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The spread is usually considerably larger than 20% because scrap has to be melted and assayed and all of that costs $$$$. (50% is about right.) The price for gold coins is different because coins are standardized and don't have to be melted or assayed -- just weighed. They are resold as is. Gold scrap has to be refabricated into something before it can be sold again.
With gold jewelry, you need to know what karat the jewelry is. Spot price is based on 24K but most gold in jewelry is mixed with other metals and is less than 24K. (10K, 14K and 18K are common.)
I buy gold scrap but usually only locally because I like to see it first.
The spread is usually considerably larger than 20% because scrap has to be melted and assayed and all of that costs $$$$. (50% is about right.) The price for gold coins is different because coins are standardized and don't have to be melted or assayed -- just weighed. They are resold as is. Gold scrap has to be refabricated into something before it can be sold again.
With gold jewelry, you need to know what karat the jewelry is. Spot price is based on 24K but most gold in jewelry is mixed with other metals and is less than 24K. (10K, 14K and 18K are common.)
I buy gold scrap but usually only locally because I like to see it first.
Good answer UB. Here is another one for ya. I know gold is almost always mixed with other metals so you have less then 24K in most all jewlery. What about silver? It is almost always .999 or .995. Do you think 50% less spot is a typical offer for scrap silver since it is almost always pure?
I think people should certainly retain their scrap silver. Silver prices, IMHO, are severely undervalued in relation to gold. The ratio of 45 to 1 reflects this. Silver is used for industrial purposes, depleting its available supply. In addition, it's estimated there is very little silver within the Earth's crust compared to gold.
Thanks barkingowl but that gives the value in retail price. Retail price is not what a jewlery store or a pawn shop will pay in scrap value. That is the number I am looking for. I can find no info on it.
Any ideas???
Thanks
If you leave the Markup/Discount field at zero you will get the scrap price.
You have to enter the fineness of the gold i.e., 14kt, 18kt etc. If you want the retail price enter 300 into the markup field.
Good answer UB. Here is another one for ya. I know gold is almost always mixed with other metals so you have less then 24K in most all jewlery. What about silver? It is almost always .999 or .995. Do you think 50% less spot is a typical offer for scrap silver since it is almost always pure?
Sterling (the silver standard in the USA) is .925. European silver is often .800, Chinese silver .900 -- silver can be all over the place. The only silver I've ever seen that is close to pure (.999) is bullion coins and bars. Unless you are really savvy on this stuff, don't buy any silver that isn't stamped "Sterling" or ".925". Silver is also mixed with other metals because pure silver is very soft.
I think people should certainly retain their scrap silver. Silver prices, IMHO, are severely undervalued in relation to gold. The ratio of 45 to 1 reflects this. Silver is used for industrial purposes, depleting its available supply. In addition, it's estimated there is very little silver within the Earth's crust compared to gold.
I did a short search on Silver depletion but couldn't find anything substantial on it. Do you have any good sites I could check out?
that is where alot of people on the jewelry forum at qvc site have been talking and selling their old gold and silver to --read good things from these women and they explained so much. go to qvc.com-- then click on community-- then click jewelry forum and do a search for selling old go. they got paid alot more from usa gold then from the local places
good luck
Can anyone post some advice on how to find a trustable business that buys scrap gold and silver? Should one steer clear of those who advertise to come to your house? Should one go to legit brick and mortar stores only?
I see gold hit over $900 today. What does that mean as far as what a dealer will pay for scrap?
Any rule of thumb what one should be paid for scrap gold or silver? Is there a wholesale price as a guide? Are buyers required to use a certified scale or can they just use a postage scale bought at Office Max?
Thanks in advance............
ok here in Nassau Bay............you are welcome to meet me at any bank or somewhere secure so
you can weigh your gold and or silver on my professional scale.281 333-4886 in the business for 38 years..............sherril
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