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View Full Version : Gold Over A Thousand, How To Sell And Not...



Sid_Vicious
10-06-2009, 03:30 PM
...get screwed. This ought to be a mutually agreeable question for the right and left...how and and where would someone go to get a respectable deal on selling gold in jewelry and ornamental form? Baseline state is LR Arkansas. Could be just as easily some city in Alabama. Just how to you sell your stuff around the house and not feel you got hosed big time? Any of you rich people have any suggestions of buyers with fairly good trade practices? Thanks, sid

Gayle in MD
10-06-2009, 04:22 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sid_Vicious</div><div class="ubbcode-body">...get screwed. This ought to be a mutually agreeable question for the right and left...how and and where would someone go to get a respectable deal on selling gold in jewelry and ornamental form? Baseline state is LR Arkansas. Could be just as easily some city in Alabama. Just how to you sell your stuff around the house and not feel you got hosed big time? Any of you rich people have any suggestions of buyers with fairly good trade practices? Thanks, sid </div></div>

Sid,
From what I've read, it's a scam, and everyone gets ripped off.

Kerbouchard
10-06-2009, 04:56 PM
What form is the gold in? Coins? Jewelery? What kind of ornamental gold and jewelry? Is it all the same grade? Are there settings or stones?

When selling gold to a gold dealer, you will pretty much never get paid for any craftsmanship. As far as being sure you aren't getting ripped off, you can always check the price per ounce and try to get close. Here is a website with the up to date prices...
http://www.kitco.com/charts/livegold.html

If you are selling something that has a lot of intricate craftsmanship or something that could be considered a collectible item, you will have to go to specialized dealers or even ebay. A good way is to go to ebay and search for whatever it is you want to sell, and click the completed auctions option. That should give you a good idea of what people are willing to pay for what you are selling.

In any case, I don't anticipate Gold going up much higher, and for the price per ounce, you won't get ripped off. For collectibles, todays economy is not a great time to be selling those types of items, but you can look around.

If you want to be more specific about what you are selling, I could give a more specific answer.

Sid_Vicious
10-06-2009, 04:59 PM
No intricate value, just the current 1000+ ounce prices. Much of the stock of gold I'm talking about is plated, some with purity from 50 years ago, example, a lambs heart my day brought back from his meritime sailing to Scotland back in the big war. How do you avoid getting really screwed on the determination of the purity, and the end payments? sid

Kerbouchard
10-06-2009, 05:10 PM
Well, the best way to avoid being screwed is to have it appraised. Unfortunately, that costs money, but then again, if you aren't going to be selling it, it should be appraised anyway for insurance purposes.

The second best way is to get multiple bids on the items.

The items that are plated are going to be worth next to nothing to a gold dealer, but you can always try. As far as determining purity, you can get a really good idea yourself by taking a few measurements. You can calculate the Volume by placing it in water and performing a displacement test. Next you can weigh it and calculate the density. The density of pure gold is around 19.3 grams per cm3.

The easier way is when you go to the gold dealer and he gives you a proposal to purchase your items, ask for individualized offers and make note of the KDM number he gets from his machine. A 916 KDM is pure gold. By getting at least two bids from different companies, you should at least have an idea of who is trying to rip you off more.

As always when selling or purchasing items, if you can leave with a written bid, you can pressure the second guys into competing with it after they make their bid. One of the best ways to actually leave with a written bid is to lie a little...For instance, if it was inherited by multiple parties, you would need a bid to get approval from the other 'owners'.

Its not always easy to leave with something in writing, but if you can, it will help a lot in making sure you aren't cheated.

wolfdancer
10-06-2009, 05:14 PM
a thousand dollars? I'm heading to the cemetery tonite to see if I can dig up some gold fillings.

Kerbouchard
10-06-2009, 05:23 PM
Oh, also remember, 14K gold is only half gold...14/24 parts is gold, and the rest is an alloy. The 1000+ dollars you are seeing is per oz of pure gold. A 14K, 1 oz gold chain would not be worth 1000 and would not even be worth 500.

The math does not take into the fact that there is labor, equipment, and time necessary to separate the metals.

In reality, gold is a very poor investment, but if you do have some laying around that has no collectors value and no sentimental value, it is an excellent time to sell.

wolfdancer
10-06-2009, 05:33 PM
friend of mine many years ago allowed his family to talk him out of selling off all his stock, and real estate holdings and buying gold. He was wrecked as it climbed to $300 +
A thousand now...unreal.
Mv best friend and his wife both spent their last few working years employed by Barrick Gold mines in Elko, NV. Many of the old mines had been closed, then reopened as the price shot up...It's how many ounces recovered per ton I guess that determines if mining is profitable. I used to drive tours to the old mining country near Jackson, Ca.......interesting operation.

