Aquaman
Elite Member
Just curious what your local guys/shops are offering (%) for spot right now?
$3341/oz?! I never thought I'd see this.
$3341/oz?! I never thought I'd see this.
Anybody here cash in some of their gold recently?
- Thread starter Aquaman
- Start date
Friend of mine just did 53 grams of 14k, walked out with 3 grand. I figured it out for him, they paid him about 90% spot.. and that was a regular gold buying place. He said the guy tried to sell him on 2800 but he stood firm on 3. ...50/50 cash/check. He wanted all cash but the guy would not do that. All he asked for was a drivers license.
Have a friend who pays 90%, he's in Pa. No shop. I think he buys it at 90 and once he gets a lump takes it to the refinery. I'm guessing but he makes 5% off his setup
metaladdict
Elite Member
I just sent some in to midwest.
Did you write down what you sent in, be interesting to know this number on your receipt .
Troy oz's
Contained
FreeBirdTim
Elite Member
Sold my 14k Omega wristwatch case three weeks ago to reDollar for 91% of melt. They even paid for the shipping and insurance to send it to them!
Aquaman
Elite Member
My guy here is offering 93% but like LJS1, I bet it continues to go up.
It's kinda got me worried TBH.
It's kinda got me worried TBH.
stetam
Elite Member
I sold mine locally a week ago at 93%
Kansashunter
Elite Member
90% is about the going rate on selling scrap. When we sell scrap to a refinery we don't even get full tilt, infact, it's 96-99%. Just because it says 14kt that does not guarantee that is the quality, they do not know until it is melted.
Surf Master
Forum Supporter
( All he asked for was a drivers license. ) The tax man's got him , Drivers License now is a real ID , you don't have one yet Joe , I believe there is a dead line bro . time is all most up buddy ! Real birth Certificate , two bills with your address & name on it , SS card , & you better pass the eye exam
Unless you want to buy an electric bike to get around .3.14R8
Elite Member
Why worry, go get more.
diggin4clad
Elite Member
I sold two foreign gold coins (French Rooster and English Half Sovereign) a short time ago and got 98% of spot. Whenever I sell gold or silver, I do it at a coin show because dealers there pay more than anyone else.
Tom_in_CA
Elite Member
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I think you will get closer to spot melt market (98%, like you say), when selling gold coins or gold "Rounds", than you will with rings and loose jewelry. Because the coins are universally consistent (theoretically) at uniform known weights, and immediate demand from buyers/investors to flip them to. As opposed to jewelry which must be weighed, and smelted (for subtle inaccuracies in 14k vs 13.7k, and so forth)
Buellride
Forum Supporter
My preferred method for cashing in silver/gold is via Elemetal. About 1 1/2 years ago I found them "local" in the Seattle/SEATAC area, but they are a national company (https://www.elemetal.com/). I get 99% of spot for coins/bullion and 98% for all jewelry (gold or silver). You do need a business license or LLC to register with them but that is a short barrier to entry ;-). Their refining is all done on-site (at least the one I go to), and if I drop off my items in the morning I typically have the final assay and money in my account by the early afternoon. Super slick and easy.
Buellride
Forum Supporter
diggin4clad
Elite Member
I've sold both sterling silver jewelry and gold scrap for the same 98% of melt value. Obviously, prices vary from one dealer to the next and some of those "dealers" are outright crooks.
Tom_in_CA
Elite Member
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Which no-doubt means that they intend to issue a 1099 to you, if their payouts to you exceeds $600 in a calendar year. Eh ?
KOB
Forum Supporter
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That right there is the biggest problem. You don't want that to comeback several years down the road to haunt you. Catch 22 as to why I prefer local but sacrifice 5-10 points for cash. Unless you setup a fake account/ID/banking. Which requires a bit of work and expense.
Beachhunt1
Elite Member
IF, you were required to pay for your finds then your right would be to become a business.
I would like the opportunity to deduct my travel expense.
Tom_in_CA
Elite Member
- Joined
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IF, you were required to pay for your finds then your right would be to become a business.
I would like the opportunity to deduct my travel expense.
It has been often pointed-out that : If we have to pay taxes on the income derived from-our-finds (after all, it *is* INCOME, isn't it ?), then we can obviously deduct expenses. Ie.: your detector, your gas to travel, and so forth. And yes it's true that you could do that, and end up owing zero (because, let's face it, we md'rs don't come out ahead). But the cost and hassles of treating it like a business simply wouldn't be worth it. It's not like bookeeping is free and doesn't consume time.
