Best Prices for Gold

[Davo]

Hi Folks,


I can see what the current value of Gold is in the market.

Am looking at selling some Gold Jewellry. Have seen several small outfits buying up gold , but is nowhere near the market rate.

What would be my best option for getting a good price.

Appreciate any advice on the forum from someone with any knowledge on this subject.

[Puppycow]

E-bay maybe?

[Trakar]

Hi Folks,


I can see what the current value of Gold is in the market.

Am looking at selling some Gold Jewellry. Have seen several small outfits buying up gold , but is nowhere near the market rate.

What would be my best option for getting a good price.

Appreciate any advice on the forum from someone with any knowledge on this subject.

Jewellry stores, particularly the artisan shops producing their own pieces are probably a good bet, but no place is going to give you the going gold price for old jewellry, unless they are extremely fine pieces and the store is looking at resale at a substantial markup.

[minus]

The gold prices you see (gold spot market) are for pure gold in an easily calculated quantities, such as 1 oz. gold coins.

The gold in your jewelry is not pure because pure gold is very soft and not good for jewelry. So the people who buy jewelry for the gold would have to process it to reduce it to pure gold.

[The True Scotsman]

I don't know of anyone who will give you close to market price for gold, which is the problem with precious metal like it in my opinion. You'll probably just have to take a jewelry dealer's price.

[marting]

This is known as "scrap gold" and, if you have large qtys, you can get within a few percent of spot with the services of a refiner. They take scrap and return 24k bullion. For smaller qtys jewellers will buy it and accumulate enough to get a decent price but they take market risk and have to front the capital or hedge it all of which costs money. It's hard to get even 80% of spot selling small qtys of gold jewellry. Jewellry is marked as to the percentage of gold though the markings vary with jurisdiction. Weigh it and calculate the gold content then shop around. You will get the best deal if you know exactly what you are trading.

Google "scrap gold" and "gold refiners" to research it more.

[marting]

I don't know of anyone who will give you close to market price for gold, which is the problem with precious metal like it in my opinion. You'll probably just have to take a jewelry dealer's price.

A pm dealer I know generally pays 80% for scrap in the 2 troy oz range. He mostly deals with bullion coins and collectables though. He pays .5% to 1.5% over spot for most bullion coins. These carry a premium over spot because they are known and have close to zero risk. They are also a bit overweight ussually by about .2 to .6%. Since the US mint sells gold coins for 3% minimum over spot to the largest wholesellers the buy/sell price for these products tends to bracket that 3% premium.