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If you're talking about physical gold coins, any coin dealer (look in the Yellow Paged under "coins") will buy them, based on the current spot price of gold, less their buy-sell spread, which us usually a couple of percent. Phone around and ask what each dealer is offering.
Unless your gold coins are obviously defective, they will be bought at full spot price at a casual glance. However, some dealers will pay slightly more for US Eagles than for Krugerrands or Maple Leafs.
If you have a lot of them, some smaller dealers might not be able to arrange a large transaction on the spot, but most can easily cover around $20K.
Find out the spot price of gold on line, right to the second, at a source like www.kitco.com
You probably have several jewelers in your community that are well established with a good reputation. I would start there and have your gold appraised by a couple places before deciding which one to sell it too.
Bulk scrap gold dealers today are paying around $55 per gram ($1,700 per ounce) for 24K scrap gold, but they will not buy from a private seller, only from a retail dealer like a pawn shop of jeweler. That's about 90% of the spot rate. A retailer will offer you a lot less than that, but a local shop will offer you a lot more than any of the shysters on TV ads. Tell them you know that they will get over 80% of spot when they move their gold, and ask them to explain the difference. If they think you know what you're talking about and that you are prepared to shop around, they might come around and make you the best offer that they can live with and still make their cut, which as businessmen, they are entitled to.
I just phoned a local coin shop, they are buying 14K today for $22 per gram, so make sure you get a quote pretty close to that. That would be around 70% of spot gold price. It's about $38 per gram of .999 fine, which is close to $1200 per ounce. That is about double what a pawn shop would offer.
Dealing with the mail-in people with TV ads, you might get next to nothing, by the time they offer you 20% of spot, and then start deducting assay costs, meltage fees, handling charges, etc.
Remember that gold spot prices are quoted in Troy Ounce, which is 31+ grams.
Whoops! Should have been more specific, I'm talking about all old gold jewelry I have.
The advice remains the same. Gold jewelry is sort of a vague term, as the percentage of gold in the jewelry can flucuate. With gold coins, you pretty much know the percentage of gold b/c you know who made them.
Either way, take your gold in to a few jewelers, get quotes from all of them, sale to whomever gives you the best price.
Right now, b/c gold is going up in price, people assume that it is a great time to sale all that old jewelry. Just keep in mind, you probably are not going to get a huge amount for it. The gold price that you hear on the news is for pure gold by the ounce. Your jewelry is definately not pure gold (pure gold is terrible for jewelry) so once you factor in how much gold is actually in your jewelry, you probably won't be making what you think.
The reason I mention it is because people then feel cheated when they get a lowball price. They storm the internet en masse complaing about cheapskate gold dealers not willing to pay top dollar for grandma's old tooth. It's just not realistic on their part.
Gold is fluctuating like crazy and changes daily. The best guesstimate of the gram melt value (what gold buyers will pay) is about 45% of the current Gold Bid (for 14k) based on a Troy Ounce on Kitco.com (31 grams - 20 pennyweight).
Gypsy Gold Buyers that travel the country and set up for a few days at local hotels (example: Precious Metal Liquidators) buy gold based on dwt (penny weight). 1 dwt = 1.55 grams, but pay at about 25% of the Gold Bid Value .... about half the actual melt value
The best place to sell your scrap gold and silver is a local jewelry store. Many buy gold at or near the current melt value. Since they are already established, and this service does not affect their overhead costs, they can offer a much better price than the Gypsy Gold Buyers.
During a recent buying event in Fairfax County, the offers made by PML were so low, three people declined their offers (myself included) within the 15 minutes I was in the wait area. I took my gold to a local jewelry store and was offered a much better price, a lady I met at the PML event later called me and said sold her silver flatware for 50% more than PML offered.
I buy and sell at a refinery. Often buying 14k I get a piece of a bracelet or a ring.
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Scrap Gold Sales
