Big Boys Hobbies

Gold prices question

woodbutcher

woodbutcher

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So I found this ring Friday,and posted it,most probably seen it.But Saturday I went to a flea market and had it with me,and took it to the WE BUY GOLD stand.It weighs 8 grams,and the guy said he'd pay $100 for it.
I got no reason to keep it or sell it,it's just nice to look at.lol..But my question is this,was that a fair assumption of what I should get for it,$100.
 

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woodbutcher said:
So I found this ring Friday,and posted it,most probably seen it.But Saturday I went to a flea market and had it with me,and took it to the WE BUY GOLD stand.It weighs 8 grams,and the guy said he'd pay $100 for it.

I got no reason to keep it or sell it,it's just nice to look at.lol..But my question is this,was that a fair assumption of what I should get for it,$100.
Click to expand...



No. Currently, 8 grams of 14k gold is about $187 in scrap.


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Which is the best detector the Garret/f5 or the Fisher gold bug pro

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woodbutcher said:
So I found this ring Friday,and posted it,most probably seen it.But Saturday I went to a flea market and had it with me,and took it to the WE BUY GOLD stand.It weighs 8 grams,and the guy said he'd pay $100 for it.
I got no reason to keep it or sell it,it's just nice to look at.lol..But my question is this,was that a fair assumption of what I should get for it,$100.
Click to expand...

You can check for yourself here:
http://coinapps.com/gold/14k/calculator/

As you can see, when you put in 8 grams, it's worth about $187, as noted. If you sold this for "melt", you'll have a little loss, due to refining, and the cost of shipping will eat a little bit. You can expect you'll get about 90-92% of your weighed value after all is said and done, depending on how close to "actual" 14K this composition is (often, they're slightly less). This means you should get about $170 -$180 for the ring.

If you take it somewhere and they're offering you $100, they're going to pocket $70 by sending it in, themselves.

Many folks will buy gold at "spot", though for the bullion value. You should be easily able to get $170-$180 for this in a private sale, too.

Hope this helps!
 
Ah,so he tried to get me..lol...shiester,,he's always there too when I go to that flea market.Im gonna tell him he's gonna hafto pony up if he wants my business.Thanks everyone for the help and the links.
 
woodbutcher said:
Ah,so he tried to get me..lol...shiester,,he's always there too when I go to that flea market.Im gonna tell him he's gonna hafto pony up if he wants my business.Thanks everyone for the help and the links.
Click to expand...

Not really. Just like pawn shops. They offer what THEY want to pay. IF you take it you are the one that didn't do your homework. I worked at a pawn shop for a few years. The fools that didn't know what they had got taken by the owner. Not his fault they took his offer.
 
Nothing wrong with making some profit and paying the bills.
After all, it's a "Cash For Gold" place -
I'd shop around.
 
Looks like it's engraved inside? Too bad, would be worth the most as an intact ring, probably $500-ish or more "retail" meaning you could put a $300-ish price tag on it selling it as used.
As for those gold buyers, they're in it to make money! Around here if a person can get 55% of melt, you're doing good.
 
Good on ya WoodButcher for walking away and asking for help here...I'm sure a lot of others learned from the responses where to get their finds value...

If you wanted to, you could post your finds FOR SALE here on this site even!...Theres some gold and silver bugs around here that would pay close to melt and sometimes a little over depending...Gold is Gold...
 
Yeah, it's amazing the range of offers you'll get from pawn shops and 'we buy gold' type places.

I found a little 10k (1.6 gram) ring that had retailed for about $300 when it was new. Spot value is about $26.

Had one shop offer me $20 (surprisingly good, all things considered).
The next offered me $7 (seriously?!?).
One I found last night actually offered me $23 (still only 88% of spot, but definitely the best offer that doesn't involve shipping internationally).

So yeah, it really depends on the place and what they're willing to pay. And that, in turn, depends on how successful they are at turning a profit on the stuff they buy. The place that offered me the best rate was a massive (walmart-sized) pawnshop/thrift store that turns a huge amount of business on everything from housewares to electronics to designer clothes-- you name it.
 
I think the ARA guys and others like them can pay more because they deal in a higher volume. Your local guy probably doesn't have the capital like the big guys do, and he's there able to pay you on the spot , no waiting. Like Scuba said, it's free money..
 
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