So what can you expect for Misc Gold?

[bsshog40]

So let's say that I have some old jewelry that I don't wear anymore. Some 14k and some 10k. Nothing to get rich on but I thought I may just take this somewhere and sell it. So my question would be, who would you recommend to take it to (ie.. jewelry store, pawn shop, etc) and what would the expected price I might receive? Thanks for any help.

[TomB]

At an honest B&M or jewelry store I would imagine they would take the weight of the piece and multiply by 0.58 for 14k or 0.41 for 10k to get the actual weight of the metal. Then they would offer you a purchase price based upon a percentage of this weight such as 90%, 95% or 97% times the spot price of gold.

 

As an example, suppose you have a 14k bracelet that weighs 30 grams and gold is at $1,510 per troy ounce. The 14k bracelet is just under one troy ounce (30g/31.1g=0.96 troy ounce) so they would take the purity x weight of gold x spot price of gold x some percentage-

 

0.58 x 0.96 troy ounce x $1,510 per troy ounce x 95%= $798

[James_OldeTowne]

I agree with TomB.

[bsshog40]

That's basically what I was wondering Tom. I don't have anything major but I could use a couple hundred bucks. I have 10.46g 10k and 16.43g of 14K. I know what the current melt value of these are but mainly wondering how much less than melt should I expect. So maybe no more then 5% less than melt?

[jtryka]

I agree with Tom, but I think they would offer you a price with a bigger discount, like perhaps 60-80% of spot.

[michael]

That's basically what I was wondering Tom. I don't have anything major but I could use a couple hundred bucks. I have 10.46g 10k and 16.43g of 14K. I know what the current melt value of these are but mainly wondering how much less than melt should I expect. So maybe no more then 5% less than melt?

 

in my town western ny state the shop that pays the most is where all the pawn shops and coin shops sells to and he then drives to buffalo ny directly to the smelter but he needs a minimum amount the more he brings the greater he gets per ounce

 

 

if you have 10.46g of 10k i am assuming the 10k is plum gold which i highly doubt it is but 10.46g of 10k plum gold at 1500 spot gold this melts at $210

 

you should get 80-85% of melt at a legit shop that buys lots and then drives to a smelter so this is $168-180

 

 

if you have 16.43g of 14k i am assuming the 14k is plum gold which i highly doubt it is but 16.43g of 14k plum gold at 1500 spot gold this melts at $464

 

you should get 80-85% of melt at a legit shop that buys lots and then drives to a smelter so this is $371-395

 

let me kbnow what happens and good luck

 

 

 

[bsshog40]

I called one pawn shop and they offer $10 in Pennyweight?? So if you have 7g of gold, doesn't pennyweight actually drop that number down? This sounds like a rip to me.

[bsshog40]

Ok, so the first pawn shop offered $311, second was giving $10 per pennyweight. NOT. I settled for third that gave me $445.

[michael]

20 pennyweights = 31.1grams = 1 troy ounce

 

 

shops use pennyweightrs as they try to confuse people with this old time system not really used anymore at least in my neck of the woods to try to buy more cheaper??

 

well to each his own

 

you got to go in and know the scrap valu beforehand and then go from there on offers

 

 

 

[michael]

seems like you did okie not above or below average but okie

[bsshog40]

Yea, i was lookin at no less than $400, so i was happy with what i got. Also, that pennyweight dealing is a rip off. To take one piece that i had, was 9.75g of 14k gold. At pennyweight, that weighed 6.2pw. I was given $180 for it when at pw would've been $62. Wonder how many people they rip like that?

[gmarguli]

I sold some scrap to a dealer a couple of weeks ago. I completely trust him and have done a LOT of business with him over the years. He paid me 10% under melt and told me that usually he pays 20%-25% under melt. It all goes to the smelter.

 

Just because the item is stamped 14K does not mean it is. He tested about 25 pieces and maybe 1/3 were lower purity than stamped. He said this is common and it's not like something stamped 14K is really 8K, but frequently it is only 12K or 13K.

[bsshog40]

I sold some scrap to a dealer a couple of weeks ago. I completely trust him and have done a LOT of business with him over the years. He paid me 10% under melt and told me that usually he pays 20%-25% under melt. It all goes to the smelter.

 

Just because the item is stamped 14K does not mean it is. He tested about 25 pieces and maybe 1/3 were lower purity than stamped. He said this is common and it's not like something stamped 14K is really 8K, but frequently it is only 12K or 13K.

Well I figured at full melt price, weight wise, that I had about $675 in gold. I knew there would be a percentage loss and getting $445 I figured wasn't too bad.