Wasn't easy, but sold some gold today.

GroundSweeper · Dec 3, 2018

I kept 7 pieces, sold 19 out of the 21 I took in.

I have been saving my gold finds - never really wanting to sell them for a few reasons - one is my pirate booty mentality - enjoy seeing my gold finds and I can remember each discovery. Another reason is the hassle of selling - going in somewhere and getting fleeced or mailing off my gold and information, paying shipping and insurance. Neither a comfort zone for me.

But I've been thinking a lot lately of getting a salt capable machine for those few times I do hit the beaches. And maybe a bit deeper reach for the parks around me. Been looking at used machines - Sov Elite, Explorers... but hard to drop $400 or so when the Equinox 600 isn't too far away and then there's the 800 - with a gold nugget frequency - I'm in gold country, so seems foolish not to get that capability.

Long story "short" - it wasn't easy selling some of my gold finds. I took them to a gold buying place, and got about 81% of melt value. Two pieces they wouldn't take saying they were plated (I don't think they are, but whatever), and the grill I had thought was 10k (unmarked) he ran in an analyzer machine and said it was 8k. He acid tested a few pieces (after asking if it was ok) but not the bulk of them. I liked the guy - he seemed legit, so took the $737. Short of the Eq800 new. There's a used 800 near me they're asking $750 for, but I kind of feel that I should spring the extra cash for a new one if I'm going to do this. I am going to mull it over some more, maybe ask some sponsors what they'd sell me an 800 for and go from there.

Just wanted to share my selling experience. Thanks for letting me get that off my chest :lol:

SoOregonMd · Dec 3, 2018

I can imagine It was quite hard to let go of it.. would be for me for sure.

I really think you are going to love the Nox and can make up for it in short order !

but I surely do get the "pirate booty" mentality.

I found 2 gold nuggets this year and couldn't get myself to sell them. Instead I am having them melted into a wedding ring for my son-n-law he foolishly bought a tungsten band that he has already outgrown. I figure this way my "finds" will stay in the family for generations to come.

Congrats on Pulling the Trigger.. you won't regret and get out there in Gold country and do some prospecting..

Mud-puppy · Dec 3, 2018

This is a good Honest post GSweeper! Its an issue.."What am I doing this for? How do I offload my finds?" "Whats my ROI for all this effort?'

Ditch cans and abandoned beach towels are worth more than gold? Clad even? As the dust settles and a guy does the math... tragically...... Pretty much yes...

itsaring! · Dec 3, 2018

Can be tough selling gold. I am lucky to live sort of close to a refinery that pays 97% of melt. And they have a 50 grand scanner :shock:

Not sure you can trust the mail refineries anymore. I know the one in Texas got his feelings hurt and said he will only take like a thousand pounds now :lol:

Forgot to add watch for name pieces. I just got $225 for a David Yurman silver womans necklace on feebay

Jamflicker · Dec 3, 2018

Great plan for getting your new machine. I know it's hard to part with finds but I did the same thing with my gold when I bought my Etrac years ago.

GroundSweeper · Dec 3, 2018

SoOregonMd said:
I can imagine It was quite hard to let go of it.. would be for me for sure.

I really think you are going to love the Nox and can make up for it in short order !

but I surely do get the "pirate booty" mentality.

I found 2 gold nuggets this year and couldn't get myself to sell them. Instead I am having them melted into a wedding ring for my son-n-law he foolishly bought a tungsten band that he has already outgrown. I figure this way my "finds" will stay in the family for generations to come.

Congrats on Pulling the Trigger.. you won't regret and get out there in Gold country and do some prospecting..

Awesome usage of those nuggets! Nice man!

Mud-puppy said:
This is a good Honest post GSweeper! Its an issue.."What am I doing this for? How do I offload my finds?" "Whats my ROI for all this effort?'

Ditch cans and abandoned beach towels are worth more than gold? Clad even? As the dust settles and a guy does the math... tragically...... Pretty much yes...

true dat Mud! Insane in the membrane! Loco en la cabeza!

itsaring! said:
Can be tough selling gold. I am lucky to live sort of close to a refinery that pays 97% of melt. And they have a 50 grand scanner Not sure you can trust the mail refineries anymore. I know the one in Texas got his feelings hurt and said he will only take like a thousand pounds now

Forgot to add watch for name pieces. I just got $225 for a David Yurman silver womans necklace on feebay

That’s true about ARA, I have heard that Midwest Refinery is okay and their website says they pay 95%, but I don’t want to ship and insure and wonder. Finding a semi close refinery is great! No designer pieces in the lot I sold, good wisdom there too.

