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We Buy Gold

 
aussie
(@aussie)
Trusted Member

I recently witnessed 2 reputable jewelers on St Croix buy gold from 2 very disreputable looking people - $13 for 1.4 pennyweight. Oh, that will make things better!

Last weekend, one the the cars with the bullhorns that we usually only see during the campaigns came through my neighborhood blasting, "WE BUY GOLD! WE BUY GOLD!" I don't know about you folks, but I say thank goodness! My storage shed was running out of room...

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Topic starter Posted : September 6, 2009 6:56 pm
Jules
(@Jules)
Trusted Member

Wow, what a rip-off. $185.71 per troy ounce?? The pm London fixed price was $989 on Friday. Even with room for middle-man profit and refining costs, that's robbery.

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Posted : September 6, 2009 7:19 pm
Novanut
(@novanut)
Trusted Member

Wonder what they'll give for a copper still????

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Posted : September 6, 2009 7:40 pm
divinggirl
(@divinggirl)
Trusted Member

FWIW - I priced selling some old/broken gold jewelry on STX. Then I called a couple of stores in the states - wow, what a difference! I held on to the gold until I went to the states and got twice what they were going to pay here. The jewelry store in the states required my photo id (that they copied) and a current addres/phone number. I asked why and they said that they are required to report all jewlery they purchase from the public to the police - impressive. I'm sure that's done here too 😉

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Posted : September 6, 2009 7:56 pm
DUN
 DUN
(@DUN)
Trusted Member

Wow, I wonder how much I`d get for my giant(7" long, X 6" high X .004 thick) Gun medallion w/ 3/8" gold chain links (hollow).
Anyone know?

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Posted : September 6, 2009 9:55 pm
Jules
(@Jules)
Trusted Member

DUN, don't know whether you're serious, but to calculate the value in gold:

14k = 14/24ths gold = 58.33% gold
18k = 18/24ths gold = 75% gold
etc

Take the weight of your scrap and multiply by the karat value. Karat value should be stamped on your piece somewhere (remove stones and any other non-gold stuff first)

If you are weighing it on a "regular" scale (grams or avoirdupois ounces) don't forget to convert to troy ounces
(www.metric-conversions.org is a good site)

Then call various refiners to see what they pay; remember that shipping/insurance can take a big bite. You'll need to estimate the weight of gold/value for shipping insurance purposes.

Some reputable refiners:
http://www.gsgold.com/refining/shipping.htm#Refining_Pricing_Table
http://www.hauserandmiller.com/refine/rates.html

There are several fees and charges associated with selling your gold for scrap. You'll probably pay at least $50 for the assay and processing, with the refiner paying you 94-98% of the trading price of gold on the day of settlement.

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Posted : September 6, 2009 10:13 pm
DUN
 DUN
(@DUN)
Trusted Member

The medallion is .004 thick, while the hollow chain is plated in 10K.
Even though it`s hollow, it`s heavy! 😉

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Posted : September 6, 2009 10:27 pm
Jules
(@Jules)
Trusted Member

Plating is only microns thick. Your cost to refine would be higher than the value of the gold. Maybe it would make a good paperweight 😀

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Posted : September 6, 2009 10:31 pm
DUN
 DUN
(@DUN)
Trusted Member

Jules,
You seem to be well versed in raw gold values.
Though it seems my cherished .004 thick gun medallion & hollow chain have little value according to your posts.
Dang, I guess i`ll keep it!P

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Posted : September 7, 2009 1:44 am
Jules
(@Jules)
Trusted Member

It doesn't have "little value" if YOU love it!! 🙂

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Posted : September 7, 2009 10:38 am
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