How do I get anything close to spot price for my scrap gold?

[coopdog]

Hi, times are tough, and I need to sell my scrap 14K gold.
I've researched high and low and it seems no one is offering close to the spot price of gold.

Gold was up $20 yesterday and is up again today @ $1139/oz

I toured the coin, jewelery and pawn stores in my area today, and the highest price I was quoted was $14.75/gram for 14K gold.

Using a gold karat calculator online, the SPOT PRICE for 14k gold is $21.36/gram.

My local, and only, refinery is a little more generous at $15.75 per gram.

It seems really unfair that the refinery takes over 1/3 of the value of the gold!

I thought their take was more like 5-10%?

Any ideas? Don't say Cash4gold.

 

[ucfgrad93]

Any ideas?

Accept the fact that you will get about a third less than the spot price and use your local refinery since it has the best price. No one is going to offer you the spot price, and a 5-10% take doesn't sound like it will cover their expenses.

 

[coopdog]

Accept the fact that you will get about a third less than the spot price and use your local refinery since it has the best price. No one is going to offer you the spot price, and a 5-10% take doesn't sound like it will cover their expenses.

I have a little over 100 grams; paying $6+ dollars a gram fee seems usurious.

 

[ucfgrad93]

I guess you should keep looking around then. However, I doubt you will find anything in the 5-10% discount range. Good luck.