Jamflicker said:
Great plan for getting your new machine. I know it's hard to part with finds but I did the same thing with my gold when I bought my Etrac years ago.

Only seems fitting doesn’t it! Only way I could justify it really. Now to decide if used at ~$750 or new at $?

Foragist · Dec 3, 2018

Yeah, 81% is a bit hard to swallow, but you consider any loss as a convenience fee, and keepin' it local is good too.
You can also consider the fun you had finding all those pieces, and posting them on the Friendly Forum. I immediately recognized that smiley face and religious pendant from your posts this year.
A used 800 should be a good buy if it hasn't been used heavily. For $750, it should look pretty clean. Then it would be worth it. (probably)

Ice Scratcher · Dec 3, 2018

I know how you feel, it's tough letting go of booty.. :lol:

I've done the same thing, several times now..

Always take a group picture before hand..

Of around 150 pieces, (besides a tiny chain and a 0.2 gram pendant I kept for testing) I kept these for my daughter, and that's all..

Good luck with the new machine bro!!

<°)))>{

metaladdict · Dec 4, 2018

Hey G.S. I always send my gold in and never insure it. I am using Midwest refiners in Michigan,very quick payment at 90 or 95% on gold or something.
Wait I think 90% silver.
95% gold.
Anyway...quality detectors maybe lowest for new if you call. Cant beat used pricing though.

WyoTom · Dec 4, 2018

I don’t find too much gold but when I do I always sell it! Lol... Congrats on getting a new machine. Shop around... $750 seems high for a used one.

GroundSweeper · Dec 4, 2018

Foragist said:
Yeah, 81% is a bit hard to swallow, but you consider any loss as a convenience fee, and keepin' it local is good too.
You can also consider the fun you had finding all those pieces, and posting them on the Friendly Forum. I immediately recognized that smiley face and religious pendant from your posts this year.
A used 800 should be a good buy if it hasn't been used heavily. For $750, it should look pretty clean. Then it would be worth it. (probably)

Thanks Foragist. “Only used a few times works great.“ is the description on CL. I may check it out and offer $700. Have to see.

Ice Scratcher said:
I know how you feel, it's tough letting go of booty..

I've done the same thing, several times now..

Always take a group picture before hand..

Of around 150 pieces, (besides a tiny chain and a 0.2 gram pendant I kept for testing) I kept these for my daughter, and that's all..

Good luck with the new machine bro!!

<°)))>{

You take good pics Ice! And nice pieces to save for your daughter - that’s why I saved a few. Thanks man.

metaladdict said:
Hey G.S. I always send my gold in and never insure it. I am using Midwest refiners in Michigan,very quick payment at 90 or 95% on gold or something.
Wait I think 90% silver.
95% gold.
Anyway...quality detectors maybe lowest for new if you call. Cant beat used pricing though.

Thanks Metal. I had read a post of yours that mentioned Midwest. Maybe I’ll give them a try next time. I missed a used 800 at $700 from Dectector on here, wish I would have nabbed his.

WyoTom said:
I don’t find too much gold but when I do I always sell it! Lol... Congrats on getting a new machine. Shop around... $750 seems high for a used one.

Thanks Tom. The one for $750 is on CL and states “Only used a few times works great.” Don’t know if it’s really available still but it’s in my small town. I’ll have to figure this out, but pretty sure I’ll get an 800.

DigthenChuck · Dec 4, 2018

On the question of selling gold, my experience has been to get 90% of spot melt value. I have taken gold into this local place called Smyth because they were advertising (gold buyers) and they only offered 50 % of melt. But there is other places I can go and get 90% . If you take a list of your items and weights and and have the 90% price next to it they should be able to give you that especially if they know you.

I know 3 local places that pay 90%. I suppose they are making 6-8% for cashing me out when I go and it doesn't bother me. I am just happy to get 90 with no hassles or waiting. OP you can probably get 90% next time you go. It is good that you liked the guy, it is nice to deal with friendly people. Some pawn dealers are just pricks. You have half of the battle won just by knowing how to figure the melt value of the gold.

I am putting the formula here for others that may know it.

Spot price of gold divided by 31.1, times the purity of the gold, mutiplied by .9.
Then multiply your gram weight by that number, you should be able to walk away with that.

amc rulz · Dec 4, 2018

Ya do what ya gotta do. Personally, I’m waiting for $1900 gold to come back, if it ever does.

ugadigger · Dec 4, 2018

amc rulz said:
Ya do what ya gotta do. Personally, I’m waiting for $1900 gold to come back, if it ever does.

Here’s hoping! I don’t have much hoarded but fortunately I can wait.

GS I look at it this way, you will have a free detector that is a great ROI that’s going to return instantly.

