Selling Gold

[arizonaames]

I recently sold 14.7 dwt of .900+ fine gold from Rabbit Hole, NV and a man's 14k gold wedding band and a woman's 1/4 carat diamond ring to ARA (now calling themselves American Recycling Associates but previously, American Refining associates). I had mixed results but mostly positive. They broke the payments into 2 but issued one check. One payment receipt for the rings and another for the gold flake. The payment on the gold flake was $956.83. The payment for the rings was $178.73. I was a bit dissapointed on the price on the gold flake and called to inquire why the price was low. They said that they based the price they paid on the gold flake at 85% which brought the weight to 12.49 dwt. At $1,500 divided by 20 comes out to 75 so if one took 75X12.49=936.75. Thus, the payment was $20 higher and if you added on their commision, that was a good price. The ring prices were excellent since the weight of the man's ring was 2.9 dwt and the woman's ring was 1.5 dwt and both at 14k.

I waited after talking with them for 4 to 5 days for the check that they said went out already and never received it. I called a number of times and still no check. I finally talked to a woman that called me in order to cancel the check that they said they had sent me so that they could overnight a fedex to me with a new check. Turns out they had my address wrong.

 

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[Hoser John]

:P the check is in the mail oops wrong address so what happened inquiring minds would like to know for future refrence as to specific performance John

 

[arizonaames]

:P the check is in the mail oops wrong address so what happened inquiring minds would like to know for future refrence as to specific performance John

John,

After telling me that they had the wrong address on their computer, they sent me an overnight Fedex with a new check at their expense. This was after talking with 3 other folks there and mentioning to one that I had a friend that was an attorney in Fort Worth and if the check did not get to me that my next call would be to him. The last woman, that called me, said that they had my street address but Dallas, TX and not MI. ?? It would be nice, for those of us that finds enough gold to sell, to list and rate places to sell gold here and this should be pinned. With flake gold, the highest prices are going to be at a refinery. A lot of gold buying places will not buy gold that does not have a k stamped on it and they have no interest in buying flake gold even though it is going to be somewhere between 80 to 95% pure (20k to 24k gold).

 

[8KCAB]

There's a guy who advertises "I Buy American Gold" in the back of the ICMJ magazine. Been using him for 3 years to sell placer with no problems. Might try him next time.

 

[arizonaames]

I am not going to go out and buy a magazine to find out who, if anyone, is buying gold. If you have used this person or company before then you should have the name of that person or company and an address or URL......

 

[minerjoe]

easy there! ha ha the hardest thing about finding gold is selling gold bud. Try selling on ebay. It'll go straight to china that way.

 

[arizonaames]

I see that there is another refinery in Dallas TX, Dillon Gage Refinery. There used to be a number of refineries in Southern CA that a lot of miners dealt with. China has it's own Ebay but I doubt that you could read their language. Woh wei shao putunghua. Western Yunnan Provice is similar to northern NV and there are gold placers there.

 

[ohlode]

This is not an advertisement but just a comment about the buying and selling of raw gold. I've been buying flake and nugget gold for about two years now from local miners. In person only. So you should be able to find a local buyer. I've paid between 80 to 90% of spot depending on size, character, purity, and naturally what offer is accepted through mutual negotiation. Most finders value their gold highly and that has to be respected. Sometimes I like the stories just as well as the end item.
I don't buy for resale but as a hedge against inflation. I'm small time. Mainly a collector. I've bought a little over 12 ounces to date and am currently not buying due to lack of capital and other demands for my meager assets. The appreciation has been considerable over the two years I've been buying so I'll continue once my funds are there again. I've bought very little fine gold. (too hard to control) I've bought no pieces over 23 grams. (corrected!; forgot my biggest nugget from my most recent buy) Mostly "cornflake" and nugget with a few specimen pieces on occasion. It's all about character, appearance, and where it came from, how it was found that I find interesting. I've got some interesting shapes: a hat, a bull, chevrons, wire, coral, one I won't repeat, etc., etc.. It's always something different.
Ebay is very interesting. Sub-gram pieces magnified to show character can bring as much as 2-3 times spot but usually will bring at least spot. I think it's partially due to people wanting their own piece of gold for $10 to $20; maybe up to $50. Anyone can afford that. So if you want the best price for smalls, state what it weighs, blow it up, tell your story and it'll probably sell.
One seller on Ebay even entices buyers by claiming to only make it out of his Alaskan gold camp one day a week to mail their gold out. (great visual but is it true?)
I've learned a lot about gold in this period of time and that's been the fun of it.
There is a site that has a great article on scrap gold buyers. They sent the same exact amount of 14K scrap to 9 of the largest online dealers. The result was a range paid from 11% to 55% of spot for 14K... So stay away from the folks that want to send you your own "Gold Kit" so you can pay for your next vacation...
I would encourage anyone with raw gold interest to buy locally. The word gets around that you buy and most of the local miners are looking for a buyer that will treat them fairly. I've made some good contacts and friends. Heard some great stories.
I own gold detectors, a GB2 a GB Pro plus my original MXT. Have found some small stuff myself.
Raw gold is a passion; like guns, antiques, etc. for me. Probably won't ever sell any. I just like owning it and learning about it. One of my most prized pieces is a gold rush era moose-hide poke. Still had some small grains inside. I've since turned it into a framed display with an ounce or so of smalls "spilling" out of it.
Catch the fever. Go find it or buy it. Think twice before you sell it... and try to deal locally.

