Featured Where do you sell scrap gold

The time has come again to sell the scrap gold and silver i have collected over the last couple of months. However a phone call to my usual jeweller has put me off as they are offering about 15% less than what i normally get, despite gold currently being high in value. I have various purities, some with low grade stones, some unmarked or poorly marked or just dubious so they would need testing, ideally while i watch...

Got me wondering where you boys and girls go to sell your scrap. Do you suck up ebays fees? Test it yourself? Sell via post or do you just know a guy?

 

If you're in need of some quick cash the jeweler or pawn shop is the way to go, if your willing to wait a while I would ask around your area or take them to a consignment shop (they'll still take a cut).

 

There's usually a couple of places around that advertise that they buy coins and precious metals. You need to shop around, though, because we had one in town for awhile that was pretty sketchy and then the police arrested the guy for buying stolen goods. Reputable ones will have been around awhile. Your local jeweler might know of someone. The man I bring stuff to has been around for decades and he's open infrequently, but he tests in front of you and gives a fair price.

 

If you live near a major city, it may be worthwhile to check out gold refineries and skip the middleman.
The one I use has no minimum quantity and the return on gold is 97-99%. You can witness the process from assay to melt and settlement is immediate.

 

I use a local dealer who buys and sells at a small flea market. She pays VERY fair money and never quibbles. Cash on the nail. I've also sold to a small stall in a lcal market: he gave me way over what any pawnbroker or online place offered.

 

It's expensive for me to go to London where I would get more but I asked all the local jewellers who ALL said 'best prices paid' and finally found a coin and medals dealer who gave the best deal, you know they have to make something so I check online first. I wouldn't do post as I would worry I'd get fleeced somewhere plus here in UK the postal cash for gold got a panning. No pun intended.

 

I generally just use the local pawn. They're pretty fair, and I rarely have enough to make it worth while to go all the way to the nearest refinery. The extra money gets eaten by my time, gasoline, and wear and tear.

 

why is silver still sitting at $17 an once......drives me nuts !

 

Bev, you use the guy in Post Office Square? I do. I buy from the guy on Main Street but the one time I brought him something to sell he seriously undervalued what I brought.

Ratsy Brown, the key is to know the value of your scrap items before you go, then ask at different places.

Here in Mass I believe we can not go straight to a refinery, we have to go through a dealer. It has something to do with the wait period before items can be melted just in case they are stolen. Also a refinery wouldn't be happy with people coming in off the street wanting to sell 2 chains and 3 pairs of earrings. It's not worth their time dealing with such small quantities.

 

I guess it is all relative but relative to where it was five years ago, gold is down around 25% and silver down over 45%!

 

I use Garfield Refinery out of Philly, but my last shipment to them came out less than I expected, so I may look around for someplace else. To be fair, it was a very mixed lot with some stones included, so my estimate may have been off.

 

I hear you, komo! Dollar cost averaging on silver......I am sure not selling now

 

Post Office Square in Boston?

 

I live in easy reach of Birmingham and the Jewellery Quarter. I get about 97% of spot, the owner has an XRF gun for checking. There are loads of other places within a square quarter mile in the jewellery business, so prices are keen. I have not sold anything for ages, though, I am just sitting on my hoard at present as I don't have a use for the cash.
I rather hope there may be a bit of an uptick before I come to sell, and a lot of stuff is simply used around the house, decorative or practical like flatware.

 

Brummies luck out on that one. You can probably find second-hand pieces for pretty close to spot weight too.

 

I can indeed. A local man who is far more active than I am in seeking out stuff runs anything he finds past me before scrapping it. I pay him spot price. I have had quite a few pieces for the house and hoard this way.
When I was more actively buying and selling I had several such runners who would bring me stuff to look at and often buy. A good runner can be worth buying the occasional bit you don't want from to keep them coming to sell the better bits. They work on small profits quick returns, something I can work with.

 

I often grab bits and bobs which I know a couple of dealers will pay me rather well for. The fact that they then get sold on the Portobello for a great deal more worries me not the least little bit. One of them is always after cups and saucers with months on. She offers me a tenner, knowing I've paid a quid.

 

It's nice to know SOMEONE wants cups and saucers. Around here they give them away or close to it. That's what happens when all the children are taught to throw a tea bag in a mug in the microwave. (guilty)

 

There's certain designs that still do well. I think she sells them to tourists!

 

I get better prices on ebay than I can locally. Have to know exactly what you are selling and represent it as such. Any doubt in the listing will be reflected in your return. Otherwise, have had Midwest Refineries recommended for even better prices. Have yet to try them. Have been holding everything for the last couple years with the downturn in values.