Curious about how to sale gold

[GarretDiggingAz]

My mom found all of my dads coins, stamps, and gold/silver. She's wanting to sale these items, but she's got no idea (nor do I) about how to go about this. I don't want to see her get ripped off so I'm asking my fellow TNeters for advice. Plus this could be a chance to help inform others on what to do or not to do.

Our first stop was a jewelers by my moms. We took the metals to him to get an idea of value.
Got gold in 18k and just over an ounce of 24k shavings.
He wanted to buy the gold at 70% of market. That day it was 1343/oz. He wanted to give her 864 +/- for that. Silver was 3 10 oz bars and 10 2 oz .925 collector ingots (had automobiles on them) he was basing silver off of market 22.50/oz.
I figure around 910 would've been right for gold at the 70%.
He was going to pay her 550+/- for the silver.

What do ya think, was he being fair?
I'd heard that we shouldn't sale for less than 80%.
I appreciate any help on this. Thx in advance

 

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[Oakview2]

18kt is 75 percent pure,24kt is 100 percent pure . So paying a average of 75% for you gold is not a very good deal in my opinion. You could do much better at a strip mall at a we buy gold store.

 

[Hoser John]

The 1+ oz of 24kt was worth easily 80% spot so around $1,073. 18k how much weight? 50 ounces of good quality engraved silver bars is worth at LEAST $1,000 as .999 already,almost all bars stamped and certified. NEVER EVER NO WAY would I deal with these we buy gold bs,they tried to rip my daughter off monday in LA(just like I told her) 11 dwt+ of 24kt and offered $173. She drove to Beverly Hills Pawn on Wilshire and got just under $500. Any time you rush you lose. A fabricating jeweler-not a buy and seller type jeweler- is what ya need.There have been dozens of refiners mentioned here many times-Fells in Santa Fe springs,kalif-Midwest refiners etc-JohnJohn

 

[preshrunkmilk]

I'd wait and sell the stuff at a trade show I woul think you could get a better deal off of ebay then what that guy offered you. Towns where there is gold to be found through prospecting always pay better then towns that do not. Atleast that is what I have learned.

 

[KevinInColorado]

Try your local prospecting shop too. They often buy and sell placer gold and have more respect for their clientele so will pay a better price.

 

[Jeff95531]

What I did when my dad passed in 2001 was get a Blue book. The prices are what you can expect to get from a dealer. It was only published once a year and that is important to keep in mind...BUT
My estimate was only a couple hundred less than what I expected. The coin dealer wanted to know where the difference was. He found it and explained it.
That is how a good experience goes.
I just tried to find the blue book and I quess it's not printed anymore. The link below takes you to a monthly publication available for $5. Very cheap insurance.

CDN The Greysheet

 

[g-olden years]

My son & I have sold recently to Midwest Refineries, which is in Michigan & is one of the companies listed here on t-net. They pay at 95% of melt value for gold, MUCH higher rate than what's being discussed here. Check out their website and then PHONE them with your questions -- they actually answer their phone which is rare these days for any company, lol. We aren't prospectors, and were selling plain gold rings we dug while detecting. Insure for full value whatever gold you mail to them or to anyone else. Midwest Refineries also has a very quick turnaround in payment. If any of your gold items also include precious stones, you may be most successful selling that jewelry locally to individuals who want to wear them. And for any gold that may be collectors items, you may gain most profit selling directly to collectors. My son and I are still newbies after 3 years detecting, so probably others will add a lot more info to this thread. Best wishes! Andi

 

[Jeff95531]

My son & I have sold recently to Midwest Refineries, which is in Michigan & is one of the companies listed here on t-net. They pay at 95% of melt value for gold, MUCH higher rate than what's being discussed here. Check out their website and then PHONE them with your questions -- they actually answer their phone which is rare these days for any company, lol. We aren't prospectors, and were selling plain gold rings we dug while detecting. Insure for full value whatever gold you mail to them or to anyone else. Midwest Refineries also has a very quick turnaround in payment. If any of your gold items also include precious stones, you may be most successful selling that jewelry locally to individuals who want to wear them. And for any gold that may be collectors items, you may gain most profit selling directly to collectors. My son and I are still newbies after 3 years detecting, so probably others will add a lot more info to this thread. Best wishes! Andi

Just checked them out and bookmarked them. For a company that has been around since 1939, 4 generations of family involved AND they post what they will pay in writing, it looks and sounds VERY good! No minimums either. Thanks!

 

[GarretDiggingAz]

Thank you all for input.

Kevin
I actually went to mining supplier today. Bought a power sluice. Asked him about my moms stuff. He offered 70% for the gold as well. I wanted to laugh.
He did tell me though, to not melt my gold down to bars or buttons. That way they could tell the purity better.
I'll definitely call the refiners. A couple here in AZ and some of the ones listed here. Tomorrow I'll call that Midwest one.
About the coins. The guy at the gold buy place said that all the pennies were pretty much only worth the penny only. Says that coins aren't really collected anymore. Then of course look for 64 and older for nickels, dimes, quarters and halfs.
He'll I found a 64 dime (looked like new when I dug it out of the ground) and according to what I read said there was no silver in that dime. I'm confused. Had wheaties from 1900 up through the 50's. Several buffalo nickels. Then a standing liberty "s" mint. Said it was worth .25. So I guess we just save pennies and cash these out. Maybe a buck plus. Then I guess the silver coins we should just melt at some point and make silver bars.
Sure took out excitement of finding those old pennies in the ground. .
I definitely feel you've got to educate yourself and take the time to find out what's what before you decide what to do.

