Converting MD finds to cash?

[qtrs-xcite-me]

Is there a forum on here or a thread that focuses on ways to turn metal detecting finds into cash? If so, would someone point me to it, because I haven't been able to locate such a thread/forum. I have found discussions on whether or not to clean coins and techniques. But how about what is the best way to turn sterling silver and gold finds into cash? Sell on an on-line marketplace? Ship someplace that will melt the metal down? The main reason I am curious is that after finding my first 14K gold ring and calculating that is should contain about $100 worth of gold, I took it to a local jeweler who burst my bubble by saying I would only be able to get about $35 for it for the gold content.

 

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[xr7ator]

Ask the jeweler to explain his calculation. If the gold content value is really $100, I wouldn't take 35% of value either. I would expect at least double that from a reputable scrapper. More if larger volume, definitely.

 

[XtreasureX]

How many grams is the ring? Try searching for a buyer in your area on Google. Search "gold buyer". Usually it's a coin shop, possibly a refiner.

 

[Zincoln Miner]

Check out: https://www.midwestrefineries.com/

 

[gunsil]

Use a scrap gold calculator like this:https://www.silverrecyclers.com/Calculators/gold_calculator.aspx There are several online. This will put you in the ballpark but remember gold buyers will need to make a little profit too. 14K is only 58.3% gold.

 

[Gare]

Is there a forum on here or a thread that focuses on ways to turn metal detecting finds into cash? If so, would someone point me to it, because I haven't been able to locate such a thread/forum. I have found discussions on whether or not to clean coins and techniques. But how about what is the best way to turn sterling silver and gold finds into cash? Sell on an on-line marketplace? Ship someplace that will melt the metal down? The main reason I am curious is that after finding my first 14K gold ring and calculating that is should contain about $100 worth of gold, I took it to a local jeweler who burst my bubble by saying I would only be able to get about $35 for it for the gold content.

What about EBAY ?

 

[qtrs-xcite-me]

Ask the jeweler to explain his calculation. If the gold content value is really $100, I wouldn't take 35% of value either. I would expect at least double that from a reputable scrapper. More if larger volume, definitely.

Under the circumstances, I decided not to put the jeweler on the spot by asking for an explanation. I had previously taken some other gold jewelry to the biggest gold buyer in this area and received a similar offer.

How many grams is the ring? Try searching for a buyer in your area on Google. Search "gold buyer". Usually it's a coin shop, possibly a refiner.

The ring weighs .104 oz. I had a similar sized setting with real diamond stone that I weighed and subtracted from the ring weight to come up with .096 oz for the actual gold band. Multiplied that by 58.3% and then by $2009 per oz to come up with an estimated value of $112.

Check out: https://www.midwestrefineries.com/

Thank you for the suggestion - I will check it out. My presumption is that local buyers are either trying to make a killing or they are trying to make a profit on stuff they will turn around and sell to someone who will actually melt the item and separate the gold. I was hoping by posting here, I could tap into the knowledge of those who have gone down this path and found the best ways to maximize their gains - after all, I am still trying to repay my equipment investment!

 

[oldmxrat]

I use the scrap gold and silver calculators on coinapps.com and set the price spread at what the coin shop takes for profit (I call ahead to check the spread) and I'm always within a few $ of what I'm actually paid when I get there.

Beware of pawn shops, they'll only give you a fraction of what gold buyers pay!!!

 

[ARC]

The ring weighs 1.04 oz. I had a similar sized setting with real diamond stone that I weighed and subtracted from the ring weight to come up with .096 oz for the actual gold band. Multiplied that by 58.3% and then by $2009 per oz to come up with an estimated value of $112.

... :/ .... ?
i dont follow your /these #'s...you stated .096 of an oz. of gold at 14k ? ? ? correct ? ? ?
IF this is the case you have $3.58 in gold. heh... And where did you get the $2009 for gold # ? ? ?

Also you stated it was 1.04 oz.... i mean this ring must be a Monster of all monsters to be that weight.
Also... is that a normal ounce OR a Troy ounce in which all metals are measured ?

 

[XtreasureX]

Your numbers need to be refined. It's much more simple to use grams. A troy ounce (used for precious metals) is 31.1 grams, a weed ounce is 28 grams. To eliminate the confusion, just use grams. If the ring is marked 14k usually the diamond is real. Remove the diamond and sell it separately. If you choose to leave the diamond the buyer won't complain and will most likely pay you for the total weight. A one carat diamond is .2 grams. Not much of the total weight of the ring.

Now check the gram price of 24k gold. This is the spot price (usually the Comex gold exchange in NY) at the time of sale. Multiply the spot price by .585. This is the gram price of 14k gold. Multiply the gram price by number of grams the ring weighs. I like to get at least 85-90 percent of the spot price of the ring. If you have a large amount of gold to sell you can get more.

I hope this helps. Just ask if you need further clarification. Good luck.

 

[gunsil]

Hey ARC, i just finished some Cruzan single barrel and see you left out "precious" in your last sentence. Iron, copper, brass, aluminum is sold by the "weed" pound as X would say.

 

[opalboy]

I think most buyers( I’m one) pay 50% for scrap jewelry, and close to spot for coins and bullion, the ones that advertise that they pay more, generally play games.

