Can anyone tell me the best method of selling scrap gold. I have a quantity of scrap jewlery all 18K yellow and want to get spot. Thanks in advance.
Hmmm, weigh it. Put it on Ebay with your reserve just over spot or begin your auction at current spot prices as many won't bid with a reserve shown. B
I agree with putting it up on ebay for the most money. There are lots of nutty people out there that may buy it for lots more than it's worth. However, if your not an ebay person, then if you live near a big city just look up jewelry places and try selling the stuff to them. However, they will usually only give you a fair market price unless they think you don't know what your doing. If you lived near Chicago, there is a building in the downtown area. I think it is 5 South Wabash. The entire building is jewelers. You would have to always find one that makes the stuff, not just sells it though. Then there are places like the PCGS web site where they have a forum for buying and selling. Your best bet is still ebay.
My local coin dealer buys scrap gold. I'm not sure what he pays for it or if is a high as spot price. Twenty-five years ago there were numerous places buying gold and silver scrap. People would line up to sell stuff. If the recent price rise turns into another mania, the number of places purchasing scrap will increase, but I don't think they will pay full spot price because they have to make a little money delivering it to the smelter. I recall there used to be a couple of places around the country that paid for scrap metal sent to them through the mail. I don't know if they are still around but if you spend a little time with Google you might locate one.
I'd go with Ebay too, dealers make a leaving by well...dealing. You'll get a portion under spot....at least 10% I'd guess, maybe more depending on the dealer.
