How much do gold buyers pay?

[snowbird]

I'm curious what percentage of the retail price of gold you typically get from a buyer that is scrapping watches, rings etc. for the gold . . . probably not Rolex watches as the market value generally seems to be higher than the scrap value of the gold.

Obviously it has to discounted based on the fact that jewelry is at most 75% gold if it's 18k, but once you factor that in, what percentage of the pure gold value is typical?

I assume it wouldn't be 100% of the current price in the newspaper, since they will have to melt it down to separate out the gold from the other metals and also take the risk that the price will go down in the meantime.

[Grumpy Badger]

A quick google will show current rates for a lot of companies. They'll give prices per gram for 9kt, 18kt, etc.

[snowbird]

Originally Posted by Grumpy Badger

A quick google will show current rates for a lot of companies. They'll give prices per gram for 9kt, 18kt, etc.

I'll try that, thanks.

[Grumpy Badger]

Hope it helps! Every second ad on tv in the uk at the moment is for one of these companies...!

[snowbird]

Yes, lots of ads in the US too for these places.

I checked one site and they pay 85% of today's retail price, a little higher than I was thinking.

[Grumpy Badger]

I sold some dress shirt studs recently. I'd lost one of the set and didn't like them much anyway. I was very pleasantly surprised with the price I got.

[snowbird]

Interesting - it seems like these places are pretty efficient operations with modest margins, I guess it makes sense as it's obviously a commodity business.

[Ebruner]

I buy scrap at 92% of melt, and bullion at 100% of melt.


-Eddie

[BNA/LION]

Went to a "gold Party" last month and sold some scrap/old chains etc. The buyer gives a percentage of that days gold price. Wife and I were very happy as we got $1,200 for what we had.

[MonBK]

Originally Posted by BNALION

Went to a "gold Party" last month and sold some scrap/old chains etc. The buyer gives a percentage of that days gold price. Wife and I were very happy as we got $1,200 for what we had.

What did you get per gram?

[figbo]

Originally Posted by MonBK

What did you get per gram?

[2careless]

This is a gold buyer's site in Australia.
http://www.cashforgoldaustralia.com.au/

The prices quoted are in Australian dollars.

[Ebruner]

Originally Posted by BNALION

Went to a "gold Party" last month and sold some scrap/old chains etc. The buyer gives a percentage of that days gold price. Wife and I were very happy as we got $1,200 for what we had.

Those "partys" pay 20-30% of what your gold is worth. Total rip off.


-Eddie

[gt3pilot]

Originally Posted by Ebruner

Those "partys" pay 20-30% of what your gold is worth. Total rip off.


-Eddie

Totally agreed ! Most of the pop up Gold buying stores pay somewhere around 35-50% of melt, if your lucky. Go to a well known Coin/Bullion shop and you'll probably get the best prices for your item from them.

I worked at one of the largest Gold/Bullion dealers in the midwest and we paid 90-92% to walk in customers and more to dealers, though with dealers we did a melt assay so they got top dollar for thier scrap.

Don't sell your gold to the Pop up stores or at those gold parties, your just giving away your money !!

-Scott B.

[snowbird]

Those are good points about where to sell gold for the best price. I guess the worst option may be places where you mail your gold in and they send a check.

[77T]

Originally Posted by snowbird

...I guess the worst option may be places where you mail your gold in and they send a check.

Yes that's riskiest because more fraudulent folks are lurking there. There may be honest dealers doing the mail/pay model - but be sure you check their "brick and mortar" reputation.

Trusted local Jewelers who do their own melting, assaying and payment are best option.