 

[arizonaames]

Wow! With the stock market falling one would naturally assume that gold prices would be going up. Instead, they have droped almost $250 this past week. I also notice that gas prices have not fallen. I know for a fact that two wall street houses have been manipulating the oil market by sitting on millions of barrels of oil. I bet you thought the gas companies were responsible for the high gas prices. I wonder if these same two wall street houses, that caused the housing crisis and we bailed out, are now unloading their gold futures and causing the gold prices to drop and that is the reason for the huge fluctuation in gold prices? Wall street companies with thier billions, much of what our tax dallars have given them in the form of a bailout, should be banned from speculative chicago future trades in order to manipulate comodity prices. These are the same two houses that created a housing bubble, Morgan Stanley and Goldman Sachs, with worthless paper trading, that caused the original recession.

 

[Armchair prospector]

Kadafi has untold amounts of gold and can't be found. He could be flooding the market. As for gas prices, they should be coming down soon as commodity prices are dropping as well as gold. I would never sell my gold to anyone that wouldn't give me cash, check on the spot. Stay local, even jewelry store. Shop around, but don't send in the mail. K.I.S.S.

 

[arizonaames]

Kadafi has untold amounts of gold and can't be found. He could be flooding the market. As for gas prices, they should be coming down soon as commodity prices are dropping as well as gold. I would never sell my gold to anyone that wouldn't give me cash, check on the spot. Stay local, even jewelry store. Shop around, but don't send in the mail. K.I.S.S.

Yeah, he probably has it in his pocket. As for unrefined gold a refinery will give you a better price. KISS yourself and learn a thing or two but then one needs an open mind and to spend some time doing some research. These traders have also driven up the price of grain and have affected our food supply.

 

[arizonaames]

V

Yes, I knew of this first hand while prospecting this summer in NV. It is the same company that has the largest current operating gold mine in the State of NV in Gold Canyon, out of Elko. I thought it was Newmont Mining. They have not even started to develop the new claims as yet and will employ thousands many years into the future. However, that is not what is causing the drop in gold at this time. The market is being controlled by big business interests. Seems strange to me that the Hunt brothers could go to jail for silver price minipulation but the manipulation of these Wall Street companies is allowed with grain, oil, gold, and any other commodity that they wish to control and inflate, at their will.

 

[TerryC]

There is a prospecting shop at the East end of Wickenburg (AZ) that will buy raw gold over the counter for cash. He does not like to buy gold coins, just placer and nuggets. I think he builds jewelry. South side of 60, just out of town. He's been there awhile... the locals can direct you. TTC

 

[arizonaames]

There is a prospecting shop at the East end of Wickenburg (AZ) that will buy raw gold over the counter for cash. He does not like to buy gold coins, just placer and nuggets. I think he builds jewelry. South side of 60, just out of town. He's been there awhile... the locals can direct you. TTC

I planned on wintering there this year but a freak cycle accident tore the MCL and did some miniscus damage to my kick start knee. I will have to instead head to the VA in Gainsville FL to have it fixed. Dang, I was looking forward to getting a ton of nuggets with my TDI and a LB of fines drywashing.

