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Anyone used one of those gold buyers?

manderz

manderz

Brilliant_Rock
Joined
Mar 8, 2010
Messages
1,539
I'm trying to sell a bunch of my jewelry. It's all either 10 of 14k gold, and with the work I'd put in, it's more worth it to me to just send it all off at once rather than try and sell each thing individually. So, I'm researching those gold buyers.

I found usgoldbuyers.com, who seem to pay way more than most. But, I'm a pretty firm believer in if it seems too good to be true, it probably is.

Does anyone have any experience with them? Opinions?
 
I know a lot of people who have been happy with Midwest Refinery, but, since I am not in the US, I can't give a personal opinion.
 
a fair price would be receiving 87% of the gold content.
 
manderz|1328062520|3116062 said:
I'm trying to sell a bunch of my jewelry. It's all either 10 of 14k gold, and with the work I'd put in, it's more worth it to me to just send it all off at once rather than try and sell each thing individually. So, I'm researching those gold buyers.

I found usgoldbuyers.com, who seem to pay way more than most. But, I'm a pretty firm believer in if it seems too good to be true, it probably is.

Does anyone have any experience with them? Opinions?
Click to expand...

I haven't used them. I just took my regular postal scale, weighed out my gold, then called around all the local shops for the top offer and went with the one who gave me that. It is really important that you know how much your gold weighs beforehand because otherwise you can get ripped off.

Also, seperate out your 10K from your 14K and weigh them seperately as that's how the gold buyer will do it. (And, FWIW, the place I worked with is located in one of the cities with a higher cost-of-living around here. I'm not sure if that's why they paid more, but they paid me 3X as much as others offered!) I would NOT send anything through the mail. What if it gets lost? How do you claim insurance on that? Sounds risky!
 
No I sold directly to a store
 
When I sold my pieces I went with a local jeweler, the same one that sourced and set my ering. They paid out fairly - weighing each piece separately and basing the final payout on the price of gold that day.
 
I just took mine to a local jeweler and I think I received a fair price for the pieces.
 
stargurl78|1328122352|3116571 said:
I just took mine to a local jeweler and I think I received a fair price for the pieces.
Click to expand...


same
 
Amys Bling|1328129800|3116671 said:
stargurl78|1328122352|3116571 said:
I just took mine to a local jeweler and I think I received a fair price for the pieces.
Click to expand...


same
Click to expand...

Are you joking? You just trusted someone? People vary in THIS way too? :eek: :eek: :eek:
You can be ripped off if you don't know the value of what you have, and it's pretty easy to figure that out.

Check today's gold price, weigh your gold, (on your own postal scale which you can buy for $30 at Office Depot) then pull out your calculator.


24 kt is pure gold so I'd expect 87% of today's gold price. (87% is based on TristanC's suggestion above, which I've also heard is an acceptable price.)

22 kt is 91.77% gold so I'd expect 84.99% (91.77% of 87) of today's gold price.

18 kt is 75% gold so I'd expect 65.25% (75% of 87) of today's gold price.

14 kt is 58.33% gold so I'd expect 50.75% (58.33% of 87) of today's gold price.

10 kt is 41.67% gold so I'd expect 36.25% (41.67% of 87) of today's gold price.

9 kt is 37.5% % gold so I'd expect 32.62% (37.5% of 87) of today's gold price.

Here's an example . . .
Look up today's gold price: $1743 per troy ounce.
(Don't use your scale's OUNCE unit since 1 troy ounce = 1.09714286 ounces and gold is sold by troy ounces.)
1 troy ounce = 31.1034768 grams
If your scale measures in grams, get the gold price per gram . . . $1,743 divided by 31.103 = $56.04 per gram.


If your gold item is 14 kt gold and weighs 17 grams . . .
17 x 0.5075 x $56.04 = $483.49, so that's what I'd sell it for.

If you are happy to sell it for less no problem.
But gosh, at least be aware of what you are doing.
I'll betcha lots of gold buyers rip people off who don't know the value of what they have.
 
Thanks for the detailed explanation, Kenny! I recently asked basically the same question over in RT, and the info. you gave helps.
 
Thanks for all the concerns and recommendations! I have already sorted and weighed what I have to figure out exactly what I should be getting paid altogether. I'm from a small town, so it's tough to find a place locally that pays a decent price, what with how little competition there is. I have used one of the online folks before, but with little research, and found they don't pay as much as they could (not that I can blame them, who wants to give away money?)

I will be sure to fill you all in on what I decide to do, and the outcome.

Thanks again!!
 
Thanks for the detailed lesson, Kenny!

Wow, gold is high...
 
I know this thread is practically raising the dead, but I thought it was about time to update, as I finally took the plunge. I had quite a bit of jewelry that I didn't really wear, and I'd also inherited a couple of damaged gold pieces that were beyond repair.

I finally sent my stash of rarely-worn treasures. I used Midwest Refineries, and everything was perfect! I estimated what I should be getting, and I while I was a little off (I couldn't get some stones out, and under estimated their weight), but I was VERY pleased with my payout.The whole process was super fast too, less than one week from shipping everything out to check-in-hand.
 
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