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^This is because other than the USA, where Americans still sell their gold, gold for individuals has almost disappeared. In Europe gold coins and bullion has simply disappeared from the dealers as the people there are buying any gold they can get their hands on because of the belief the Euro is going to go down the toilet. Dealers here are happy to give good prices for junk jewelery because they will send it to a refiner who will melt it down to blanks which are then sold to the various mints to make into coins. (or they sell their own bullion)
You didn't say how much gold you sold, but the price of it has risen a breath taking $100/oz in just the past two weeks to an all time high of just a shade below $1250/oz yesterday. It's really frightening for what it really means, even here in the USA though the gold holders are very happy.
I sold for ~$17 per gram of 14K which is about 40% higher than what I was quoted a month ago. That difference is roughly split between the rise in gold prices and the better offer from Sumpter's.
Quote:
Originally Posted by pink caddy
The recommendations that they were "very professional' or they were "very nice" are meaningless to me unless you know what they are paying you is the best price of gold on the spot market. I couldn't care less if they are " nice" or a pain in the to to, the issue is who is paying me the absolute best and highest price for the gold.
All the rest is of NO interest . Now, who pays the best and highest price for gold and how do you know that?
I wish I'd seen your post before I sold my gold. I was mainly focused on finding a new friend, not getting the best price. I guess I should have done more than go to half a dozen places, making as many phone calls, and searching for recommendations.
There's no way to be absolutely sure you're getting the best price unless you went to or called every single place that buys gold, on the same day, and that's just about impossible. I went with the majority recommendation based in my research.
BTW-Cash for Gold offered the lowest $$$, even after the theatrics of "calling New York" to see if they could get me more money.
I sold for ~$17 per gram of 14K which is about 40% higher than what I was quoted a month ago. ..
He hit you with a pretty steep premium.
14K gold means it is 58.5% gold and the rest other metal(s).
You got paid at the rate of $309.29/oz.
Current spot price of gold is $1232.20/oz.
Dealer charged you a 75% premium for your gold. i.e. he paid you 25%
But it is worse than this. You also have to consider the the cost of the other metal that you sold. Gold bling is alloyed with other metal to make it more durable. Normally this will be either copper, nickel, silver, palladium or platinum or a combination. The first two are not worth much, silver is hovering around $20/oz, but the last two are worth a lot more. Palladium is around $525/oz and platinum is $1740. If the gold was originally sold as "white gold" there is a good chance it has some of these more valuable metals in it.
To be fair, gold in jewerly form isn't much use on the gold market so you do have to pay in terms of refining costs, but 75% is pretty bad.
14K gold means it is 58.5% gold and the rest other metal(s).
You got paid at the rate of $309.29/oz.
Current spot price of gold is $1232.20/oz.
Dealer charged you a 75% premium for your gold. i.e. he paid you 25%
But it is worse than this. You also have to consider the the cost of the other metal that you sold. Gold bling is alloyed with other metal to make it more durable. Normally this will be either copper, nickel, silver, palladium or platinum or a combination. The first two are not worth much, silver is hovering around $20/oz, but the last two are worth a lot more. Palladium is around $525/oz and platinum is $1740. If the gold was originally sold as "white gold" there is a good chance it has some of these more valuable metals in it.
To be fair, gold in jewerly form isn't much use on the gold market so you do have to pay in terms of refining costs, but 75% is pretty bad.
(assuming my math is correct)
Your math is definitely off.
I received $510 for 31 grams of 14K.
24K is $1232/oz, so 14K (at 58% purity) comes to ~$720/oz. That makes 14K ~$26/gm. So at the ~$17/gm I was paid, I received ~ 65% of the deadweight going rate of 14K gold.
No one I've spoken with has referenced getting paid for the "other" metals. I suspect it would take some testing to determine what those metals are, and that doesn't appear to be how small gold sales like mine are handled.
Ahh I misunderstood your original post and I additionally did screw up the math. You did even better than what you calculated. (taking this long approach to verify math)
You got paid, $16.45/gm for your jewerly. $510/31gm = $16.45
If this is a correct assumption this jewerly had 18.14 gm of gold. 31 gm(.585) = 18.14 gm
Gold is selling for $39.61/gm (Troy oz, not Avoirdupois oz which you used) $1232/31.1 = $39.61/gm
Value of your gold is $718.52. So dealer kept $208 of it.