Return you enjoyment, clad, silver, gold, junk, comraderie with friends, sore back and arms too. See all you get?!

Sent from my iPhone using Tapatalk

diggin4clad · Dec 4, 2018

For some weird reason I've always sold whatever gold I've dug but have hung on to every piece of silver whether it was coins or jewelry. The only exception was an antique silver ring from Denmark that I got $175.00 for. The 81% seems low to me because most pay somewhere in the range of 95-98% for gold. As for the plated items you could always take them somewhere else to get a second opinion but I think if they WERE gold the guy would have bought them.

Bagelbites · Dec 4, 2018

I know what you mean about it not wanting to sell your gold. I've sold most of what I've found, and sometimes I regret it because I want to pull a Scrooge McDuck and wallow and swim in all my gold.

The only remedy is to find more!

KiowaRd · Dec 4, 2018

Congrats on finding all those goodies. Makes me wonder how many pull tabs and chunks of can slaw you had to dig to find them.

GroundSweeper · Dec 4, 2018

DigthenChuck said:
On the question of selling gold, my experience has been to get 90% of spot melt value. I have taken gold into this local place called Smyth because they were advertising (gold buyers) and they only offered 50 % of melt. But there is other places I can go and get 90% . If you take a list of your items and weights and and have the 90% price next to it they should be able to give you that especially if they know you.

I know 3 local places that pay 90%. I suppose they are making 6-8% for cashing me out when I go and it doesn't bother me. I am just happy to get 90 with no hassles or waiting. OP you can probably get 90% next time you go. It is good that you liked the guy, it is nice to deal with friendly people. Some pawn dealers are just pricks. You have half of the battle won just by knowing how to figure the melt value of the gold.

I am putting the formula here for others that may know it.

Spot price of gold divided by 31.1, times the purity of the gold, mutiplied by .9.
Then multiply your gram weight by that number, you should be able to walk away with that.

This is the first time I have ever sold gold. I had my bottom line and with the two rejected pieces came in over what my bottom line was. Although it still stings a bit to accept 81%, I think the hardest part was just parting with my finds to begin with. I'm giddy a bit with the idea of picking up a N8.

Thanks for posting the formula - I have a spreadsheet that calculates it all for me, just have to go grab spot price.

amc rulz said:
Ya do what ya gotta do. Personally, I’m waiting for $1900 gold to come back, if it ever does.

I was trying to hold out. But I'm taking advantage of some other alignments in my life that will allow this purchase to happen.

ugadigger said:
Here’s hoping! I don’t have much hoarded but fortunately I can wait.

GS I look at it this way, you will have a free detector that is a great ROI that’s going to return instantly.

Return you enjoyment, clad, silver, gold, junk, comraderie with friends, sore back and arms too. See all you get?!

Sent from my iPhone using Tapatalk

Exactly! Finding gold is icing on the cake of detecting. Getting out and detecting is priceless. It's one of the major good/fun things I do in life, so spending the gold I found to branch out a bit just seems logical

diggin4clad said:
For some weird reason I've always sold whatever gold I've dug but have hung on to every piece of silver whether it was coins or jewelry. The only exception was an antique silver ring from Denmark that I got $175.00 for. The 81% seems low to me because most pay somewhere in the range of 95-98% for gold. As for the plated items you could always take them somewhere else to get a second opinion but I think if they WERE gold the guy would have bought them.

Midwest Refinery in Michigan supposedly pays 95%. I don't think most local stores will come close to that, ever. Unless you have a sweet deal with someone.

Bagelbites said:
I know what you mean about it not wanting to sell your gold. I've sold most of what I've found, and sometimes I regret it because I want to pull a Scrooge McDuck and wallow and swim in all my gold.

The only remedy is to find more!

I always wanted to buy a cave and load it up with gold like a true pirate.

Mud-puppy · Dec 4, 2018

The good thing is you found some Gold to sell! :laughing:

Really, this is a great Outdoor pursuit oriented Sport with a PAYBACK!...Just try selling a pail of bluegills or some dead ducks or a deer or a snapping turtle or muskrat pelts or something... :laughing:

zeemang · Dec 4, 2018

I'd say nice job, nothing wrong with selling your finds to pay for equipment.
Not everyone is loaded and can buy all the new machines without batting an eye. All of my machines have paid for the other machines, I started with a bounty hunter quick silver, resold at a profit to buy my ace 250, resold that and my finds when I got a great deal on a used sov gt, sold my finds from that and bought my excal, sold finds from that and ROOFED MY HOUSE!

Wasn't easy, but sold some gold today.

GroundSweeper

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