Kerbouchard
10-06-2009, 05:50 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: wolfdancer</div><div class="ubbcode-body">friend of mine many years ago allowed his family to talk him out of selling off all his stock, and real estate holdings and buying gold. He was wrecked as it climbed to $300 +
A thousand now...unreal.
Mv best friend and his wife both spent their last few working years employed by Barrick Gold mines in Elko, NV. Many of the old mines had been closed, then reopened as the price shot up...It's how many ounces recovered per ton I guess that determines if mining is profitable. I used to drive tours to the old mining country near Jackson, Ca.......interesting operation.
</div></div>

Historically, gold has an annual increase of 4.7%. Inflation averages 3.43%. If you are content investing your assets at less than 1.3%, be my guest.

For speculators, sure, gold can make, or lose, a lot of money, but for a long term investment, it is horrible.

In any case, I don't believe Sid was talking about long-term investment strategies, but merely to offload some unneeded scrap gold, and I still say now is an excellent time to do that.

wolfdancer
10-06-2009, 06:46 PM
While some here would like to put the "Blade runner" program into effect, and off us seniors...seems everybody wants a piece of the pie. I just posted this because of the Gold is worthless, sort of accompanying article.
Fool's Gold (http://www.fool.com/investing/general/2009/10/06/the-confederacy-of-wusses-cries-again.aspx)

Kerbouchard
10-07-2009, 09:29 AM
I have no idea what that link has to do with selling gold.

Deeman3
10-07-2009, 10:02 AM
I wear a necklace I got in Thailand about 15 years ago. I paid $1,600USD for it. I know gold was much cheaper back then but not sure of the price per ounce. I know it is 22k but nothing else.

We were out a few weeks ago and they had one of those "We buy unwanted gold" although I never had any unwanted gold to the best of my knowledge. Anyway, I asked the gal behind the desk how much she would give me for it. She looked at the clasp (to get the kt wt.) and weighted it. She offerd me $2,500. I said thanks but I was not selling. As I walked out the door she then offered me $3,500. I guess that shows that they will try to see what you will take then offer a more reasonable price. No, I did not sell it. /forums/images/%%GRAEMLIN_URL%%/smile.gif

Kerbouchard
10-07-2009, 10:07 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Deeman3</div><div class="ubbcode-body">I wear a necklace I got in Thailand about 15 years ago. I paid $1,600USD for it. I know gold was much cheaper back then but not sure of the price per ounce. I know it is 22k but nothing else.

We were out a few weeks ago and they had one of those "We buy unwanted gold" although I never had any unwanted gold to the best of my knowledge. Anyway, I asked the gal behind the desk how much she would give me for it. She looked at the clasp (to get the kt wt.) and weighted it. She offerd me $2,500. I said thanks but I was not selling. As I walked out the door she then offered me $3,500. I guess that shows that they will try to see what you will take then offer a more reasonable price. No, I did not sell it. /forums/images/%%GRAEMLIN_URL%%/smile.gif
</div></div>

Excellent point. Offers are just that...taking a first offer when selling anything is not a wise choice.

Chopstick
10-07-2009, 10:17 AM
I'd like to buy some coins and maybe some bars just to have around the house to play with. The problem is that every time I shop around for it people are asking hundreds over the current price. I don't mind guys making a profit but I ain't paying the pound price for an ounce. I priced some copper bullion because it looks cool and it is beyond outrageous out into the stupid zone. Silver wasn't much better.

Deeman3
10-07-2009, 12:41 PM
Chopstick,

Another issue i have had with Gold recently is that everyone buys as it goes up. This violates a lot of investment rules unless you predict it will continue. The little Gold I have bought aside from jewely was when I didn't hear much about it or when it seemed to be at a low for a few months.

Of course, you can't predict what will happen and I am not adding any gold now but it would seem to be a fairly safe bet that it will not go down as we spend ourselves into oblivian. With the unpresidented printing of money by the government, the dollar, which has lost 17% of it's value will have to decline making gold more valauable at least against the dollar.

You can buy some minted coins or bars with a pretty low minting fee but I don't think you'll get much below 8% of total cost. An idea is to buy some from older relatives if you have any that horded gold. You can give them a better price than they would get in the market but avoid paying too much yourself.

KNow what the best investment over the last 8 months has been? .380 auto. Strange but there is a shortage, even at my house as I consider it a toy caliber. /forums/images/%%GRAEMLIN_URL%%/smile.gif

dg-in-centralpa
10-08-2009, 08:29 AM
I just read an article from a coin dealer who thinks that the price of gold will go to 5k in less than 5 years. I don't have any gold, but am thinking about investing in some. I do have silver, which I bought at $6 an ounce. Doesn't take any room so I just let it go and watch the market. This is supposed to go to about $50 an ounce. Wait and see..... If you do want to sell, check with a coin dealer.

DG

Kerbouchard
10-08-2009, 08:48 AM
The only people I know of who are claiming gold will go that high are the people selling it...go figure.

Chopstick
10-08-2009, 10:24 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Kerbouchard</div><div class="ubbcode-body">The only people I know of who are claiming gold will go that high are the people selling it...go figure. </div></div>

I read an article a while back on gold prices. With more and more world currencies going off the gold standard this makes huge reserves of gold available. This is far in excess of what industry could use. It is possible for the market to be flooded with gold at any time.

It is kind of funny how we treat gold. We spend billions digging it up out of the ground, transport it half way around the world, then stick it into another whole in the ground with a door on it.