Selling scrap gold and silver to a dealer (pay, business, buy)
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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 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.
That price fluctuates. Most of them are buying from you to resell so there needs to be some room for them to make a profit.
Most refineries only buy from those dealers because they want large quantities (like pounds of scrap, not ounces or grams, which is what most individuals have).
Where is the best place to go to sell your gold jewelry that is broken or that you aren't using. In Europe I would just buy in the jewelry store and give my old jewelry back and they would distract it from what I have to pay. I asked around but jewelry stores over here don't do that. Any suggestion?
The dealer will probably offer a spread depending on the type of gold.
Spot price - 2% is a buy price for coins (typically)
Spot price + 2% is a sell price for coins
This can vary, but I would think that scrap gold won't get this close of a spread. Maybe 3-4% lower than spot?
Thanks View. Is spot the $903/oz and change from Friday's close? And you are saying that a buyer of scrap gold will pay 3-4% lower then that price? That dont seem like much of a profit margin.
A scrap dealer who buys copper, brass, alumium, steel and so on offers you about half of what they will sell it for. So I hear anyway.
Thanks View. Is spot the $903/oz and change from Friday's close? And you are saying that a buyer of scrap gold will pay 3-4% lower then that price? That dont seem like much of a profit margin.
A scrap dealer who buys copper, brass, alumium, steel and so on offers you about half of what they will sell it for. So I hear anyway.
I dunno. It could be 10-15% lower, especially for the fraudulent deals. Maybe a bigger spread.
Actually, 3-4 seems pretty thin come to think about it.
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.
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