 

[pepperj]

... :/ .... ?
i dont follow your /these #'s...you stated .096 of an oz. of gold at 14k ? ? ? correct ? ? ?
IF this is the case you have $3.58 in gold. heh... And where did you get the $2009 for gold # ? ? ?

Also you stated it was 1.04 oz.... i mean this ring must be a Monster of all monsters to be that weight.
Also... is that a normal ounce OR a Troy ounce in which all metals are measured ?

I'm with you on this also.
I'm starting to think that the OP's ring weighs 1.04 grams of 14K
The jeweller was giving him the value of the scrap gold-minus the diamond which would be the profit.

 

[XtreasureX]

I think most buyers( I’m one) pay 50% for scrap jewelry, and close to spot for coins and bullion, the ones that advertise that they pay more, generally play games.

Are you a pawn broker? I regularly sell scrap gold at significantly higher than 50 percent in Tucson. In Sonora (where I live) the price is even higher. I'd definitely buy any gold I could get my hands on at half of spot too!

 

[XtreasureX]

I'm with you on this also.
I'm starting to think that the OP's ring weighs 1.04 grams of 14K
The jeweller was giving him the value of the scrap gold-minus the diamond which would be the profit.
View attachment 2074818

That does make more sense. I one gram ring is a small ring, a one ounce ring is a big ring. But, for $35, one gram ring makes sense.

 

[qtrs-xcite-me]

... :/ .... ?
i dont follow your /these #'s...you stated .096 of an oz. of gold at 14k ? ? ? correct ? ? ?
IF this is the case you have $3.58 in gold. heh... And where did you get the $2009 for gold # ? ? ?

Also you stated it was 1.04 oz.... i mean this ring must be a Monster of all monsters to be that weight.
Also... is that a normal ounce OR a Troy ounce in which all metals are measured ?

I apologize for not catching my typo error in my post. Thank you for alerting me to it. The number has been amended to .104. The $2009 was the spot metal quote for yesterday compared to the actual quote of $1998 per ounce. I think, however that your math is seriously in error, or were you just setting me up to offer $5 for the ring?

.096 x 58.3% (.583) = .056 x $1999 = 111.94

A troy ounce is about 10% more than a conventional ounce. The spot metal prices that I used are quoted as an ounce, not a troy ounce. If their posting is meant to be troy ounce, that would reduce my number a bit, but still above $100. For those who wish to do their calculations in grams, have it - to each his own. But please show me the same courtesy.

 

[Gare]

I'm with you on this also.
I'm starting to think that the OP's ring weighs 1.04 grams of 14K
The jeweller was giving him the value of the scrap gold-minus the diamond which would be the profit.
View attachment 2074818

Nice post Pepper thanks

 

[ARC]

Obviously my post was deleted... i was coming back to dail it back a bit.
Oh well.. time to bail on this thread.

 

[XtreasureX]

I apologize for not catching my typo error in my post. Thank you for alerting me to it. The number has been amended to .104. The $2009 was the spot metal quote for yesterday compared to the actual quote of $1998 per ounce. I think, however that your math is seriously in error, or were you just setting me up to offer $5 for the ring?

.096 x 58.3% (.583) = .056 x $1999 = 111.94

A troy ounce is about 10% more than a conventional ounce. The spot metal prices that I used are quoted as an ounce, not a troy ounce. If their posting is meant to be troy ounce, that would reduce my number a bit, but still above $100. For those who wish to do their calculations in grams, have it - to each his own. But please show me the same courtesy.

Gold is ALWAYS quoted in OZT (troy ounce) or grams/kilograms. This isn't up for debate. If you truly want to maximize your profit on your finds you would understand this. This could be so much easier if you simply put the ring on a gram scale a take a picture of it and post it here.

However, I think you are figuring it out the hard way. If you are this unpleasant at the moment you sell your ring you most likely will have a bad experience. The scrap gold business is a tough business and the players that work this market will not tolerate much abuse.

 

[pepperj]

I apologize for not catching my typo error in my post. Thank you for alerting me to it. The number has been amended to .104. The $2009 was the spot metal quote for yesterday compared to the actual quote of $1998 per ounce. I think, however that your math is seriously in error, or were you just setting me up to offer $5 for the ring?

.096 x 58.3% (.583) = .056 x $1999 = 111.94

A troy ounce is about 10% more than a conventional ounce. The spot metal prices that I used are quoted as an ounce, not a troy ounce. If their posting is meant to be troy ounce, that would reduce my number a bit, but still above $100. For those who wish to do their calculations in grams, have it - to each his own. But please show me the same courtesy.

Oh I don't believe anyone is setting you up to buy your gold ring for $5.00.
Folks as my self were just trying to make sense of the #'s that you stated.
Metric, troy, imperial weights can throw totals off.
28.35/31.10 payouts will be different.
When I bought PMs it was in Troy Ounces.
All other alloys were in Imperial weights. Now all the yards are in metric weight payouts.
But no body is being disrespectful by correcting the math, or making sense of it.
Just another thing once you have been around for a tad you get what is posted, how folks respond.
It's a learning process here as well.
Why not post up a photo of the ring, so we can get a sense of what you found.
Well done BTW 👏