Anybody know how much 14 carat gold is worth ?

[Doug]

Back around 1980, when Gold was near $1,000, and Silver near $50, I was in high school, worked part-time for a coin dealer. Metal was coming in like crazy. We melted the gold in shop, into crude ingots, before sending to the refiner, that eliminated any problems with stolen stuff.....yes, it's a very dirty business, you probably can't do that now !

My guy is at the same location, but the new owner of this shop, the old guys reitired around 1995, moved to Florida, and would be like 85 now, if still alive ?

New guy is fair ( as evidenced by his $15.27 price), but coin dealers are somewhat of a "screw the widow" business, if you don't know what you have.

Old guys would surely lowball some stolen jewelry, and smelt it minutes later, and pay low, but it was 1980 !

Coin dealer is a good way to be a front, for anything from a bookie to drug dealer, or ????

 

[Doug]

Gold is at $1064 today, as a point of reference.

 

[Mr.Leisure]

Gold is at $1064 today, as a point of reference.

Right, which makes 14k worth $19.96

 

[HuskerFan1]

i dont buy scrap gold off ebay but i have a buddy who used to sell it...if you have a good feedback rating or know someone who does you might want to do a little research (follow some scrap gold auctions and see what they are selling for) bc you might get close to SPOT price on there...i say that bc the 24k gold is selling for WELL OVER spot (like $100+ over spot on 1oz coins)

same with silver you cannot buy silver for much less than $20 an oz on there...i bought 10oz last night and i paid $195 i bought it bc i had $16 in eBay bucks which bought my price down to $179 which is current spot price so i was happy...

they are vulchers on there so look into eBay and i bet you will do better than any coin store etc....bullion is very popular on eBay right now bc many seller dont charge S&H which pushes the auction well over the spot price

 

[Doug]

i dont buy scrap gold off ebay but i have a buddy who used to sell it...if you have a good feedback rating or know someone who does you might want to do a little research (follow some scrap gold auctions and see what they are selling for) bc you might get close to SPOT price on there...i say that bc the 24k gold is selling for WELL OVER spot (like $100+ over spot on 1oz coins)

same with silver you cannot buy silver for much less than $20 an oz on there...i bought 10oz last night and i paid $195 i bought it bc i had $16 in eBay bucks which bought my price down to $179 which is current spot price so i was happy...

they are vulchers on there so look into eBay and i bet you will do better than any coin store etc....bullion is very popular on eBay right now bc many seller dont charge S&H which pushes the auction well over the spot price

True the bullion coins are at a premium now, mainly due to a frenzied market state ( and they are in essentially the easiest traded form already).

A seller of these should get well over spot price, under current demand conditions.

Historically you got spot selling, and paid a small premium when buying coins, it will normalize to that, eventually.

This is more reason to not accept a short price when selling junk gold jewelry, but it has to trade short of prices being paid for convenient, standard bullion coins, as it just isn't in the most desirable form as jewelry or other scrap gold, like teeth.

Real Gold coins, like US $20 gold pieces ( pre-1933), would also be traded at a substantial premium, too.

Supply can't keep up with current demand, thus the current premium, it would be fair to say that the true price is actually somewhat higher than spot....depending on form.

 

[Doug]

If you guys ( like Dante), think Gold will become extremely valuable, and the medium of exchange in the apocalypse.....

you should want it coin form...K-rands, Mapleleafs, Eagles, BUT in it's smallest form ( 1/10th oz pieces), so they are more easily bartered for goods and services.

I fail to see why mankind needs Gold, for much of anything. I'd be more like Fishhead....farmland in Iowa might be more like it.

Gold just sits unused in vaults like Fort Knox. I doubt its' future as a store of value. Someday people will say...."What is gold good for ?" My answer is...." not that much"

However, it might increase substantially in value short term, I just can't see it being important in say 100 years....unless there is some use for it, beyond wedding rings, and electronics ( in miniscule amounts).

 

[HEAVY-D]

What about 18k gold,i have a 32 grams chain that i want to sell,thanks in advance for the help.

 

[Doug]

What about 18k gold,i have a 32 grams chain that i want to sell,thanks in advance for the help.

A similar process to ML's position. Calculate the worth of it, deduct some middleman/refiner fees, etc. Contact buyers, etc.

ML: What is your result ?

