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(QUESTION) Market value for gold and silver

T

TRIPLE-SSS

Well-known member
Hi everyone,
I have a question for someone out there who might know where to go to redeem the actual value of their gold and silver that you own. I do realize that the going price is based on the actual purity of the precious metal, example:a 10 k, 14k, 18k, etc., have different values based on how pure that metal is. You see so many commercials on different companies who try to entice you to send your (unwanted) gold jewelry for cash. These companies must be making a fortune on what people actually send in. I'm sure that you only receive pennies on a dollar vs. what these companies actually get.
Do these companies have exclusive rights to get much more than the average person can for these precious metals.I have not done any kind of research on how this actually works. There has to be a way to eliminate these middle men who try to persuade you that you actually are getting top dollar for (your) gold.
If there is anyone out there that could possibly educate the rest of us on this subject. Any info. would be very much appreciated.
HAPPY HUNTING
TRIPLE-SSS
 
The price varies by company and some really rip you. The company I use is the one used by my dentist and other dentists and deducts 5% of spot price for their fee which is about as low and fair as it gets. Some companies deduct far times that amount, especially the ones who advertise heavily on TV. If you have no way to test your specimen or the mark on it isn't accurate or they don't report it to you accurately or lie about it or charge what they feel like you are at their mercy. Like anything else that is pricey you have to shop around and compare costs and prices and not just jump right on what sounds good and jump on every con job you see and hear on TV and elsewhere.

Bill
 
The Urban Treasure Hunter, and I can't remember the writers name goes into this subject very well I think. I get confused very easily and he explained it where I could understand it.

You need a jewelry scale and gold is weighed in penny weights and larger amounts in ounces or pounds. 12 ounces to a lb of gold. He gives you the formula to multiply to see what your stuff is worth. I guess silver is measured the same way, but can't remember.

The different carat scales, like 10K, 14K and up are indicators of purity of the gold multiplied by something like the weight and you figure this based on the current price of precious metals.

If it's a real nice piece of jewelry, you might be able to sell it for more than the value of the precious metals. Get the book at the library, your taxes are paying for it anyway.
 
There are lots of posts on here about this. In July 2008 or 2009, I forget, I had an article published on this subject in Lost Treasure magazine. If you PM me your email address I can send you a copy of it in Microsoft Word if you don't have a copy.

You're right though. There are good spots to sell you scrap metals but none of them advertise on TV, do business at flea markets, in hotels, or at jewelry partys. Not that I've found anyway. Some coin and jewelry stores pay fairly and there are assayers to whom you can sell for 90-95% of actual value.

Good luck.

Chris
 
chemistry.about.com/od/jewelrychemistry/a/metalmarks.htm


dendritics.com/scales/metal.calc.asp

Happyhunting.

Bill
 
Yeah I wrote an article some time ago all about it and how to figure everything out. Think I posted it here some time ago and it was in either Lost Treasure or Treasure Facts some years back.. I also just posted two good web sites on the subject, one where you can find out everything about everything..

Bill
 
Never sell to anyone who advertises on tv.They have to rip you just to cover their overhead.Your local coin not jewelry store is the best bet.You can google and download a scrap gold calculator.(very accurate)just fill in the blanks.Kitco.com has up to the minute precious metal prices.You can get a decent digital scale on ebay for around 40Bucks.HH to all and to all a good haul,Jeremy
 
Thanks to everyone for your info. and input on this subject. This did clear up some of the questions I had . I will take your advice and do some research before I unload some of my finds.
HAPPY HUNTING
TRIPLE-SSS
 
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