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Selling Gold?

Discussion in 'Off Topic Threads' started by dolphin77, Feb 12, 2010.

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  1. dolphin77

    dolphin77 Member

    Joined:
    Jan 29, 1998
    Messages:
    910
    How do you go about selling gold without getting screwed? I have several gold coins....not some Franklin Mint stuff, and not collector stuff, but 99.99%.....Thanks WC
     
  2. whopper1

    whopper1 Member

    Joined:
    Dec 24, 2005
    Messages:
    148
    be extremely careful-most of the ads on tv really rip you off. Also most of the local places like pawn shops, jewelry&coin operations, all the same. First off, they make their cut and then there is a smelting fee. Due to the death of my wife, I had a pile of gold to get rid of. I tried all of the above and the offers were about 30-33% of the actual price of gold on that day. I finally used a specific jewler that I do some business with that offered it to me at 10% fee plus smelting fee-5% for a total of 15% cost. When the check from the smelter came, I found out I can deal direct with the smelter in Philadelphia. I have since used them direct for more gold from myself as well as a neighbor that lost his wife. If interested, PM me and I will give name and phone of the smelter-very professional.

    Dave
     
  3. Smok'n Joe

    Smok'n Joe Active Member

    Joined:
    Oct 25, 2009
    Messages:
    1,730
    Hold on, Dolphin!

    It's pretty easy to determine the INTRINSIC value of SCRAP gold...for example...24K gold is 99% GOLD. 14K is about 58% GOLD. 10K is about
    41% Gold. The precious metal price is usually quoted in TROY ounce
    unit of measure...weigh what you have and calculate the intrinsic value
    for yourself.

    More importantly...the coins you have may very well have numismatic value. Gold and Silver coins ARE NOT SCRAP and often demand a PREMIUM over the daily quoted spot gold and silver price...the same holds true for jewely and especially antique pocket watches. Many are collectable. There is no reason for you to absorb a 30% "smelting" fee or sell what you have as SCRAP. Dealers are making a fortune on the unknowing.

    Smok'n Joe
     
  4. OldRemFan

    OldRemFan Member

    Joined:
    Sep 4, 2009
    Messages:
    811
    Where is scrap or bullion gold worth $80 a gram. There are approximately 31 grams in a troy ounce, that measurement is what the spot gold market is priced on. That makes a troy ounce of fine gold worth $2480 at $80 per troy ounce. I've not seen that price on the market for quite some time, actually I don't ever remember that price being paid. At $1100 spot, 14 karat gold actually is worth approximately $20.55 per gram, in actual gold content. Spot is under $1100 this morning so if someone is offering $19 per gram for 14K scrap they are not making much money after the refining charge.
     
  5. three dram

    three dram TS Member

    Joined:
    Jan 29, 1998
    Messages:
    118
    MAYBE THIS WILL HELP CLEAR IT UP ON VALUES OF GOLD SCRAP


    Step 1

    First, separate your gold pieces according to their level of karat fineness.

    Do this by looking for the jeweler's stamp that tells you the karat fineness

    of the piece. Most pieces of jewelry are 10k, 14k, or 18k gold. The higher the

    number of karats, the more gold the piece contains, and therefore the more value it has for sale as scrap gold.

    Step 2

    Look up the current price of gold. Gold is priced per "troy ounce." A troy

    ounce is a unit of measure equal to 31.1 grams. The price of gold varies from

    day to day, and even throughout a single day, so you'll want to make sure

    you're using the current price to determine the value of scrap gold. As of today , gold prices are fluctuating near $1,100 per troy ounce.

    Step 3

    Next, you'll need to convert the price of gold per troy ounce to the price per

    gram. Do this by dividing the gold price by 31.1. For example, if the price

    of gold is $1,100 per troy ounce, divide this figure by 31.1 grams ($1,100/31.1 grams = $35.37 per gram).

    Step 4

    The next step in determining the value of scrap gold is to weigh your gold in groupings according to its karat fineness. You can use a postal scale or a gram scale for this purpose. If you are only able to weigh your gold in ounces, you will need to convert the value to grams.

    Step 5

    Next, you'll need to determine how many grams of gold each grouping contains. Gold jewelry is mixed with other metals to strengthen and reinforce it, since pure gold is too soft and pliable to be worn as jewelry. To determine the actual number of grams of gold contained in your pieces, multiply each grouping by the following factors:


    10k - multiply by .4167
    14k - multiply by .5833
    18k - multiply by .7500

    For example, 10 grams of 10k gold really only contains 4.167 grams of pure gold (10g x .4167).

    Another way to think of this is that 10k gold is really only 41.67% gold, while 14k is 58.33% gold, and 18k gold is 75% gold.

    Step 6

    Once you've determined how many grams of pure gold are present in each grouping of scrap gold, add the values together and multiply the total by the price of gold per gram.

    Here's an example to help you see how this works. Let's say you have 10 grams of each of 10k, 14k, and 18k gold. Determine the total amount of pure gold present as follows:

    For 10k gold: 10 grams x .4167 = 4.167 grams of pure gold
    For 14k gold: 10 grams x .5833 = 5.833 grams of pure gold
    For 18k gold: 10 grams x .7500 - 7.500 grams of pure gold

    Add these together: 4.167 + 5.833 + 7.500 = 17.5 grams of pure gold

    To determine the value of your scrap gold, multiply this total weight of pure gold by the current price of gold in grams, which we've set at $35.37 for this example:

    17.5 x $35.37 = $618.98

    Then you must find someone willing to pay this price
    which will be hard to do


    three dram
     
  6. OldRemFan

    OldRemFan Member

    Joined:
    Sep 4, 2009
    Messages:
    811
    Three Dram:

    You mentioned in another post people being ripped of at $19.00 per gram when the price is $80 per gram or more. When was gold $80 per gram or more? I think I missed that market.
     
  7. Remstar311

    Remstar311 Member

    Joined:
    Sep 15, 2008
    Messages:
    942
    Good post 3dram.
     
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