that will give me more. One of those VP's pays
90-94% of spot for decent scrap jewelry. Then he sells it to his refiner for 98% of whatever it assays at.

Most of the B&M's probably pay around 80-87% for scrap jewelry. The pawns and local jewelry chain stores offer 15-20% of spot as a rule. They have high overhead...lol.

roadrunner

morgansforever · August 26, 2011 7:11AM

<<1 oz. AGE. $950 was his best price>>

I was just testing the waters using my brother. I'm fully aware of costs ie rent, insurance, inventory, advertising, etc, but
give me a break. Never really cared for him after his smug comment years ago, "They think I'm paying them, they're actually paying me".
Just something about his slick ways makes me want to drill em in the mouth, ya feel me?

dealers buy prices gold

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