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

Discussion in 'Community Discussion' started by coopdog, Mar 3, 2010.

  1. coopdog macrumors 6502a

    Joined:
    Oct 5, 2002
    Location:
    The Great Midwest
    #1
    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. :rolleyes:

    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. :eek:

    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.
     
  2. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #2
    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.
     
  3. coopdog thread starter macrumors 6502a

    Joined:
    Oct 5, 2002
    Location:
    The Great Midwest
    #3
    I have a little over 100 grams; paying $6+ dollars a gram fee seems usurious.
     
  4. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #4
    I guess you should keep looking around then. However, I doubt you will find anything in the 5-10% discount range. Good luck.
     

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