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Old 07-24-2011, 03:42 PM   #1 (permalink)
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Question Any Gold experts?

I was wondering a few things... When you send your Gold to a refinery, how much do they pay you and how do they then make a profit? Who do they sell to?

I'm pretty sure that the % they pay is all over the place, with some probably giving you as low as 50% or lower, while some 90% if you're lucky.

That brings me to my next question... Do you guys know any good refineries that are trust worthy and that pay out high %?

Thank you in advance for any help.
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Old 07-24-2011, 05:20 PM   #2 (permalink)
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I sold my scrap gold a few months ago to this local place. The thing I liked about it is they had a formula on their website that told me exactly how much they pay (the only variable is the spot price).

I shopped around before deciding.

I wouldn't go for the places that send you the packet.
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Old 07-24-2011, 05:58 PM   #3 (permalink)
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Quote:
Originally Posted by bcus28 View Post
I sold my scrap gold a few months ago to this local place. The thing I liked about it is they had a formula on their website that told me exactly how much they pay (the only variable is the spot price).

I shopped around before deciding.

I wouldn't go for the places that send you the packet.
Thanks for the response.

Do you mind me asking what percent of spot price they pay?

Yeah, I wouldn't trust those mail in companies either.

They have places that come to you! I wonder if they're any different from the mail in guys.
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Old 07-24-2011, 06:10 PM   #4 (permalink)
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My grandparents found a local collector of gold and he paid 3546.34 for their scrap gold. The best idea is to shop around at a few places and see what they offer you. You can always say no.
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Old 07-24-2011, 06:14 PM   #5 (permalink)
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Ya sure, but it's not that straight forward.

There are quite a few conversions and calculations. I figured out what I had and then I made the trip with my gold. When they did their calculations, they were only $3 off of what I figured , so I was happy.

They cut me a check though- I'm guessing this was a place that doesn't have any real amount of cash in the building. I went straight to my bank, cashed it, and all went well.

Here's the link of the place, just click on the "how we pay" and you should find the formula for what they pay.

They were pulling gold out of fedex boxes when I was there, so I'm assuming one can mail them their stuff too.
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Old 07-24-2011, 06:25 PM   #6 (permalink)
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My grandparents found a local collector of gold and he paid 3546.34 for their scrap gold. The best idea is to shop around at a few places and see what they offer you. You can always say no.
Thanks for sharing.

Wow! That was surely a great pay day...

Only problem with taking gold all around to different places is, they each scratch off some of the gold to test it, so before you know it there's no gold left haha
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Old 07-24-2011, 06:28 PM   #7 (permalink)
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Thanks a lot! Looks like i'm going to have to read everything very carefully because it looks tricky...

Wow! You came within 3 bucks!!! haha Maybe I should send you my gold first, so I know if they're trying to rip me off or not

Thanks again for the info, I really appreciate it!

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Ya sure, but it's not that straight forward.

There are quite a few conversions and calculations. I figured out what I had and then I made the trip with my gold. When they did their calculations, they were only $3 off of what I figured , so I was happy.

They cut me a check though- I'm guessing this was a place that doesn't have any real amount of cash in the building. I went straight to my bank, cashed it, and all went well.

Here's the link of the place, just click on the "how we pay" and you should find the formula for what they pay.

They were pulling gold out of fedex boxes when I was there, so I'm assuming one can mail them their stuff too.
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Old 07-24-2011, 06:34 PM   #8 (permalink)
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Yeah it looks tricky, but it's just really a number of conversions. If you have different karats, then it gets worse lol.

I re-did mine over and over for about an hour to make sure I came up with the same thing before heading over.
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Old 07-24-2011, 06:46 PM   #9 (permalink)
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lol yeah I know, one karat at a time...

For example, let's take 18k, which is 75% pure gold. So an ounce of 18k wouldn't be the full spot price, so can't we use part over whole = percent over 100 to figure out how much an ounce of 18k is?

Then after that's figured out, I guess we just need to know what percent they pay per ounce for each karat? Crazy numbers!!! Math was always my favorite... lol

I would do the same, over and over again until there is no mistake lol. It's very easy for somebody to take advantage when you don't know what you're doing, so good to let them know you know your stuff!

