How do you sell your gold and silver?

[Fraulein]

While I am still in the process of finding my first ring yet, I am wondering how I would proceed to cash in my finding? I looked at many metal detecting videos on You Tube, and while those treasure hunters seems to be very successful in finding gold and silver rings, I have noticed that most of them seems to do a collection of their rings. I am wondering how to proceed to sell these rings back in order to cash in the findings so to justify my investment in metal searching equipment? Or do the successful hunter can make enough money selling all the coins they are finding so they do not need to sell their rings?

I was thinking of going to see local jewelers and sell them the gold and silver by weight, or is there a more profitable way?

Thank you

 

[Roscue2]

A lot of people on Findmall sell their gold, silver, and platinum jewelry to companies like Midwest Refineries or ARA. Most seem to believe that the jewelers will rip you off. I myself have no experience selling precious metals, I'm just giving my 2 cents.

Good luck

 

[candcantiques]

I have been buying and selling gold silver and platinum for about 20 years and I deal with www.usgoldbuyers.com Prices are right on the front page for gold. you have to call for silver and platinum. Anyone, in my opinion, who is honest will deal in pennyweights, DWT, or troy ounces, OZT. If you are unable to find a local dealer / buyer that is willing to pay within 50 cents per pennyweight of what us gold buyers will pay then I would say not to deal with them. I have a local coin dealer / store that buys from me as well and he is always within 50 cents of usgoldbuyers prices.

 

[Uncle Willy]

First of all this is a hobby, not a business and should be treated as such. If you plan on making a living or a profit metal detecting you have chosen the wrong path. Most of the coins you find aren't going to make you rich and you have to find a lot of gold rings and jewelry to make any money and these things aren't just laying around out there everywhere for the pickings and it may take you years to find enough to make a few bucks off of.. Most folks sell their rings and such to refiners, of which there are several. They all charge a percentage of what your stuff is worth.

Bill

 

[Uncle Willy]

Yeah I deal with a refiner that all the dentists send their gold to. They charge five percent. You're lucky with your local dealer. Most ain't that generous.

Bill

 

[oldranger]

Last yr was my 1st full yr

Found a 14ct white gold ring ..
Sold it to a "local"sourece for about $60.00
thoguht id done good till another guy told me
i didnt even get 1/2 of its worth....

havent found any more gold since but Ill at least Know better next time
By the way the guy that told me i got cheated had a scale and tester
at the time and told me it was for sure 14ct and the wgt which i forget now
nwo..He thinks the guy used once to pay me
Botttom line.. be carefull

Ron
RLTW

 

[JOHNMARKHAM]

well i did worse imo, i went to a pawn shop and sold my gold that i had found and only got about 1100.00 dollars for it,i didnt know about the refineries that are out there, this year ill not make that mistake...so far for the year i got 2 gold rings and a nice thin silver chain,but its early yet..
good luck to all
hh
john

 

[Uncle Willy]

Yeah one has to watch out as the sharks are out there. Pawn shops are the worst.

Bill

 

[David]

Thanks for your help here. Does anyone know a technique, place, or connection(s), where to sell natural silver and gold nuggets?? (To hopefully get more than spot price.)

 

[CraiginAlberta]

I disagree with some that will say that you can't pay for your hobby. There's nothing more exciting than finding gold in the hole or the scoop, but once I bring it home and the adrenaline rush is over I can use the money for other things that interest me more than a boxfull of rings and trinkets. I sold all of my gold to Midwest earlier this winter when gold hit about $1148 an ounce, 2 shipments in fact. Rough calculations show that I dug about $2000 per year in gold alone since I seriously started this hobby in 2006. Add in the clad, old silver and other misc. stuff and it more than pays for your toys. If you'd rather collect it, great! There is more gold lost and in the ground than what most people believe, lucky that most "discriminating" folks will choose not to dig it!

Just my $.02
Craig