cashed in some gold.......

[mblemmy]

Well I cashed in some gold today in order to fund my next detector. i just got off the kellyco site. placed an order for the minelab e-trac. I sure wish they had a water proof version.... its going to be hard to beat the excal. i got.... it has done me pretty good.... first I went online to get the "current" price of gold (wow it changes fast.....) it closed around $847 a troy oz. that equates to $15.80 a gram for 14K. the pawn shop gave me $12 a gram,for the 14K and $8 a gram for 10K. not bad i suppose. most was scrap some were just plain wedding bands a couple of the rings had some stones. I sold approx. 155 grams. that gave me enough to place the order. also ordered the 12.5 in. coil. should be at the door in a couple days..... cant wait!!! hopefully friday. i called and they had instock and will ship in the morning.


mikeB

excalswinger

 

[tvr]

Congrats on the new purchase. Looking forward to hearing how it does for you.

 

[Gulf Hunter]

You got ripped mblemmy. Midwest Refineries pays 94% of spot value. The pawn shop is going to send it off to the refinery now and make that extra profit you gave up. Use this calculator, after weighing. http://dendritics.com/scales/metal-calc.asp
I have tried other routes to sell and come up short going any other way. The only way to do better, is to actually sell the pieces, as jewelry. Try them next time, you will be more pleased, imo.

 

[mblemmy]

thank you,,, I will . i did use that site for the conversion. that day 14K was 15.70 a gram. i knew i wasnt going to get that.... so you say i would have got 94% of that 15.70 with midwest? that would have been nice if so....


mikeB
toyng with new e-trac

 

[Gulf Hunter]

Yes, that is how it works, but you would have to have had it settled on THAT day. Your batch is settled on the settlement day, not the day they receive it. You may have come out better selling it the way you did this time, as gold values have been falling. Could be that by the time they got around to settling, it could have been lower at Midwest. I have sent in several batches of silver and gold, but just take the payout and buy .999 fine bullion bars. It allows me to participate in the precious metals market and it is nice to play with .999 fine too, I like it! No longer for the rich, pirates can play too, savvy?