 

[TerryC]

There is a prospecting shop at the East end of Wickenburg (AZ) that will buy raw gold over the counter for cash. He does not like to buy gold coins, just placer and nuggets. I think he builds jewelry. South side of 60, just out of town. He's been there awhile... the locals can direct you. TTC

I planned on wintering there this year but a freak cycle accident tore the MCL and did some miniscus damage to my kick start knee. I will have to instead head to the VA in Gainsville FL to have it fixed. Dang, I was looking forward to getting a ton of nuggets with my TDI and a LB of fines drywashing.

I spent last winter in Quartzsite... then Stanton... now a permanent address in Yarnell. Prescott has reportedly one of the best VAs in the nation. C'mon down! TTC

 

[russau]

Prescott has reportedly one of the best VAs in the nation. C'mon down! TTC
[/quote] Terry i pray to God that ill never need to use them! but thankyou for the invite!

 

[arizonaames]

Thanks for the invite, Terry, but I have now made plans to head to FL for the winter. I have my bass boat hooked up and just got a 14 inch Razorback coil for my TDI. I plan on hitting the beaches around St Augustine. I hope to fill my pouch with Cortez gold dubloons....

There is a prospecting shop at the East end of Wickenburg (AZ) that will buy raw gold over the counter for cash. He does not like to buy gold coins, just placer and nuggets. I think he builds jewelry. South side of 60, just out of town. He's been there awhile... the locals can direct you. TTC

I planned on wintering there this year but a freak cycle accident tore the MCL and did some miniscus damage to my kick start knee. I will have to instead head to the VA in Gainsville FL to have it fixed. Dang, I was looking forward to getting a ton of nuggets with my TDI and a LB of fines drywashing.

I spent last winter in Quartzsite... then Stanton... now a permanent address in Yarnell. Prescott has reportedly one of the best VAs in the nation. C'mon down! TTC

 

[Voice of Reason]

Re: V

...The market is being controlled by big business interests...

Bingo! It is great to see others aware of the Complete Manipulation of the Economic System. Once we pay attention, we see the fallacy of "supply" vs. "demand" capitalism.

For years...as a gold buyer, I have noticed...when prices are high - gold is available, and when prices are low, gold is scarce. (on a local level I should say) Counter-intuitive in consideration of the supply/demand scheme.

[But not to worry people, just say "baahh" like good little sheeple.]

All for now,
Voice of Reason

 

[TerryC]

Prescott has reportedly one of the best VAs in the nation. C'mon down! TTC

Terry i pray to God that ill never need to use them! but thankyou for the invite!
[/quote]
Hey Russau, Most of my adult life, I paid my own way. Now, at 100% disabled (service connected) ... well, it's the VA or the highway! Arizonaames... Wintering in FL is tempting but it seems they think RV means BIG BUCKS! Most south Florida RV parks are OUT of my price range. Maybe.... TTC

 

[Klondikeike]

Klondike here....

I've been in the mining business for a few decades now.... and when selling my gold, I found ONLY ONE way to get an accurate and good price for your gold is a 2 step process....

Lets say you have 5 ounces of raw gold flakes and dust.. and the areas usually gives up 85% pure gold right out of the ground... How much is your gold? Is it really 85% like somebody told you...or maybe is it really 90% pure as raw gold... Without a certified assay, you just don't know for sure... But once you have it certified and it is say it is 90%... plus a 5% smelting fee...you'll make 5% more just for knowing exactly how much gold you have...and with a large enough order for a smelting job, good respectable smelters, like AAA, will also give you back the impurities, like silver and platinum as well as the gold....

Step 1)....get a CERTIFIED assay of your gold...

Step 2)....talk to as many smelters as you want until you find one who will give you the highest dollar based on spot price....AND who is willing to give you back the gold at CERTIFIED .999 fine... or coins or cash...Not all will offer you coins.. but make sure you have at least the choice of cash or gold...

For the one you settle on, let them know you have a CERTIFIED assay of your gold.... so they cannot pick some number out of the sky as to the purity of your gold and pay you accordingly....YOU NEVER tell them to results of your certified assay....ONLY THAT IT IS VERY HIGH...

The ones I deal with give me the option of a check.. or the refined gold or equal amount of American Eagles... which I like the best because there is no tax on them since I traded gold for gold...and am only taxed when I sell an Eagle....

AAA in Portland, OR is a really good Smelter.... one of the best...If you want cash...they usually offer 1/2 in cash up front(a check) ...and after settlement on the final day of smelting, the balance in 10 days or so at the market price of the day of settlement... Due to the high value of gold currently, they may have changed the way the buy and sell gold...you'll just need to ask them directly...

Good luck....


Klondike....