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  #1  
Old 02-24-2011, 09:03 PM
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Default Cashing in gold and silver?

Where is the best place to cash in gold and silver? I brought my gold ring to a pawn shop today and they offered me 1/3 of the going rate of gold. I wasn't planning on selling it but was curious what I would be offered. I think 66% cut is a little much imo. Is there anywhere that will cut out the middle man to get the most for your finds?
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Old 02-24-2011, 09:09 PM
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http://www.aragold.com/about-ara.html

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Old 02-24-2011, 09:13 PM
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ARA pays 98% plus they return all stones that are in the jewelry

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Old 02-24-2011, 09:42 PM
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Sweet....Get paid

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Old 02-24-2011, 09:53 PM
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Originally Posted by dogpound View post
ARA pays 98% plus they return all stones that are in the jewelry
Amazing. Thanks. I knew there had to be a better way then pawn shops and "we buy gold" places.
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Old 02-24-2011, 11:24 PM
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CollegeKevin: Try selling it on eBay. At minimal, you'll get melt value of the metal.

Yes, Buy Gold & pawn shop outlets are rip off artists.

Take One oz of Gold currently at $1400/oz

Your ring weighs 10 oz. 10/31grams Ring =$450 (31 grams = 1 troy Oz)

Your ring is 14kt Ring= $263 (Gold Melt value) (10kt = 10/24 14kt = 14/24 18kt = 18/24)

Those Crooks that buy gold take 30-50% Ring= $131 to $184
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Old 02-25-2011, 11:24 AM
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Yep.. go direct to the refinery (the one above is the best deal)... shops and 'We Buy Gold' outfits are nothing but a bunch of ripoff artists. RickO

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Old 02-25-2011, 01:01 PM
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Got my check from ARA yesterday, only 13 days after I put my gold and silver in the mail.
Keith

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Old 02-25-2011, 01:05 PM
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Originally Posted by Disconnected View post
Got my check from ARA yesterday, only 13 days after I put my gold and silver in the mail.
Keith
......did you figure it out BEFORE sending it in and did you get 98% or at least CLOSE to it, as they advertised? Inqiuring minds want to know! Thanks.... Jan

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Old 02-25-2011, 01:06 PM
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I generally agree with sending it to a refinery like Aragold. But before you do check around to some more jewelry stores in your area. I found one near me that pays 85% of melt. That obviously isn't as high as Aragold's 98%, but you still need to do a little math.

If you are just sending in a small amount of gold, like one ring, the cost of shipping, including insurance and delivery confirmation may cost you more than the 18% difference in melt value.

For example, lets say you have a 3 gram 10k ring. At today's rate that is $56.55. At 98% you'd get $55.42. At 85% you'd get $48.07. So if shipping cost more than $7 you'd have been better off at the local jeweler. There is also the "cost" of waiting for it to get there and a check to be sent to you compared to getting the cash right now. Also, if prices drop some between when you send it in and they actually receive it you lose out there too.

It all depends on exactly what you have, what the actual shipping rates are, and your tolerance for waiting for it to be processed.
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Old 02-25-2011, 01:21 PM
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I used to sell all my gold and silver on Ebay, but the fees keep going up. The more you sell, the more you pay and the final value fees hit hard as well, especially on gold. Paypal now takes a % of the Paypal payment your buyer sends you as well. As much as I hate waiting on ARA, it's the best deal for more than a few hundred dollars of gold.

Dusty

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Old 02-25-2011, 01:25 PM
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Originally Posted by Janster View post
......did you figure it out BEFORE sending it in and did you get 98% or at least CLOSE to it, as they advertised? Inqiuring minds want to know! Thanks.... Jan
I had A pretty good idea of what I was getting back. Wasn't sure of the exact weight due to the stones in some of the rings.The one thing I wasn't aware of is they only pay 80% on platinum, but other than that it was within about $25.00 from what I was expecting. So to answer your question, yes I got 98% on the gold, 90% on silver, & 80% on platinum. If anyone is interested it cost me $21.00 to send it registered/ insured. This is what I sent, less the gold signet ring. Couldn't part with it yet.
Keith
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  #13  
Old 02-25-2011, 01:30 PM
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I sent my gold Priority mail insured for $11 and change. I insured it for $500, the actual check was for $512.01

Dusty

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  #14  
Old 03-01-2011, 01:32 PM
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This is a great site. I just got off the phone with them inquiring about some questions I had. It is as simple as they state on the website. They also allow you to lock in the precious metal value once they get it, and if you dont, they will give you the value the metal is when their process is done. Think I might send in a lot of my silver quarters I have back at home. Maybe buy a book with quarters

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  #15  
Old 03-01-2011, 03:47 PM
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Unless they screw up, ARA has all of my future business.......

Dusty

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