Selling a small amount of gold
Russell12
Posts: 364 ✭✭✭✭
What can I expect in selling an 18K gold chain (14.4 grams)? Two jewelry stores were $300 apart! The Baltimore Whitman show is upcoming!
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Try the buy sell and trade area here. You'll get a better answer there 😉
try the precious metals forum
82 to 90%
Try a precious metals dealer instead of a jewelry store.
A thousand dollars leaves enough for the buyer.
This.
If you get offered 90 or better, take it.
See my PM
Frank D
Have sold to them a few times and am very happy. They pay 95% of melt.
https://www.midwestrefineries.com/
Are you implying that a buyer can get 'melt' for scrap gold ?
Not Necessarily, just threw out a number of accessed value to shoot for.
90% is usually achievable, but depending on what the gold looks like.
An 18k Cuban link chain would do well around my neck of the woods and could bring spot to the right neck.
If Russell wants to put up a picture in the classified section with a price I'd definitely take a look.
Lots of variables in the Equation to consider.
I used redollar.com before and they were very good and I was very happy with the results. They have a calculator on their site to show what they will pay.
My Original Song Written to my late wife-"Plus other original music by me"
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The better precious metals dealers operate on thin margins, Dillon Gage used to pay 99%.
I always appreciate the irony of folks who routinely pay 3-digit markups in other arenas without batting an eye but think they're getting ripped if they can't get 99.999999% of melt for something. I have no interest in tying up $3400 to make $50.
RIP Mom- 1932-2012
99% for scrap or 99% for bullion? You can't make money at 99% for 10k or 14k by the time you refine it.
I agree. Margins on coins are ridiculous.
That's what I heard them quote; probably large volume and minimums.
That still seems too tight to refine up, unless they are just melting it and using it as 10k or 14k.
Well, I sold it. I wanted to sell it locally and this weekend, Baltimore Whitman is next week.
Google said 14.4gms of 18K is worth $1175. Jewelry store #1 was $825, jewelry store #2 was $530, jewelry store $3 was $475, local coin dealer was $930. Which was close enough for me.
This is what redollar would have paid.
My Original Song Written to my late wife-"Plus other original music by me"
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Never sell to jewelry stores. They generally are always the lowest
It was worth the difference not to have to mail it away, hope you get it, wait for my check. hope I get it, then go to the bank to deposit it. All by waiting a few weeks. No thanks, local worked great for me.
How does “generally always” compare to “usually” or “almost always”? 😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I used them years ago and you most likely won’t get what you expect. They said that there’s gold lost during refining and if your 14k chain is really only 13.7k that also affects the yield. And for me, gold was down the day after they printed my invoice so they just changed the date by hand and I somehow got the day later gold price. So expect maybe 80-85% in the end with them after all is said and done.
It somewhat often means not quite what the intended goal probably should have been.
Favorably
I hear ya. Btw, they were pretty fast when I used them and money was sent digitally so didn't have to deal with a check. I was really impressed with their service and would use them again.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
80% and 75% melt for 18kt scrap is what some larger shops in the Bay Area CA pay but brick and mortar costs likely higher out here than in other places in country.
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