Where is the best place to sell your gold (Florida: credit, buy)

[whitecapgirl]

I have about 17 grams of wear of scrap gold and didn't know if anyone had any luck with a local south shore dealer or those ads I have seen on T.V. I have thought of ebay but would like to do it locally if I can. thanks for any help

[miu]

We had another thread about scrapping gold locally. Keep in mind that the price of gold is dropping. It's only selling for $715 an ounce right now. Also 14K gold is only 58% pure by weight. I believe that in very small amounts such as what you have, whoever buys it from you will only pay about 75% of it's potential scrap value at most.

Once you figure out who you want to sell it to, you might want to wait until the value of gold swings higher again.

Check out this link to figure out what your gold is worth:

How to Calculate the Value of Scrap Gold - wikiHow

Using their formulas, today your 17 grams of 14K gold (if that's the karat of your scrap) would be $227.95 if you could get the full value for it. However, the shop or person that buys it from you wants to make some money handling it. And also, they in turn, make a big pile of scrap to sell to the scrappers. The scrappers never buy it at full price because they have to process your scrap gold back into pure gold ingots. I *think* that what a fair price to sell your gold for today is $170 as scrap... however you could ask for more than scrap if the condition of your gold jewelry is excellent (not broken or damaged) and pretty enough to sell to someone else as wearable jewelry.

[whitecapgirl]

a local jeweler offered my 150 and I thought that was too low. Most if not all of the items are wearable, or resellable. Thanks for the reply

[miu]

Don't be afraid to ask more for your gold jewelry if it's very nice. However, keep in mind that whoever you sell it to is in the business of making a profit and has overhead to pay for. And as used jewelry, no shop can sell it for the full retail price that you originally paid for it. I have noticed on eBay that when selling used jewelry, even Tiffany jewelry, sellers get only 25% of the original retail price, that's how high the markup is on brand new jewelry... and why I never buy any new jewelry!

Also, if you don't need the money, you can negotiate a higher value for your gold in a store credit than outright getting a cash payment.

And this is the link I use to follow the precious metals market:

Live Market Quotes

[miu]

Originally Posted by whitecapgirl

a local jeweler offered my 150 and I thought that was too low. Most if not all of the items are wearable, or resellable. Thanks for the reply

There is no reason why you can't counter the jeweler's offer. $150 is only $20 off from what I thought they might offer you. But look around his shop and compare your jewelry to what he has in stock and what he's trying to sell it for. Also, some jewelry styles are more desirable than others.

What about trying to sell your items through craiglist? Just take good pictures of your pieces. Only agree to show your pieces in a bank lobby. Have a friend standing nearby.

I know a few jewelry dealers, and sometimes I don't know why they are in that business. They are always worried about security and potential shoplifters. Have one good piece stolen, and you have to sell a lot of other jewelry to make up for that loss. If they do an antique show, they are always paranoid about the drive home. At the big jewelry shows in Florida, they use a service like Brinks to move their merchandise. Many dealers carry guns for personal protection. Who wants to work and live like that?