| Author |
 Replies: 20 / Views: 4,263 |
|
Pillar of the Community
 United States
2448 Posts |
I have talked with numerous business about selling my junk gold and silver. As they say, Gold is still gold and worth the spot adjusted for Karat weight. The best I can get here is 66%.
Is there anywhere I can get my junk gold and silver melted into ingots or rounds to give to my grand kids for posterity?
|
|
|
|
Pillar of the Community
United States
1150 Posts |
I don't know anything about melting it into ingots. However, you could try selling it on craigslist (and of course, follow the safety guidelines of meeting in a public place and all that) and then use that money to buy gold and silver ingots, one ounce bars, etc...
|
|
Valued Member
Canada
442 Posts |
Where are you taking them to? Some of those places that scream WE BUY GOLD AND SILVER! seem to be the biggest rip offs. I go to a coin dealer in my area that I know and and he's offering fairly close to spot, around face x 16.xx
|
|
Pillar of the Community
United States
2602 Posts |
Don't take low ball offers personally. The spot price is the spot price, but that is not necessarily the price individuals are will to pay. Some people are not willing to go anywhere near the spot price- too volatile or too high by recent standards.
A local coin dealer will probably give you close to spot price, minus maybe 10%.
|
|
Valued Member
United States
463 Posts |
what are you trying to sell? holed, damage silver/gold
Im sure you may get a hit if you post what you have in the for sale section
|
|
Pillar of the Community
United States
2049 Posts |
I worked in a coin shop and can tell you that 66% of spot is not unusual. Alot states/cities have rules on how long a shop must hold the scrap for in case it's reported as stolen. Also, if dealers send the scrap off to a refinery, they will not get spot and likely get somewhere between 93-98% of spot depedending on the volume sent it. Keep in mind too that even though an item may be marked 14K for example, it's likely underkarated from anywhere from 0.5K to 1.0K which is normal. When considering the swings in the market for the spot price, dealers have to be aware of that as well as factor that into their buy price. They're not in the business to simply do you a favor and break even on the transaction. They need to make a profit on it to cover their expenses/overhead, etc.
With that said, I have seen individuals on Craigslist sometimes offering 80-85% of spot. They can do this because they do not have the overhead of a brick and mortar store. They still won't offer 100% of spot or anywhere close because of what the refiners will offer them and also due to the volatility in the market.
Hope this makes sense and helps to explain why you will not see 100% of spot or anywhere near it. In theory, you could send it to the refiner yourself, but more than likely they are going to have a minimum amount you have to send it to even consider it. And at the minimum you will get towards the 93% of spot range.
|
|
Rest in Peace
United States
1729 Posts |
You might check your local jewelry stores which have been in place for years. Chances are you'll get your best offer for scrap gold and silver from them.
|
|
Pillar of the Community
United States
2589 Posts |
If your selling coins you can get close to spot here usually for 90% silver.
|
|
Bedrock of the Community
United States
12437 Posts |
Quote:
Alot states/cities have rules on how long a shop must hold the scrap for in case it's reported as stolen. As sad as it is, many government entities consider coin shops and pawn shops to be the same basic thing- a place to fence stolen merchandise. Because of that, many shops have to hold coins and jewelry for 30 days or longer which can be a killer when you deal in constantly changing PM prices. In St. Louis, my local dealer has to photocopy your drivers license/ID if you come in to sell something and a description of the sale is written on the copy. That creates a searchable record for police looking for stolen items. Fortunately, he does not have to hold the items for an excessive period of time and the real thieves usually leave empty handed when asked for an ID anyway  Edited by biokemist6
02/08/2011 4:11 pm
|
|
Moderator
 United States
188213 Posts |
Red tape: yet another reason why I never plan to sell my coins.  |
|
Pillar of the Community
 United States
2448 Posts |
I understand exactly what you're saying biochem. One day in a friends shop, as I was looking through his junk boxes, a "scruffy looking fellow" kept coming in and then would leave when he saw me glance up. "J" finally told him to come in and that we wouldn't bite. He wanted to sell a Krugerand he had in his pocket (no flippie just loose). John shook his head and asked for the coin and a license and he'd give him a quote. The license was split open and a black and white photo (like an arcade photo) fell on the counter. The guy explained that he was down on his luck and needed to sell the coin for food. I looked away while "J" offered him a couple of hundred bucks and the guy jumped at it. The coin was worth probably $450 in those days. The guy nearly ran out of the shop with the money. J called after him that he should probably get a new license. "J' said he looked into the coin but found nothing at the local police station on stolen Krugerrands. Well, I'd really rather melt this stuff down for the kids, but the dateless and junk gold I have can just go back in the box until gold an silver go higher. I know of two coin dealers in my area paying 90% of spot for all gold and silver due to their melt program. I was just hoping to transform the metals instead of selling them. I have such a hard time selling my stuff; even the bullion coins. It's like loosing a kid! Oh, I forgot to check the ads in Coin World. More to follow if you're interested. Edited by carmykle
02/08/2011 8:09 pm
|
|
Pillar of the Community
United States
1424 Posts |
you could try this guy, he is a member of the Realcent forum and I would trust him. I don't know what the fees would be though. http://marketharmony.net/ |
|
Pillar of the Community
United States
2335 Posts |
If I had the same goal you did I'd keep anything that was in coin form because it's in known quantities. If you have gold/silver in other forms like jewelry or flatware your best bet will be to sell as close to melt as possible & use the money to buy bars/rounds/coins. Unless you have a large enough quantity & a business license you can't deal with the big refiners, & they are the only ones that offer terms that make it economically feasible to convert your actual gold to bullion form.
|
|
Pillar of the Community
United States
5953 Posts |
Mid west refineries used to offer you the option of getting your gold back after refining and assay.
|
|
Valued Member
United States
361 Posts |
When you say "junk silver and gold" , are you referring to coins or things like broken jewelry
|
|
Pillar of the Community
United States
4989 Posts |
What type of junk gold are you selling? If coins, I suspect you can list them on here and get a price close to spot value for the metal content.
|
| |
Replies: 20 / Views: 4,263 |
Posted 02/08/2011 12:37 pm
