14k gold for scrap

I had a bracelet that had some poor quality champagne diamonds in it which the jewler removed for me as well as some stones from some 14k earrings. I now have about 17 grams of tested 14k gold that I need to sell, what is the best way to do this? Should I try CL or ebay? What can I expect to get per gram? I need to fill the oil tank at my house so I need to turn this into cash. I'm not trying to sell on here or violate policies I'm looking for advise on which method to sell through and how much to expect per gram.

Thanks all
HOTN

 

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According to this site http://www.dendritics.com/scales/metal-calc.asp 17 grams of 14 carat gold goes for about $545.

 

You can try looking Here to get an idea of what the actual value is. If you have a local coin store nearby, you may get a better offer than a Gold buyer. I wouldn't expect much more than 75-80% of melt. But shop around you may get more.

 

That would be amazing if I could get the full $545 value for it. That would get me 150 gallons of fuel oil to heat my house. I would hope I could get close to 90% but it seems like 80% might be more likely. Seems like people selling on ebay get close to melt but them you pay about 12% in fees. 88% is not that bad.
HOTN

 

don't forget about paypal fees etc... if you can try listing it on Craigslist first because it is free and you should be able to get more for it. Otherwise go to a reputable gold&silver buyer or call around for quotes and save yourself the gas money~

 

Ebay gets you for about what 9-10% and then paypal another 2-3%. That is what I have paid on my past auctions. I'd like to get it done quick so yes, I'll try CL but you always get those lowballers trying to offer you like 50-70%, no thanks I don't even answer those e-mails. On the other hand I got an offer for $85 for a roll of 40%ers, which I thought was reasonable.
HOTN

 

Try to find a local coin shop, or a reputable jeweler by you (maybe the one who took out the diamonds even). My jeweler will give me spot - 6% on gold, since they have their own smelting operation, but then again my family's known them for decades. Whatever you do, do NOT go to any of those "cash for gold" places, they will rip you off.

Worst case, you could put it up in the CT B/S/T section and see if someone will take it. Less fees than ebay, and you might find someone local for a quick sale.

 

It came out to 19.10 grams of 14k after the stones got removed. They offered me about $350, I told them I would come and pick it up from them. I do business with them (wedding rings etc) so I was dissappointed with the offer. I need to squeak out every dollar from this transaction so I can keep the kids warm this winter. I hope they understand why I did not take their offer.
HOTN

 

I think in total between Ebay and paypal the fees have averages about 15%-18% which really eats into the sale price... You also have the "for sale" section of the website here, may be worth a shot~

 

My opinion only, but I would make it clear to them why you didn't take their offer. I understand dealers need to buy low and sell high in order to stay in business, but in my mind what they offered is wrong, especially if you're a known good past customer. Have the discussion, don't be nasty, but if they don't give you a good reason why there's such a difference, I would let them know your disappointment as well as the fact you'll be looking to take your future business elsewhere. There's a whole lot of reasons the price could be low - it could be it's more expensive to refine it, or they don't want to smelt and it'll take a while to turn it over, etc, but if they're honest and they care about their customers, they should be upfront about it.

 

Or send it to the refiners yourself or piggyback on your dealers stock that they are sending in to the smelters. Just need to send it to a different state to avoid taxes :wink: this is what I do.

PS its not the we buy gold places the actual refiners

 

I agree. And it's also safer than advertising that you have gold.

 

I just got back from picking it up, they had it all weighed out in a baggie with the total weight and 14k marked on the bag. They again went over the offer and then also told me if I put it towards a purchase they could offer 10% more. I thanked them kindly for the work they did (removing the stones) and asked if I owed them anything on that, they said I owed them nothing. I told them my intentions were to hold the gold until the price goes up or to sell it on my own to try and make more money. They had no problem with that.

They also weighed the 15 brown diamonds that came from the bracelet. Those came to 3.17 ct and the jeweler wrote a description of exactly what they were 20 points and the clarity so I could sell them on my own. He also gave me an approx wholesale value. He makes high end stuff so he was not interested in buying them from me. He also did the same with the amethist pieces from the earrings. It was all very professional and I don't hold anything against them. I'm planning on making future purchases from this jeweler.

They spent about an hours worth of time in the past couple days cleaning jewelry (my wife and I wedding rings and bands and other assorted things) and doing the above work for me at no charge. They may not offer the best cash for gold prices but they do have great customer service which is refreshing.
HOTN

 

^ Fair enough then, that seems reasonable to me. I just don't like it when there's a lowball offer without a good justification why.

 

You can go directly to the refiner yourself. Contact a place like Cascade Refining.

 

Do you need to have a business license or Tax ID?
Thanks
HOTN

 

Most will either require you send in a certain min. amount. But there may be some that don't.

 

I really wouldn't bother going direct to the refiner. I think they offer 85-90% of spot or charge you for the refining (which is worse, possibly). Basically, you have $545 worth of 14k gold. The cost to turn that into 24k gold will be ~$50 (guessing). They refiner might charge you $100, since it's a small amount. That nets you $445 of 24k gold or about 0.25 ounces. You could then sell that assayed gold for a 5-10% premium on eBay. You'd sell for ~$500 and owe about $65 in fees, netting $435.

Alternatively, you could go on eBay and post in their bullion section at $495 with a "buy it now" at $545. eBay fees and whatnot would work out to $75, so you net out $470.

Last choice would be Craigslist. Depending on your area, this might create safety issues. Hawaii's gun laws minimize the CL problems with hold-ups/what-not. To be safer, meet at your bank and deposit the cash as soon as you're paid. That way, you can't really get held up, if that's a concern. Personally, I like meeting at McDs. This serves two purposes: 1) If the counter-party is a no-show, I get an unhealthy, yet mostly satisfying meal. 2) McDs has strong indoor lighting, so if examining coins/stones, I can see what it looks like indoors and outdoors.

On CL, you will probably get some ridiculously BAD offers. Ignore those. If someone offers you around 97% of spot, sell to them.

And, then, there's always the BST section on here. Out of curiosity, what color are the browns? PM me, so we don't end up making this a public two person convo.

 

It ended up being 19.10 grams 14k, so melt is about $610 or so. I put an ad on CL for $550 to see if anyone is serious about buying. I like the ebay idea only because it is safe and if I can clear $550 after fees I'd be happy because I need that much to get my 150 gallons in fuel oil. I guess you prob don't have that problem being in HI...ha ha ha

The refiners say they offer 96% of spot, and with this being my first time selling gold (I collect silver) I don't know how true that is. I'll hit a few coin shops and jewelers this weekend to see what is happening and hopefully pick up a little more knowledge so I can make an informed decision on what to do with the gold.

I'll also take some pics and post on the BST section, I've had smooth transactions with CoinTalk members in the past so I don't see why that would be any different.
Thanks for the detailed reply. PM sent
HOTN

 

Have you considered bartering with the fuel dealer?