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Selling Gold

Discussion in 'Off Topic Threads' started by huntinandhotrods, Jul 19, 2011.

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  1. huntinandhotrods

    huntinandhotrods Member

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    I don't understand the whole selling gold trend. Here is what I mean. I have some 14 carat gold that wieghs right at an ounce (troy ounce). I understand that it is typically worth 58% of an ounce of gold since it is 14 carat. I have decided to sell it for extra shooting money. Every where I take it they say they will only give you half of what it is worth because it is scrap gold. I asked what if it was 24 carat gold. They said they still will only give half of what it is worth. My question is if gold is at $1600 an ounce why do you only get half. Where can you sell gold for what it is worth? If I was a gold miner and found a big gold nugget is it only worth half of what the market says it is? Where do the coin shops, pawn shops, and gold buyers go to sell their gold to turn a profit. I understand they need to make a profit but 100% seems really high? - Huntinandhotrods
     
  2. motordoctor

    motordoctor Shoji Tabuchi in Branson

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    i can offer a few things that I know., They buy the gold from you at the 58% figure. That gets it out of your hands. The dealer then has to send it to a smelter. He has to pay the shipping, insurance on that purchase. The smelter ususally charges a smelting fee and a fee to assay the gold to make sure it is what it should be. It takes time to handle and ship and if the price goes up or down then the dealer that bought it from you wins or looses. He has to figure that into the price also. Then he has to make some profit--wow bad word today. he wants to pay you half. Wait. I forgot the rent on the store, advertising, insurance, taxes, salary of employees, utilities, phone. So is 1/2 fair. maybe a little more but when you figure all that stuff in it is a tough bet to buy the gold and hold it and hope to make a profit on it. I may be a little off base but it is a good start to the price. motordoc
     
  3. huntinandhotrods

    huntinandhotrods Member

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    Like I said, I understand they have costs and are taking a risk, but they want to give half of the 58%. If gold is worth $1600 an ounce and it is worth 58% since it is 14 carat which equals $928. They only want to pay half of that which equals $464. That just seems really high to me. Maybe not - Huntinandhotrods
     
  4. WIN12 MAN

    WIN12 MAN TS Member

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    Selling gold to pawn shops and other hit & run cons is a rip off.
    Try this site > www.aragold.com These people are honest
    and pay best prices on scrap or pure gold ..if you don't like the offer
    they will ship it back.
    win
     
  5. smsnyder

    smsnyder Well-Known Member

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    Buying gold is a rip off. Try to unload it.
     
  6. Barrelbulge(Fl)

    Barrelbulge(Fl) Banned User Banned TS Supporters

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    Hotrod, my jeweler takes 15% not 50%. Around Pgh, that seems normal. There was an episode on the news recently and they did a survey to see who pays the most for scrap gold. The buyers around here seem to want 15% only. Bulge.
     
  7. kgun_shooter

    kgun_shooter Member

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    Just like everything else it's a ripoff!
     
  8. wolfram

    wolfram Well-Known Member

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    If you want to get something close to the spot price for gold or silver, you need to have the metal in a trading form. Usually this means a bar from a recognized smelter with the purity stamped on the bar along with a serial number.

    Some coins trade well also but again they have to be recognized forms.

    Your 14 carat material is scrap and you are getting offered scrap prices - not the spot price for a trading form of the metal. The larger the quantity of scrap that you have the closer you will be to realizing the spot value for it. If you had several hundred pounds for example you could contract a known refiner to melt it down and convert it to a marketable form. Usually you can net 90+% of the value in ths situation. An ounce or two at a time -- well it might seem like big money to you but it isn't real significant to a refiner.

    Gold in nugget form can bring higher than the spot price depending on the specimen but nuggets aren't a recognized trading form for the spot market either. If they have no specimine value then they need to be refined also.
     
  9. huntinandhotrods

    huntinandhotrods Member

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    Bulge - I would sell it in a minute for 15%. Two of the jewelers I took it to told me that they would give 100% of its value in store credit if i wanted to purchase something from them. That would be fine if I wanted jewelry , but that isn't what I'm looking for. I just though it would buy some shells and a couple of entries into the next couple of shoots. Huntinandhotrods
     
  10. stokinpls

    stokinpls Well-Known Member

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    It's simple. The $1600 price for an ounce of gold is YOUR price if you want to BUY. If you want to sell, it's whatever they want to pay you. The 58% is because of the carat number (14 is 58% of 24). The 1/2 value is what it's worth to them. Isn't that wonderful? If you bought gold back when it was $350 an ounce and kept it until today, you can likely find someone who'll pay you, you guessed it, $350 an ounce for it.

    Just wait until the shysters want to offer you a bushel of wheat for it.

    While we're on the subject, anyone want to tell us why diamonds have any value whatsoever (outside of cutting tools)? Try to buy and sell some if you want to really enjoy yourself.
     
  11. oldgahchamp

    oldgahchamp Active Member

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    In the Rochester, NY area, the Gold Buyers are advertising on TV during "Prime Time". That kind of tells you how much they will pay for your 'scrap" Back in the mid 60s I dabbled in the Coin Business for a few years. Back then the Government fixed gold prices at $40/oz & Silver at $1.29/oz. There was no profit in selling common date 20 dollar gold coins. (Pay $45, sell $46 or 47.) Get 2 or 3 prices before disposing of your gold. Larry Evans
     
  12. grunt

    grunt TS Supporters TS Supporters

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    Check out this site. You can sell gold here.
     
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