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Is now a good time to scrap gold?

nala

nala

Ideal_Rock
Premium
Joined
Oct 23, 2011
Messages
7,235
My jeweler offered me 33 dollars per 10k gram, 47 for 14k and 58 for 18k. No one can predict the future, but what do you all think? I have never been offered this much for scrap gold!
 
Karl_K said:
low even the tv advertising scam artists are offering more.
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Wow? Really? The way I see it, I am not selling pure gold so I figured it was a decent offer. He has always paid me more than the cash for gold guys so I have come to trust him. I used to shop it around and he was always the best offer. So what should scrap gold be selling for or where do I go to scrap it?
 
nala said:
Wow? Really? The way I see it, I am not selling pure gold so I figured it was a decent offer. He has always paid me more than the cash for gold guys so I have come to trust him. I used to shop it around and he was always the best offer. So what should scrap gold be selling for or where do I go to scrap it?
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How much do you have to scrap?
 
Full melt which you wont get but its what you compare to is right now 18k 67 14k 52 and 10k 37 vs 58,47,33
Its not as bad as it looked at around 86% 90% and 89.1%
Top dollar would be around 95%
 
It’s crazy. My upper arm bangle, aside from the 2.5 carats of diamonds, has a scrap value of around $7,500 (A$) and to think a while ago now I was tempted to accept $1,000 for it. Glad I didn’t. But the $7,500 is definitely calling my name!
 
Since you have a relationship with the guy and no shipping ask for 95% of melt and see what he says. Negotiate from there.
 
Karl_K said:
Since you have a relationship with the guy and no shipping ask for 95% of melt and see what he says. Negotiate from there.
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I once asked him what he gets for melt and he says he doesn’t send it in. He uses it for his own work bc. He is also a bench.
 
Bron357 said:
It’s crazy. My upper arm bangle, aside from the 2.5 carats of diamonds, has a scrap value of around $7,500 (A$) and to think a while ago now I was tempted to accept $1,000 for it. Glad I didn’t. But the $7,500 is definitely calling my name!
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I think it may be time to dig through all the gold that I've collected in my safe over the years!

I suppose the other possibility would be to repurpose the gold for other projects.

It's been on quite a tear and I assumed a correction was long overdue, but it just keeps going up.

Since November 1, 2018, it's actually outperformed the S&P 500
S&P 500 vs Gold.jpg
 
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Idk, I hung onto some for 20 years and sold when gold was maybe around $1800. The payout did what I needed it to do. It sure wasn’t any OMG amazing deal, though. I always advocate to hang onto your gold unless you absolutely have to let go of it.
 
Gold prices are at an all time high so in that sense it makes sense but I’d try and negotiate a better rate if you can or use it towards your own projects!
 
I thought for the 10K and the 14 K that rate sounded pretty good! But this is not some thing I have done done before. And now I am tempted for the same reason!
 
I'm keeping my gold. If Bric collapses the dollar, at least we'll have a little hedge. (And I mean very little...)
 
not investment advice blah blah blah
Until things settle down in the world I think gold is going to creep up at the min with maybe some dips but overall up in my opinion.
That will change but who knows when.
 
Update: took 5 of my scrappiest scrappy pieces totalling a little over 13 grams made 637 dollars. He paid me the same for 10k as he did for 14k. Not a bad pay day, considering that I got all my money back and then some bc they were originally pawn shop finds from a couple of years ago. I did decide to keep most of my heavier and 18k pieces.
 
nala said:
Update: took 5 of my scrappiest scrappy pieces totalling a little over 13 grams made 637 dollars. He paid me the same for 10k as he did for 14k. Not a bad pay day, considering that I got all my money back and then some bc they were originally pawn shop finds from a couple of years ago. I did decide to keep most of my heavier and 18k pieces.
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Sounds like a great payout to me!
 
I don't you should invest now, wait more.
 
I never thought I would see gold go so high.
I remember when it was around $400 back in the late 70s. I was a teenager then, but keenly interested in jewelry, so I was paying attention.
Then suddenly it spiked up to around $800, and people went crazy buying it 'cause everyone thought it would keep going up.

That was when flat herringbone chains and nugget styles were all the rage.
The chains were a "must have" in your collection, the wider the better!
I still have a few. I better pull them out and wear them, huh?
 
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I'm keeping my gold, too.
I told DH that maybe one day I might have to trade a gold chain for a loaf of bread......
 
I did the opposite when gold spiked to $800 back then-- I sold gold jewelry I'd inherited to buy lenses and other equipment for my SLR camera. It was a good decision as I would not have worn that jewelry, and I used the camera a lot.

I am playing with the idea of selling some inherited gold now-- a few items I would never wear, some of which I would have to pay to repair. The only reason to hang onto them would be for my DH to melt them down for his jewelry making hobby. But he already has some other gold I gave him for that, and he barely makes anything any more.
 
stracci2000 said:
I'm keeping my gold, too.
I told DH that maybe one day I might have to trade a gold chain for a loaf of bread......
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NO joke....that may be the case in Canada soon.
 
Well, I thought about it, and talked to DH about it. He said he had more than enough gold to make the items he had in mind and gave me back the bits of scrap I had given him.

To that I added a broken-clasp 18k curb link chain of my dad's that he used to wear his St. Christopher medal on, a ring of my mom's and another of my grandmother's dating back to my high school days (neither of which fit me nor did I like them) and a few other unloved or broken odds and ends. We took a drive to the coin dealer we have sold to previously, who offers 90% of spot, and I came home with a nice check, which we wasted no time depositing at our bank. =)2
 
So you guys use the term scrap but if you are bringing for example, a gold necklace that doesn’t have any flaws, would you expect to get at least the spot price then? @Karl_K
 
Mreader said:
So you guys use the term scrap but if you are bringing for example, a gold necklace that doesn’t have any flaws, would you expect to get at least the spot price then? @Karl_K
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% of melt based on spot is I need money right now and that's all that matters price for a piece that's in good shape and a salable design.
% of melt based on that days spot price is the min to consider.
Watch out or the places that offer 50% of melt or less and weasel words.
The value of the gold content sets the floor price it may be worth much more.
 
Or maybe you don't need the money right now, but one can always use money, and reducing clutter as one gets older has benefits of its own. What I got for my scrap and otherwise unwanted gold items yesterday more than made up for what we spent on our new stove this past month.

Or maybe the piece, though sound, is unattractive for resale purposes (as was the case with some of my inherited items).

Or maybe you just don't want to be bothered listing it, and dealing with PayPal / fees / possibly problem buyers, even if you might be able to get more for it.

But yeah, if the gold item is in perfect shape and attractive, you might want to consider a different way of selling it.
 
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