Notifications
Clear all

We Buy Gold

 

aussie
(@aussie)
Trusted Member
Joined: 16 years ago
Posts: 876
September 6, 2009 6:56 pm  

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...


Quote
Jules
(@Jules)
Trusted Member
Joined: 17 years ago
Posts: 541
September 6, 2009 7:19 pm  

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.


ReplyQuote
Novanut
(@novanut)
Trusted Member
Joined: 18 years ago
Posts: 905
September 6, 2009 7:40 pm  

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


ReplyQuote
divinggirl
(@divinggirl)
Trusted Member
Joined: 14 years ago
Posts: 887
September 6, 2009 7:56 pm  

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 😉


ReplyQuote
DUN
 DUN
(@DUN)
Trusted Member
Joined: 16 years ago
Posts: 812
September 6, 2009 9:55 pm  

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?


ReplyQuote
Jules
(@Jules)
Trusted Member
Joined: 17 years ago
Posts: 541
September 6, 2009 10:13 pm  

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.


ReplyQuote
DUN
 DUN
(@DUN)
Trusted Member
Joined: 16 years ago
Posts: 812
September 6, 2009 10:27 pm  

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


ReplyQuote
Jules
(@Jules)
Trusted Member
Joined: 17 years ago
Posts: 541
September 6, 2009 10:31 pm  

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 😀


ReplyQuote
DUN
 DUN
(@DUN)
Trusted Member
Joined: 16 years ago
Posts: 812
September 7, 2009 1:44 am  

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


ReplyQuote
Jules
(@Jules)
Trusted Member
Joined: 17 years ago
Posts: 541
September 7, 2009 10:38 am  

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


ReplyQuote
Search this website
Close Menu