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Best gold buyers for scrap

logger7logger7 Posts: 8,521 ✭✭✭✭✭
in Precious Metals

Just curious, as a dealer yesterday offered me some problem US polished pieces below melt. What % could you buy scrap at and make enough to justify sending it out? Does Dillon Gage offer fair buys on gold scrap in an ounce or two?

Comments

  • PerryHallPerryHall Posts: 46,137 ✭✭✭✭✭

    Can we get some pics or at least an idea what these gold coins are? Usually polished US gold coins find a second life as jewelry. You might try selling them here on the BST for near melt value.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • AUandAGAUandAG Posts: 24,762 ✭✭✭✭✭

    Midwest Refineries pays 95% of melt......

    bob

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • logger7logger7 Posts: 8,521 ✭✭✭✭✭

    @PerryHall said:
    Can we get some pics or at least an idea what these gold coins are? Usually polished US gold coins find a second life as jewelry. You might try selling them here on the BST for near melt value.

    There were two $10 gold pieces, welded together badly polished, including an 1849 $10 with a gold pin on the back.

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @logger7 said:
    Just curious, as a dealer yesterday offered me some problem US polished pieces below melt. What % could you buy scrap at and make enough to justify sending it out? Does Dillon Gage offer fair buys on gold scrap in an ounce or two?

    How far below melt was his offer? Do you have other sources of scrap gold which would make it worthwhile? You have no idea what spot will be on the day a refiner gives you a price for it. Even the dealer seems smart enough to see that a fast nickel will beat a slow dime [if he can even get the dime]. Unless you can get a decent qty at 70% of melt, I'd PASS! There's plenty of good gold out there without buying someone else's headache.

    theknowitalltroll;
  • logger7logger7 Posts: 8,521 ✭✭✭✭✭

    A lot of people would be happy with reasonable returns, anything over 10% in less than a week is a great deal.

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭

    @logger7 said:
    A lot of people would be happy with reasonable returns, anything over 10% in less than a week is a great deal.

    Except with an ounce of junk gold, 10% isn't assured. What do you suppose the dealer paid? Why would he prefer to flip it to you than send it to a refiner?

    theknowitalltroll;
  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭

    When we buy scrap from a dealer it depends on the AGW. For small lot like that 93-95% for really large lots I think it's 98 or 99%. I do have to melt and assay the lots however for a precise pay out.
    Heres 76 ozt of mixed carat gold, roughly 12k overall.

  • logger7logger7 Posts: 8,521 ✭✭✭✭✭

    @BAJJERFAN said:

    @logger7 said:
    A lot of people would be happy with reasonable returns, anything over 10% in less than a week is a great deal.

    Except with an ounce of junk gold, 10% isn't assured. What do you suppose the dealer paid? Why would he prefer to flip it to you than send it to a refiner?

    I would generally agree but the guy doesn't ship to the top buyers usually but waits for buyers to come into his shop.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    likely bought cheap and will sell for more profit than would be realized through smelters.... plus, no shipping.
    Cheers, RickO

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