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 Replies: 8 / Views: 2,686 |
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New Member
United States
6 Posts |
Whats up guys. The past 4 months ive been buying sterling silver at goodwills and such. Went to get a offer and was offered 60 percent of spot. Basically a 32 percent lower than 925. I know there is a refinery charge but I'm thinking this guy lowballed me. I politley declined and said I would hang onto it a little longer and wait for silver to go up. Does Anyone with experience selling sterling silver think this is a fair offer. I know that I bought this stuff cheap and other people would argue I'm being to particular ("psh! Youve been buying the stuff cheap, its all found money anyway. It aint costing you nothing"). Just looking for some feedback. Thanks.
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Pillar of the Community
United States
1277 Posts |
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Valued Member
United States
85 Posts |
So when you sell to guys off craigslist or to a cash for gold place, they then sell to a refinery. Skip out the middleman. There's a few big names out there. Two are Midwest Refineries (Unsure if they only do business with other businesses now) and Prospectors Gold and Gems. I've used PG&G before and everything went smooth. Here's their payout-
Less than 10 ounces - 85%-90% of current markets melt price
More than 10 ounces - 90% of current markets melt price
More than 100 ounces - 92% of current markets melt price
More than 1000 ounces - 95.5% of current markets melt price
Edited by Ryans Rust
11/24/2015 11:56 pm
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Valued Member
United States
63 Posts |
You are going to get your worst offers from pawn shops and cash for gold type places. I would find someone local on craigslist that is willingly to pay spot or close to spot. I found a guy here locally that will pay 95% to 100% of spot for sterling silver that I find.
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Valued Member
Australia
208 Posts |
I sold about 65 ounces of sterling at a coin show about a month ago. A fairly large coin show will typically have someone who will pay decent money for scrap, knowing that people there are more savvy than the general public, and that they can do a lot of business, so lower profit margins are OK. I was expecting to get at least 90%, was quite pleased when I got 95%, ebay is also a pretty good option, like machine20 said. You might well get a little over melt value, though there are fees involved too. I think 80-85% is fair for small amounts, 90% for larger amounts (50 oz+) |
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Pillar of the Community
Canada
3692 Posts |
It's not .999, so it must be refined. Street/retail buyers will not give you a price near "spot" because they have overhead plus no one works for free (even if it doesn't seem like "work" it's a specialized knowledge where one person can take advantage of another quite easily). 60% is a pretty normal offer. You need volume or an "in" to sell to a refiner, that is, if it's your business.
Oh misterpostman: it makes sense to sell coins to a person who resells coins, and it's because they probably don't refine the coins, they sell the coins at a markup, therefore they can give decent offers. Sterling spoons and such is a much harder market.
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Pillar of the Community
United Kingdom
2624 Posts |
I have a trade account with a refiner, they pay 99% of spot. Businesses like panwbrokers etc want to make a fair chunk to run it in.
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New Member
United States
35 Posts |
With Spot @ $14.14, the store I work at would have paid you about $10.25 (USD) per ounce of .925 silver.
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Pillar of the Community
United States
3343 Posts |
I would have expected more like 75% of spot. Were there any hollow-handled knives? They could have dragged the offer down. Candlesticks are even worse, with only thin sterling sheet over an iron and putty core. It has to be solid sterling.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Replies: 8 / Views: 2,686 |
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Posted 11/24/2015 11:55 pm
