General Question

mrrich724's avatar

Where do you get the most $$$ for your 'scrap' gold?

Asked by mrrich724 (8527 points ) June 12th, 2012

As asked, when you have gold you don’t want, where do you get the most money: online (if so which site), at a pawn shop, at the mall’s jewelry exchange?

I have one try ounce of 10k gold in the form of two chains. I’ve had them since I was in elementary school, and if I tried to wear them now, they’d be chokers, HAH!

I’m not really desperate to make money, so I really want to find the venue that will give me the most for my money!

Thanks

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10 Answers

tedd's avatar

All of the options you listed will not give you full price on your gold. They have to turn around a sell it to bring in some profit, so you’re likely looking at getting around half of what it’s actually worth.

If you’re looking for your best price, find similar items in stores and see what they are priced… then see what you would get at several of these exchanges or pawn shops for it…. and then sell the item yourself for a price in between what the shops will pay you for it, and what they’ll sell it for.

It’s more work, but that’s how you’re going to get the most out of it. Otherwise you’re including middle men who want to make their cut.

LuckyGuy's avatar

You might be disappointed to see how little you’ll get. Weigh them on a good scale. Let’s say they weigh an ounce, and gold is $1500 per ounce. They are only 10k so 10/24 gold. That means the $1500 is now $600. The buyer/retailer will give you ⅓ of that $200.

Now imagine giving them to a grandchild. Someone who would appreciate and cherish them. Tell the story of how you got them and where you were when you wore them. Maybe he/she will pass them down as well. .
How much is that worth? In my book that’s Priceless.

Those commericals offering to buy “unwanted or scrap gold, like grandpa’s old watch” make me gag. Seriously? You’re selling Grandpa’s old watch that he worked a year to afford so you can pay for a month or two of cable TV? I’d get rid of my TV first.

gailcalled's avatar

And if you are selling jewelry rather than ingots, you have to factor in the process necessary to extract the gold itself from the dross and other junk that is in jewelry gold.

PhiNotPi's avatar

I also want to mention the fact that the process to sell your gold is not reversible. If you begin to regret the sale, or you realize that you could have gotten more money, then there is a very small window of opportunity for you if you want to buy your jewelry back. The goal of many companies is to make money as quickly as possible. So if you wait too long, your jewelry would already be at the smelting plant, where it is pulverized, melted, and the gold extracted.

mrrich724's avatar

Thanks for your concern everyone.

One chain was given to me by my cousin when we were young, because someone found it and didn’t want it, and she couldn’t wear it b/c it was a man’s chain. Completely meaningless to her, and me as well. The other chain has such little sentimental value, I tried my best to recall where it came from and I can’t even remember! My family members know how much I don’t like jewelry, so I’d probably never (except my 3rd gen. wedding ring I received) receive jewelry with sentimental value.

With that being said, Thank you @tedd good point about the middle man. I considered a FTF transaction, but lately I’ve seen some unfortunate local news about Craigslist mishappenings, people getting beaten up and even shot during a transaction.

Any other venues worth suggesting that might be a little safer that CL? Otherwise I guess I might have to reconsider craigslist.

@LuckyGuy thanks for the info. That’s how I did it. Spot gold is $1596 today. I have EXACTLY (which is entertaining to me) one troy ounce.

So $1596 x (10/24) = $664.17

I was just hoping I could find a type of shop that would give me roughly 55% of that. I’d be happy with it, again, b/c these pieces don’t have ‘special’ moments attached to them.

I don’t need the money, I just don’t like jewelry, and/or clutter, so I don’t want them in my house anymore. So I guess I’m in a position where I can hold on to them for a while to get the best deal. I just don’t want to prolong owning it too long, as I already have for YEAAARRRRS. LOL

Thanks all!

LuckyGuy's avatar

@mrrich724 I figure you’re doing well if you get 33%. $200 Isn’t there anyone in the family you can give it to? How about waiting a little longer? there are pessimists scrambling to buy gold coins because they think the end of the world is coming. It really doesn’t take up much space in your drawer does it?
Here’s a compromise. How about waiting another year and then deciding?

zensky's avatar

I have one troy ounce of 10k gold in the form of two chains. I’ve had them since I was in elementary school, and if I tried to wear them now, they’d be chokers.

Wait and give them to your future daughters.

mrrich724's avatar

@LuckyGuy Yea, I can keep waiting. It just seemed like now was the time. I mean $1500 spot?

HOW MUCH MORE will those pessimists be willing to spend before they’re like “alright, this is ridiculous now”

LOL

@zensky they would fit like chokers, they don’t actually look feminine though. I just have a thick neck (18”) from hitting the gym a little too much. I could save for my sons but I just don’t value jewelery, and it’s not something I care to pass down to my decendants. I know I’m an oddball, but I have a pretty decent aversion to wearing anything than the wedding band, and sometimes a watch. I think it stems from when I think about the origins of wearing gold and other items on your limbs . . . to display your status, so others know how rich you are . . . eh, not for me. I get the symbolism of a wedding band, I don’t get the symbolism of a chain of gold hanging from your neck : / but to each his own right?

Man, all you guys want me to keep these chains, huh? ! ? ! ? ! I guess I will… maybe.

YARNLADY's avatar

@mrrich724 NO, I don’t want you to keep it! Give the jewelry to a reputable charity and take the tax write off on the full value. That alone will give you a similar amount of money you would get from a gold dealer.

ravynn's avatar

Online buyers can sometimes offer a higher rate than stores / pawn shops with the reduced overhead for running a store front.

But to find a good online buyer, you’ll want to check

* they are a member off the BBB and have no unresolved complaints.
* they offer a transparent pricing chart that you can check prices they are paying
* they have been in business for more than a few years
* they are reachable by email, mail and phone
* do they cover shipping and inurance
* if they give you the option to decline their offer and ship back your scrap gold.

Also check testimonials & reviews.

The price difference can be pretty high, the extra steps are worth it.

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