You actually got paid 71%
So this dealer, excluding the other metal, did really good by you. In fact very good. Most of the fly by night C4G dealers shoot for 30% - 35%. This is probably more of what you saw with the other mail dealers that you contacted.
I agree with you, he would be highly recommended for this if he handles all his transactions this way.
Ahh I misunderstood your original post and I additionally did screw up the math. You did even better than what you calculated. (taking this long approach to verify math)
You got paid, $16.45/gm for your jewerly. $510/31gm = $16.45
If this is a correct assumption this jewerly had 18.14 gm of gold. 31 gm(.585) = 18.14 gm
Gold is selling for $39.61/gm (Troy oz, not Avoirdupois oz which you used) $1232/31.1 = $39.61/gm
Value of your gold is $718.52. So dealer kept $208 of it.
You actually got paid 71%
So this dealer, excluding the other metal, did really good by you. In fact very good. Most of the fly by night C4G dealers shoot for 30% - 35%. This is probably more of what you saw with the other mail dealers that you contacted.
I agree with you, he would be highly recommended for this if he handles all his transactions this way.
Yeah, that's right....so back off with your no-math-gettin-right self!
Sumpter's is a family owned jewelry store that was a pawn shop for many years. I went to high school with two of the kids, although we ran in different circles. When I called them about the $$$ they were paying for gold, they gave me a range and said they make pretty much every deal they can. And they lived up to that when I went in. I was confident I was getting an excellent price for my gold once they made their offer.
I personally went to fazels jewelry on south blvd and i also went to sumpters on wilkinson blvd.fazels offered me about 50% more then sumpters.I havent sold my bracelet yet because I have one more place I wanted to go to its called perrys jewelry in south park mall.so ill see what they say also.I was kinda thinking of maybe just putting it on ebay an selling it myself.but I dont have any info to show how much its worth or how much it weighs or anything.
I personally went to fazels jewelry on south blvd and i also went to sumpters on wilkinson blvd.fazels offered me about 50% more then sumpters.I havent sold my bracelet yet because I have one more place I wanted to go to its called perrys jewelry in south park mall.so ill see what they say also.I was kinda thinking of maybe just putting it on ebay an selling it myself.but I dont have any info to show how much its worth or how much it weighs or anything.
50% more? Really? Using my example as a reference that would mean Fazels offered more than the price for gold bouillion. They would lose money unless they jacked up the price beyond what it could be bought for anywhere else.
Didn't they tell you the weight and K when you took it to Fazels and SUmpter's?
50% more? Really? Using my example as a reference that would mean Fazels offered more than the price for gold bouillion. They would lose money unless they jacked up the price beyond what it could be bought for anywhere else.
Didn't they tell you the weight and K when you took it to Fazels and SUmpter's?
No at fazels i seen him go and weight it and he looked at it threw that lil thing they use.and he offered me $170. i went to sumpters the next day.the guy weighed it and said if he was to buy it they would pay $115.neither one of them told me how much it weighed.but the next place i go to ill just ask.well thats if i still go anywhere else I might just go back to fazels.its just a bracelet I never wear and I had it about 3 years just figured i'd get alil cash for it.
I went last week to Piedmont Gold Exchange in SC. The guy weighed each item and offered me like $77. (I don't remember the total breakdown, just that the silver items were worth only $5.)
Yesterday I went to the Jewelry Stop (off of Pineville-Matthews road). Once again- don't remember the breakdown- just that the silver was $4.30- he couldn't find 2 of the stamps that the other guy used. He offered me $110.
50% more? Really? Using my example as a reference that would mean Fazels offered more than the price for gold bouillion. They would lose money unless they jacked up the price beyond what it could be bought for anywhere else.....
Or there was in fact additional valuable metal or something else besides gold that the dealer was including in the price quote. As I mentioned above, gold may not be the only valuable metal in gold alloy depending and some dealers are honest enough to include it. There could also be a numismatic value to the jewerly that is greater than the melt value. This can happen with certain antique jewerly. This is why I said above that it really pays to do some research into what you have, before taking it to a dealer for cash.
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