The silver bars are stamped. I don't remember the name. I believe it started with a "B". I think it's something like BRUHONNE. Is this some type of German or Swiss mark? I'll put it on here when I find out. Maybe do a pic of the stuff.

 

[russau]

i heard recently that refiners/buyers here in the midwest dont want any silver/gold that has been melted because of the theives are doing this to cover up their thefts.

 

[Jimmydolittle]

Maybe things have changed lately, but I used to sell my melted down scrap that I had recovered from electronic scrap to Midwest with no problems. Like g-olden said check them out, here is their site: Precious metals buyers, smelters, refiners of gold, platinum, silver scrap metals, dental gold scrap, platinum thermocouple wire, crucibles, silver scrap. Gold refiners, platinum scrap buyers, recyclers karat gold jewelry. Sell gold, platinum and sil

i heard recently that refiners/buyers here in the midwest dont want any silver/gold that has been melted because of the theives are doing this to cover up their thefts.

 

[KevinInColorado]

Garret, sorry to hear the local shop is only paying 70%, definitely go with Midwest then! I've heard good things about them for years.

 

[preshrunkmilk]

I used to sell gold in flag to American Bullion & Coin Co
2710 N Steves Blvd, Flagstaff, AZ for 80% and he would negotiate on nuggets some specimens I got 120% best people I ever dealt with.

 

[GarretDiggingAz]

Haven't called Midwest yet. They seem pretty much a good way to go. I only question on supposed loss of weight. Heard of instances like that. Not towards them, but as it was explained to me by the mining supplier. They pay after it's been refined. Then the guy who supplied his gold said he got back less than what he had for his weight. They say that the gold we find isn't pure gold. Lol. It sure looks pure. Our flour gold is so small that it seems like it "has" to be pure. Lol.
Nuggets, I understand could be mixed with any number of minerals or even have gaps in them, but weight is weight. So "if" we were to send off to refiner, what is an acceptable loss?
The gold that she's got is pure, pure I know. Because it was off of the filter for the parts they were making. So I'm assuming no loss, unless there is a way that it turns to a gas, but it should be extremely minimal.
Now if I sent my finds (say 1oz) , I'm sure there would be a fair amount of loss (maybe .2-.3) but once again I wonder if there's an average. This would be my first time doing this, I'm sure you could tell.
Anybody know if there are some in or near Phoenix? I'll be going through there on Monday so maybe I could talk to a couple as I'm on the road.

 

[russau]

Maybe things have changed lately, but I used to sell my melted down scrap that I had recovered from electronic scrap to Midwest with no problems. Like g-olden said check them out, here is their site: Precious metals buyers, smelters, refiners of gold, platinum, silver scrap metals, dental gold scrap, platinum thermocouple wire, crucibles, silver scrap. Gold refiners, platinum scrap buyers, recyclers karat gold jewelry. Sell gold, platinum and sil

I heard this was a new federal law that came to be because of all the stolen items being melted down to prevent any identification by the police!just to clear up my comment, i wasnt implying that Midwest buyers were doing doing this.and not that you had implied it either!

 

[Astrobouncer]

There's a guy on eastern prospectors forum paying 120% of spot.

 

[omnicron]

Use Ebay, you can get spot or above.

 

[KevinInColorado]

Haven't called Midwest yet. They seem pretty much a good way to go. I only question on supposed loss of weight. Heard of instances like that. Not towards them, but as it was explained to me by the mining supplier. They pay after it's been refined. Then the guy who supplied his gold said he got back less than what he had for his weight. They say that the gold we find isn't pure gold. Lol. It sure looks pure. Our flour gold is so small that it seems like it "has" to be pure. Lol. Nuggets, I understand could be mixed with any number of minerals or even have gaps in them, but weight is weight. So "if" we were to send off to refiner, what is an acceptable loss? The gold that she's got is pure, pure I know. Because it was off of the filter for the parts they were making. So I'm assuming no loss, unless there is a way that it turns to a gas, but it should be extremely minimal. Now if I sent my finds (say 1oz) , I'm sure there would be a fair amount of loss (maybe .2-.3) but once again I wonder if there's an average. This would be my first time doing this, I'm sure you could tell. Anybody know if there are some in or near Phoenix? I'll be going through there on Monday so maybe I could talk to a couple as I'm on the road.

You'd be surprised how much the gold content of your wild gold varies. Some is barely 2/3 actual Au, other sources yield up to 98%! Often there is silver, copper, iron, etc mixed in by Mother Nature.

 

[GarretDiggingAz]

You'd be surprised how much the gold content of your wild gold varies. Some is barely 2/3 actual Au, other sources yield up to 98%! Often there is silver, copper, iron, etc mixed in by Mother Nature.

Dang her!!! I want the Au and not the Ag or any other misc stuff.