Selling gold

[RaZR]

I recently took some of my gold rings to places that buy gold. It seems that they pay about $8 less per gram than the value of the gold. Today i took in the two 14 kt bands that i found in the lake. The first place was a coin dealer that offered 253.58 the next was a jewelry store that offered $260 something.
So i went and detected a park nearby and thought about it. After seeing the value of 14 kt gold on the internet was around $33 per gram by todays price for an ounce of pure gold. I hit two other jewelry stores, the first offered $252.00 the other offered $237.00. So i went back to the store that offered $260 something. She said that i was wrong that she said $240.00. I told her that the coin shop offered me $253.58 so she paid me $262.00. I think i'll try out Midwest refineries in Michigan and see if i get more than these places give. I'll save gas not driving all over for the best deal. ( i had a slip that the coin shop gave me with their offer on it to show the jewelry store lady) \

[Sal66]

RaZR, I don't sell gold myself but I know someone that does. He sells mostly coins but the lesson here is that the best thing seems to find the one that pays out the best and just stick with them. This way as you become more of a regular customer just like other businesses, the better the deals will be. The more business you give them the better they will offer you. This person I know gets over 90% of the current value for his coins. The dealer will always make up for it with his/her one-timers or less frequent traders. Remember, they have to make a profit too.You see this all the time with pawn shops. People bring in their gold expecting retail prices and get disappointed when they feel they are getting low balled. People should be happy gold is as high as it is. I remember not long ago when gold was $700 an oz and Silver only $7. That was only 6 yrs ago or about.

[milco]

What little gold and silver I have sold, I send it in right to a mill and they pay a fair price based upon spot price when they receive it and send a check. I would say this method is generally better than taking to the local buy places.

[Lowjiber]

I've used Midwest three times. Good, quick service with good pricing.

[Jeff (or)]

I've used Midwest three times. Good, quick service with good pricing.

Same here, I have used them half a dozen times for my junk silver and gold.

[Sal66]

hi guys! When you sell your gold is it all the same karats ? i would imagine that 12 k,14k and 18k would each have a differents per gram price, correct ? So, do they reveal what each one pays out? This way you can figure how much your getting per gram.
My other question is when coins are sold (say in a Coin Shop) and the Coin is say a Gold American Eagle, do the pay the same despite the years of the coins. This would be for Business struck coins, not Proof. I noticed in my Red Bool the values are the same until you get below a certain year for some weights or if the Coin is &quoturnished.

[Targetseeker]

Still curious about sending to the mills - do you weigh your gold before you send it, or do you Trust them to provide an honest weight and price/pennyweight? Anyone felt they were taken advantage of? I stopped at a couple of we buy gold places and their offers were mush less than I calculated and passed. (They were paying about 65% and on 10K rings, the one buyer was only about 10% claiming he didn't make much on this stuff) No sense finding it if you can't cash it out - refuse to give it away

[Lowjiber]

hi guys! When you sell your gold is it all the same karats ? i would imagine that 12 k,14k and 18k would each have a differents per gram price, correct ? So, do they reveal what each one pays out? This way you can figure how much your getting per gram.

Gold is gold to a mill. They melt the stuff down. A ten carat ring is only about 42% pure gold. They pay you for the amount of pure (24 carat weight) gold extracted (minus their vig).

If you decide to use Midwest Refineries, just go to their website. They tell you all about the process and what they pay for various metals. I've found them honest.

[Terry Soloman]

hi guys! When you sell your gold is it all the same karats ? i would imagine that 12 k,14k and 18k would each have a differents per gram price, correct ? So, do they reveal what each one pays out? This way you can figure how much your getting per gram.
My other question is when coins are sold (say in a Coin Shop) and the Coin is say a Gold American Eagle, do the pay the same despite the years of the coins. This would be for Business struck coins, not Proof. I noticed in my Red Bool the values are the same until you get below a certain year for some weights or if the Coin is &quoturnished.

Here is how to Calculate Gold Price By Karat & Weight

First, divide the karat (24; 18; 14; 10) by 24. Now multiply that number by today's gold price per gram. So, if you have a five-gram 10K gold ring, and the current price of gold is $1,600.00 per ounce - or $51.45 per gram ($1,600.00 divided by 31.1 grams), then your 10K gold ring is worth $21.44 per gram ($51.45 x .4167), or $107.20.

10k = 10/24 = .4167
14k = 14/24 = .5833
18k = 18/24 = .750
22k = 22/24 = .9167

If you have five- grams of 14K, and gold is $1,600.00 today, then $1,600 divided by 31.1 would equal $51.45. That figure, multiplied by .5833 (14K) comes out to $30.01 per gram. $30.01 x five- grams equals $150.05.

Some gold buyers use pennyweight (DWT) instead of grams. There are 20- pennyweights per troy ounce. Let’s say you want to sell your gold. You know it weighs 25 grams. You go to a pawn shop to see what they will pay, but they use pennyweights, not grams. Here's how to calculate the conversion: 25 grams of gold x 0.643 = 16.1 pennyweights.
Pennyweights to Grams............divide by 1.55517

Grams to Pennyweights............Multiply by 0.643

[Sal66]

Ok so someone said it doesn't matter what the karats are because it's all melted down. Is that right so far ? What about Gold items with stones, diamonds or other. How do they estimate just the gold part. Also, should you have them remove the stones or do it yourself ? That way you can sell the diamonds seperately if that's what it has on the ring.
Then there's the selling of your Gold or Silver Coins. I would think the date and all that would be a big factor, unless it's something like Gold or Silver American Eagle coins because the price seem to be refected by the Spot price plus the Red Book prices are about the same for UNC. Gold coins and Proof Coins but those books are made months away from the current prices.