Selling Gold and/or Silver Finds

[MikeBiondo-StLouisMo]

Hello all...

Does anyone have any advise for selling gold and/or silver on the scrap market?

I am hesitant to just walk into some outfit that is advertising that they are buying
scrap gold and silver, and blindly taking their word for what I have. I assume that
most places tack on a service fee. What is the typical service fees you have run
into? I guess that is one of the first things I should ask a prospective dealer.

Beyond that, can I expect to be paid the current spot market price on that particular
day? Say, if the spot market for gold is $960/oz, and I have an item marked 24K (that
is consider pure gold, right?), should I expect to get paid $960/oz minus the dealer's
service charge? If I had a gold item marked 14K, is it just a straight calculation
(14K/24K * $960 = $560/oz) to figure the worth?

What about any precious/semi-precious stones the items may contain? Do you
remove them before taking the items to a dealer, or rely on the dealer to remove
them before weighing the item?

Thanks...any help would be much appreciated...

Mike-

 

[JOHNMARKHAM]

well put !!
I have to sat ditto !!
I've read here in forums that some guys are useing
Midwest refineries ??
I'm sure well both know answers to your questions after bit!!
I too am interested in same !!
HH
John

 

[dave5710]

I wouldn't take it to anyone advertising to buy gold or silver in the classified section of the paper, or to anyone set up in a motel room. They prey of folks who are hard up for money.

Jewelry I would take to a reputable jeweler and ask for an offer. You can always say no, or tell them you want to think about it awhile.

Coins - You should be able to call local coin shops and ask for a junk silver price.

In my area there are at least 4 coin shops that I know of. One is sort of distant compared to the others so I don't go there often. One is a crook, so I never go there. The other two are both very trustworthy, but I favor one over the other because I feel she pays a little bit better. If there was something I wanted that she didn't have I wouldn't have problem buying it from the other dealer.

If silver closes today at $14.70 an ounce, and there are 14 dimes to an ounce, then a silver dime would be worth $1.05. but the guy buying it has a family to feed, and lights and rent etc. so I would expect an offer of about 80 to 85 cents for that dime.

Hope this helps, I just started a thread along this same line when I saw yours. Dave

 

[Beale]

Midwest refineries. I have read very good reports on them, Beale.

http://www.midwestrefineries.com/

 

[silversmith]

You'll get less than face value. Remember, silver is a soft metal. It is alloyed with other metals to harden it, when the mints made silver coins. I was told that at a coin shop. I think Gold has the same kind of alloy characteristic.

 

[tulare tokens]

I have used Midwest refineries many times, They are honest, and with a fast turn around.
Usually with in 7-10 days.(Generally 5-7) Never had a problem.
I would always insure the package and get delivery confirmation.
Turned in my scrap Silver for the year, and got $1235.00.
Only place to deal with!!!


Tim

 

[Jackpine Savage]

Tim when I send in a large amount to Midwest I send it USPS Signature Security. It goes In a seperate locked bag and is verified and signed for every step of the way. Placing insurance on your gold without having an expert signed appraisal in advance of mailing does not protect you in case of loss as you have no way of proving its value. The postal service most likely will not honor your claim. Signature Security is cheaper than paying insurance fees that will not protect you.

Mike, Midwest is very fair and trustworthy whether you send in a large amount or a single gold band.

Tom

 

[Jackpine Savage]

Beyond that, can I expect to be paid the current spot market price on that particular
day? Say, if the spot market for gold is $960/oz, and I have an item marked 24K (that
is consider pure gold, right?), should I expect to get paid $960/oz minus the dealer's
service charge? If I had a gold item marked 14K, is it just a straight calculation
(14K/24K * $960 = $560/oz) to figure the worth?

On a single item sent in to Midwest that is basically how they do it. Rather than melting it down individually (which has its cost to them) they test to assure the purity is as stamped and buy it outright at the current spot price and pay you less the standard fee they charge on gold lots.

Tom

 

[tulare tokens]

Thanks for that tip Tom. Your right, I would be a sticky situation with just the insurance, and trying to prove it.


Tim