 

[tanner12oz]

Weight of Alloy 32.00 Grams - 20.58 Dwts - 1.029 Troy Ozs
Alloy Gold of 0.750 Purity
Weight of Metal 0.772 Troy Oz of Pure Gold
Price Used 1,054.35 USD / Troy Oz
Value of Metal 813.65 USD

 

[Doug]

Weight of Alloy 32.00 Grams - 20.58 Dwts - 1.029 Troy Ozs
Alloy Gold of 0.750 Purity
Weight of Metal 0.772 Troy Oz of Pure Gold
Price Used 1,054.35 USD / Troy Oz
Value of Metal 813.65 USD

I'm OK with the $813 figure, but then figure about 75% or so , of that as a fair buy price from a coin dealer/jeweler. Maybe $650 or so ?, unless this previously mentioned refiner does better ???

Remember this gold is not in its' most desirable form, so that's my quick estimate...in my head, no calculator.

 

[HacheMan]

All I know is a pair of Gold earrings I bought my girlfriend last year for around $130 that I am replacing because she lost just cost me $170....

 

[Doug]

All I know is a pair of Gold earrings I bought my girlfriend last year for around $130 that I am replacing because she lost just cost me $170....

not terribly relevant, as you are paying retail, not melt for this item. Certainly it should cost more, now, as Gold as increased in value. This thread is more about getting the best price for scrap Gold.

Most all Gold Jewelry eventually becomes scrap Gold, then melted and recycled into new stuff, esp. wedding bands. Even your Grandparent's rings become junk, when they die....nobody wants it, it's like used and engraved.

A piece would have to be extraordinarally beautiful and special to survive eventual melting, or historically significant, etc. to escape this.

Where is Lincoln's wedding band ? ( I don't know), but you don't melt that !

 

[nwfloridadude]

I have been buying and selling (To a refiner) for 7 years now. Midwest is legit as in they will pay HOWEVER i have heard some bad stories about them keeping a little "taste" for themselves blaming it on melt loss.
I buy my gold on ebay and locally thru ads and take a trip to Nyc once every 3 months and go to the refiners on 47th st. This way the gold never leaves my sight from check in to the melt process to final assaying. They pay 97% which is the best you will ever find. I think one of them allows shipments but will check to make sure which one.
It probably doesn't make sense to ship to anyone unless you have a decent amount as the shipping and insurance will bite into the final amount. Also, If you are shipping 14k figure that after the melting process it will assay at about 13.5k and so on..For a small amount you may be better dealing with a coin shop or put a ad on cragslist.

 

[Doug]

I have been buying and selling (To a refiner) for 7 years now. Midwest is legit as in they will pay HOWEVER i have heard some bad stories about them keeping a little "taste" for themselves blaming it on melt loss.
I buy my gold on ebay and locally thru ads and take a trip to Nyc once every 3 months and go to the refiners on 47th st. This way the gold never leaves my sight from check in to the melt process to final assaying. They pay 97% which is the best you will ever find. I think one of them allows shipments but will check to make sure which one.
It probably doesn't make sense to ship to anyone unless you have a decent amount as the shipping and insurance will bite into the final amount. Also, If you are shipping 14k figure that after the melting process it will assay at about 13.5k and so on..For a small amount you may be better dealing with a coin shop or put a ad on cragslist.

I totally agree !

But you still have to get a local that isn't ripping you off....like paying 10, when 15 is fair.

Avoid TV gold buyers.

It's a dirty business.

 

[nwfloridadude]

And for the record nobody is paying 95% of weight, nobody.

You are absolutely 100% wrong.....

You bring in the right amounts to the guys at http://www.fivestarpreciousmetals.com and they will pay you 99%. They give me 98% when i bring in 1000 grams+(Even if you just bring in 50 grams they will give you 97%)I have dealt with these guys for years in person and they are legit as they come. And the gold never leaves your sight from start to finish and they pay in cash (Or check if you prefer)

 

[nwfloridadude]

I totally agree !

But you still have to get a local that isn't ripping you off....like paying 10, when 15 is fair.

Avoid TV gold buyers.

It's a dirty business.

agree 100%

 

[Doug]

ML should update, IMO !

good, bad or indifferent !

I will update my selling the laptop thread.

This should be completed by now, IMO !

Report is due, ML !

 

[erwinmark]

Consumer Reports did a thing on Cash for Gold, they sent I believe a $150 dollar new chain they purchased with a melt down value of about $75 bucks to a bunch of those rip off outfits on TV. They were given prices from 15 to 20 dollars by all.

I might be off a bit on numbers I read this about a month ago in Doctors office.

 

[Doug]

That's horrible, and I believe every word of it.

$50-60 is more like it, and leaves plenty of room for an honest profit.

 

[Doug]

With the price of gold being so high right now i was thinking of selling some scrap jewelry i have . Anybody know how much 14 carat scrap gold is worth in grams ?

you owe a report !