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Originally Posted by bcus28 View Post
Yeah it looks tricky, but it's just really a number of conversions. If you have different karats, then it gets worse lol.

I re-did mine over and over for about an hour to make sure I came up with the same thing before heading over.
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Old 07-24-2011, 07:22 PM   #10 (permalink)
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Ok, I'm feeling mathy today, I'll give it a shot

For one troy ounce of 18k:


They say to determine the weight in pennyweights (or DWT)
1 troy ounce = 31.1034768 grams

Multiply grams by .64301= DWT

DWT= 19.999846

Then determine revised spot price:

(spot price * .985)

(~$1600*.985)= $1576

Then for 18k gold, according to the site:

18K DWT Price = (Revised Spot Price * .675)/20

18K DWT Price = ($1576*.675)/20 = $53.19

Next, their next formula for "what's my gold worth".

My jewelry is worth = (DWT Price * DWT) * .98

($53.19* 19.999846)* .98= $1042.5159

Now they want their "overhead fees" and such, in which they say is 18%.

When it's all said and done they would pay $854.86 for one troy ounce of 18k gold.

This is all I did for when figuring mine out, too bad I didn't wait- the spot price was only about $1330 when i went

Last edited by bcus28; 07-24-2011 at 07:27 PM.
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Old 07-24-2011, 07:34 PM   #11 (permalink)
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WOW!!! my head is killing me... HAHAHAHAHAHAHAHAHAHA

Wow man you know your stuff!

I better get some practice, or else they're going to eat me right up lol.

You really have a gift for math wish I cared for it more...
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Old 07-24-2011, 07:52 PM   #12 (permalink)
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I'm sitting here looking at your post and still trying to figure it out lol

I gotta take the time out and try to replicate it...
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Old 07-24-2011, 08:12 PM   #13 (permalink)
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Cash4Gold Dub - YouTube
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Old 07-24-2011, 08:41 PM   #14 (permalink)
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Quote:
Originally Posted by SportsItUpCards View Post
I'm sitting here looking at your post and still trying to figure it out lol

I gotta take the time out and try to replicate it...
Hehe you'll figure it out

Heck, take your time, the price will probably continue to rise

Just be sure to shop around and get the most you can! This place is close by to me and I figured the prices are competitive since they actually tell you what they will pay that's why I went with them.

I'm no expert with gold so hopefully others can say if it's a good deal or not.
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Old 07-24-2011, 09:32 PM   #15 (permalink)
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Watch this:

Prank Calling Cash 4 Gold - YouTube
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Old 07-24-2011, 10:23 PM   #16 (permalink)
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Most legitimate coin dealers will pay 60 - 80% of spot price for scrap gold. I'm sure refiners pay more, but you will probably need either an account with them, or sell them A LOT. They most likely pay 90-98% of spot price.
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Old 07-25-2011, 07:30 PM   #17 (permalink)
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I think I better take my time, because I would imagine where some refiners would try to take a shot at you just to see if you notice... lol

But I thank you again for doing the whole thing, it'll probably come to me at some point. First I gotta actually take interest and look at the whole thing haha

No need to be a gold expert my friend, as long as you're good in math, which you are, that's all you need. Everything else is easy to figure out once you have the most important part down

Thanks again

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Hehe you'll figure it out

Heck, take your time, the price will probably continue to rise

Just be sure to shop around and get the most you can! This place is close by to me and I figured the prices are competitive since they actually tell you what they will pay that's why I went with them.

I'm no expert with gold so hopefully others can say if it's a good deal or not.
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Old 07-25-2011, 07:34 PM   #18 (permalink)
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Quote:
Originally Posted by obzezzed View Post
Most legitimate coin dealers will pay 60 - 80% of spot price for scrap gold. I'm sure refiners pay more, but you will probably need either an account with them, or sell them A LOT. They most likely pay 90-98% of spot price.
Thanks.

I wonder if you do indeed need an account with a refiner, and if there is a minimum requirment... What i'm really wondering is, how does the refiner make their money once they pay you the 90-98%?
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