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Experiences with "We Buy Gold" Places

 
 
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Pillar of the Community

United States
753 Posts
 Posted 09/14/2018  08:39 am Show Profile   Bookmark this topic Add OneBowl to your friends list Get a Link to this Message
Looking for experiences and advice when selling gold and silver to "We Buy Gold" places. Anything to watch out for? What are decent buy prices relative to spot? How to take payment for large amounts (check or cash)? Any input would help and be appreciated. I understand I could net more by selling here, but that's not an option I'm willing to consider. Thanks.
Valued Member
United States
403 Posts
 Posted 09/14/2018  09:06 am  Show Profile   Bookmark this reply Add thisistheshow to your friends list Get a Link to this Reply
Can you go to a coin store vs a we boy gold? Some are the same, some different. Some places that only buy silver and gold and do not sell do not offer competitive prices relative to spot.
Pillar of the Community
United States
1897 Posts
 Posted 09/14/2018  09:12 am  Show Profile   Bookmark this reply Add Mrzllewellyn to your friends list Get a Link to this Reply
You won't get very much but shop around at a few places. Then find the best deal as they all give different amounts. I went to 3 places

The last place I went to offered me about 2/3 of what the first place offered. At the last place they gave me my quote and asked if that will work for me. I said ummmm no I have a better offer. They don't like that they ask you how much and from where. They say maybe we can do better. Then hop on the phone calling "managment" I ended up making double what they offered the first time.

So shop around and don't be afraid to negotiate a better price good luck
Edited by Mrzllewellyn
09/14/2018 09:14 am
Pillar of the Community
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United States
2219 Posts
 Posted 09/14/2018  09:25 am  Show Profile   Check BigSilver's eBay Listings Bookmark this reply Add BigSilver to your friends list Get a Link to this Reply
My places will pay me 94% of spot for 10k-22k.
For pure gold not coin, I don't recall exactly, but I think 98% spot.
For pure gold in coin form, they paid full spot.
One place claimed they would pay 95% on the 10-22 but I didn't trust them enough to take my business there.
Pillar of the Community
United States
753 Posts
 Posted 09/14/2018  09:39 am  Show Profile   Bookmark this reply Add OneBowl to your friends list Get a Link to this Reply
Thanks so far. Please keep the help coming. Called a couple of places so far and first doesn't buy foreign gold coins, second was around 90% of melt. Will call others when they open soon. I'm not at the $10K-$22K range though so I guess my quantity is large-for-me. Was taking a check in your comfort zones?
Pillar of the Community
United States
1897 Posts
 Posted 09/14/2018  09:45 am  Show Profile   Bookmark this reply Add Mrzllewellyn to your friends list Get a Link to this Reply
I believe he was talking karat not thousand when he said 10k-22k
Pillar of the Community
United States
3939 Posts
 Posted 09/14/2018  09:48 am  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
10k to 22k is referring to gold purity (karat), not (k) as in thousands of dollars.
Valued Member
United States
197 Posts
 Posted 09/14/2018  10:10 am  Show Profile   Bookmark this reply Add JoggingLiberty to your friends list Get a Link to this Reply
Shop around!

One "famous" place offered me about $75 for my gold jewelry I didn't have use for..

The last and final place offered me $500ish. This was only a couple dollars away from spot.

The first place tried to use excuses like "gold is down today" when it was "down" only like $5.

So be aware that all places are different and shop around a bit.
Pillar of the Community
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United States
2219 Posts
 Posted 09/14/2018  10:17 am  Show Profile   Check BigSilver's eBay Listings Bookmark this reply Add BigSilver to your friends list Get a Link to this Reply

Quote:
I believe he was talking karat not thousand when he said 10k-22k

Yes and thanks for clearing that up.
The refining cost is apparently higher for lower purity metals. I was selling a few hundred dollars at a time, several times a month. The dealers that I used all knew me and gave me a better rate than the "off-the-street" customer.
If you shop around, you should be able to find a dealer like that.
Pillar of the Community
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United States
7550 Posts
 Posted 09/14/2018  10:27 am  Show Profile   Check TNG's eBay Listings Bookmark this reply Add TNG to your friends list Get a Link to this Reply
Sell it yourself here after going to one of those places. You'll get more.
On the left of most every CCF page, I am trying to remember to use CCF Partners links. They are highlighted in lime green!
It helps CCF a little. Try it!
Valued Member
United States
333 Posts
 Posted 09/14/2018  11:51 am  Show Profile   Bookmark this reply Add nutmeg to your friends list Get a Link to this Reply
One Bowl why don't you want to sell here?
Valued Member
United States
423 Posts
 Posted 09/14/2018  1:58 pm  Show Profile   Check captainrich's eBay Listings Bookmark this reply Add captainrich to your friends list Get a Link to this Reply
My buddy wanted to sell some silver eagles when the price of silver was a tad higher, and decided to take just one coin to a We Buy Gold kiosk at a mall here in WV. The guy at the kiosk told my friend he'd have to test the coin to make sure it was silver, but then brought out a pair of metal sheers and CUT THE COIN IN HALF! He then offered my friend a price way below melt value, which my friend accepted... because who wants back an SAE that's been chopped in half?
Bedrock of the Community
United States
15719 Posts
 Posted 09/14/2018  3:09 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
Foreign gold, in general, sells for less numismatic value over spot.

Remember that if you sell $10,000 or more at one time the transaction will be reported.
Pillar of the Community
United States
753 Posts
 Posted 09/14/2018  5:09 pm  Show Profile   Bookmark this reply Add OneBowl to your friends list Get a Link to this Reply
If time permits, I may end up selling some things here. TBH, the determining factor will be the PITA factor of maybe 10 or so sales v the incremental inflow. My successful sales batting average is only .600 in lifetime sales through the mail (not all CCF) with packages containing lower value items being reported as arrived damaged, some items missing. All were packaged very securely IMO and in every case, no pictures of said damaged packaging were ever provided. Could happen, I guess. I feel like my mail sales are cursed. But if people are willing to pay for actual shipping and insurance, maybe I'll give it a shot. At a 95% melt offer from a LCS, the low effort, immediate cash is tempting. At a 90% melt best offer, here might be worth it.
Pillar of the Community
United States
3534 Posts
 Posted 09/15/2018  06:08 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
Have you considered Craigslist? I would expect you could at least get spot price, as most PM's there are priced about 100% mark up anyways...I've sold there and met the buyer in a public place. Cash-for-Gold shop? Would never even bother.
When I listen to LED ZEPPELIN...so do my neighbors...reluctantly

Roll hunting since '77
Dirt fishing since '72
Pillar of the Community
United States
1794 Posts
 Posted 09/16/2018  12:40 pm  Show Profile   Bookmark this reply Add ratman4762 to your friends list Get a Link to this Reply
I've sold plenty on Craigslist. Naturally you have to use caution & wisely choose when & where to make the exchange. I've dealt with the same buyers many times (one guy in particular 30-40 times over the last few years).
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